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Knowledge Base Life Insurance Child Plan IndiaFirst Young India Plan Review
Monday, 11 July 2011 17:23

IndiaFirst Young India Plan Review

Written by  Yashish Dahiya
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IndiaFirst Young India Plan Review 


Plan Name: Young India Plan

Insurer: IndiaFirst Life Insurance Company Limited

Category: Unit Linked Insurance Plan

Objective: Financially Securing Child’s Future

 

Major USP of IndiaFirst Young India Plan 


Accidental Benefit

Transfer Plan

Settlement option available

 

Age eligibility of IndiaFirst Young India Plan


Minimum Entry Age: 18 years

Maximum Entry Age: 55 Years

Maturity Age: 65 Years

Policy Term: 10, 15, 20, 25 years

 

Life Cover in IndiaFirst Young India Plan 


Minimum Sum Assured: 105% of (Premium paying term*annual premium)

Minimum Sum Assured: Till Age 45: 40 times Annual Premium

                                      46-50: 30 times Annual Premium

                                      51-55: 25 times Annual Premium

 

What benefits does IndiaFirst Young India Plan offer? 


Maturity Benefit:

The accumulated fund value as lump sum is paid.

 

Death Benefit:

If the life insured passes away during the policy term, the Sum Assured is paid immediately to the beneficiary.

 

Accidental Benefit:

If life assured dies or suffers permanent disability, accidental benefit is payable. Accidental benefit is equivalent to sum of all future premiums. There are two options available with the policyholder (a) the benefit is paid immediately on the demise or disability of policyholder and policy terminates (b) the benefit is added to the policy fund value and is payable at maturity.

 

Shift Plan:

After completion of five policy years, you can shift from Young India Plan to any other IndiaFirst unit linked insurance plan.

 

Loan: You can opt for loan as well with the plan. The loan amount is subject to limits as specified in the brochure.

 

What are investment options with IndiaFirst Young India Plan?


There are many investment options available with Young Scholar Advantage:

You can direct IndiaFirst to put the premium in funds of your choice. The funds available are:

Equity1                                                                   High Risk

Balanced1                                                             Medium

Debt                                                                       Moderate

Index Tracker                                                       High Risk

Value                                                                      High Risk

 

Are there any tax benefits in IndiaFirst Young India Plan?


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

 

What are the charges in IndiaFirst Young India Plan?


Premium Allocation Charges: These charges are deducted as percentage of premium. Insurer deducts these charges on account of expenses incurred by the company – medical examination, policy issuance, underwriting bills. Premium allocation charges are 6.7% for first year, 4% till year 4 and 3.5% till the end of term.

 

Fund Management Charge: These are the charges levied as a percentage of fund value to manage the funds. The premium paid is allocated into different portfolio of funds. The charges are 1.35% p.a.

 

Policy Administration Charge: These are monthly deductions by the insurer for maintaining the policy- paperwork, work force etc. Smart Save has administration charges of 1.8% of first year’s premium annually with inflation of 5% every year.

 

Mortality Charge:

These are charges deducted as a part of life cover provided and are recovered through cancellation of units.

 

How can I buy IndiaFirst Young India Plan?


Policybazaar representatives will assist you in buying Young India Plan.

 

What’s Policybazaar opinion on IndiaFirst Young India Plan?


Young India plan has quite a few benefits and offers you the flexibility to shift to another plan if your requirements change at a later stage. Accidental benefit is a good feature but there is no “waiver of premium” benefit which is a necessity in a child plan.

 

Secure your Child's Future. Choose the best Child Plan.

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