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
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?
The accumulated fund value as lump sum is paid.
If the life insured passes away during the policy term, the Sum Assured is paid immediately to the beneficiary.
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.
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
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.
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.