IndiaFirst Life POS Insurance Khata Plan is a pure protection plan which returns percentage of your premium basis the age and policy term chosen, if you survive the policy term.
IndiaFirst Life POS Insurance Khata Plan is a non-linked, non-participating, micro life insurance plan. The plan is designed to offer financial protection in the form of a life cover for the family along with pre-defined returns, (excluding applicable taxes) in case the life assured survives till the end of the policy term.
The plan is designed to provide financial protection to your family. Pay through single premium and get life cover for 5 or 10 years as per your choice.
Your nominee will receive the chosen sum assured at inception of your policy which could be either 5 or 10 times of single premium. If you have multiple POS Insurance Khata policies, the total sum assured payable will be combined sum assured of all policies.
At maturity of each policy, we will refund you percentage of premium (which will be more than or atleast equal the premium amount), basis your age and policy term chosen, while purchase of policy.
The plan only refunds percentage of your premium and does not have any additional bonus payable in the policy. Bonus is not applicable in this plan as this is a Term plan with Return of Premium on maturity on survival of life assured.
Tax benefits are available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before purchase of the policy.
There are no riders in this plan.
You can buy IndiaFirst Life POS INSURANCE KHATA Plan under single premium only.
There is no option of joint life in the plan.
The policy term is fixed at 5 years or 10 years under the plan. You can choose either of the two options as per your need.
To buy the plan your age at entry should be minimum 18 years and maximum 45 years in case of 5 year Policy term and minimum 18 years and maximum 40 years in case of 10 year policy term.
The minimum maturity age is 23 years and maximum 50 years under the plan.
The plan offers life insurance cover with premium as low as Rs.1000.
Maximum premium is Rs. 10,000 under the plan irrespective of the policy term chosen for one policy. The insured can buy policies further up to the limit of sum assured being 5,00,000.
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.
You need to pay premium one time as single premium only. There is no monthly, quarterly or half – yearly mode.
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.
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.
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.
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.
There is no discontinuance in the plan as this is single premium plan,
Since it’s a single premium, the policy does not lapse. Your risk cover for that policy remains constant till the date of maturity.
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).
Your policy will not lapse as this is single premium plan.
Premium cannot be increased or decreased in this plan. However, you can buy additional policies under the same khata number without any documentation.
No. Once the policy term is chosen, it cannot be changed anytime during the policy term.
Yes, change of nominee is allowed anytime throughout the policy term.
Use PayNearby app & take charge of all your transactions to grow your business
For your interest in PayNearby. Our enterprise team will contact you shortly.