Your policy will not lapse as this is single premium plan.
FAQ Category: Savings Insurance Khata
Can I surrender this plan?
Policyholder can surrender the policy any time during the policy term The benefit payable on surrender is higher of guaranteed surrender value (GSV) or special surrender value (SSV).
Can I make this plan as paid up?
Since it’s a single premium, the policy does not lapse. Your risk cover for that policy remains constant till the date of maturity.
Is there a discontinuance option under this plan?
There is no discontinuance in the plan as this is single premium plan,
Can I buy this plan for my family member?
Yes, you can buy this plan for your family members provided they are between 18 years and 45 years age for the 5 year plan and between 18 years and 40 years for the 10 year plan.
What is the grace period under the plan?
There is no commitment to pay any future premium however you can buy multiple single premium policies and plan them in such a way that they give you regular income through refund of premium on maturity for each policy.
What will I receive once I have paid the premium?
Once you have paid the premium and uploaded the relevant document, the link to download the policy document will be received by you provided there is no mismatch in data. Also summary of the Khata details will be received from IndiaFirst Life Insurance in 2 working days.
Will the policy be issued instantly; the moment I make the premium payment?
Yes, the policy will be issued instantly post verification of KYC and other documents uploaded while buying the policy. IndiaFirst Life Insurance reserves the right to cancel the policy within 2 working days in case of any mismatch in data. Any death claims within this period of 2 working days will not be accepted if the policy is rejected due to any discrepancy.
What is the premium payment frequency and mode in this plan?
You need to pay premium one time as single premium only. There is no monthly, quarterly or half – yearly mode.
How much is the sum assured under the plan?
The sum assured is the multiple of the single premium (excluding GST) you have paid, and the policy term chosen by you. The minimum sum assured is Rs. 5000 and maximum is Rs. 1,00,000.
