1. Surrender Value – In case of Regular Premium NO surrender value is payable. For Single Premium mode the Surrender Value is payable after 3rd Plan year and before the end of the Plan term. It is calculated as -

2. Death Benefits – In case of any unfortunate event leading to death of the Life Assured during the term of the Plan, the nominee shall receive a lump sum amount equal to the sum assured.
3. Survival Benefits – There is no maturity or survival benefit payable under this plan. This is a non – participating pure term assurance plan.
4. Tax Benefits – Premium paid under IndiaFirst Life Plan is eligible for Tax deduction upto Rs. 1.00 lakh under Section 80 C and the Death benefits are also Tax free under Sec 10 (10D) of the Income Tax Act, 1961. However, they are subject to changes from time to time.
5. Loan Benefits – No Loan facility is available under this Plan.
6. Multiple Policies – A person can hold any number of IndiaFirst Life Plan policies on their name.
7. Age Proof - Only standard age proofs will be accepted.
8. Suicide by Life Assured - If the Life Assured commits suicide within 12 months from the date of inception of the plan or from the date of reinstatement, no Death benefit will be payable under this plan, except for single premium mode where in surrender value will be paid, irrespective of Life Assured being sane or insane at the time of death.

• Prohibition to accept rebates –

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states
• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
• Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees. Under Sec 41 of the Insurance Act, 1938, a person is prohibited to accept rebate on whole or part of commission payable or any rebate of premium shown on the Policy, nor shall any person taking or renewing or continuing a policy can accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer. Any Person is found not complying with these guidelines will be punished with a fine extending upto an amount of Rs. 500/-

• Submission of Incorrect Information

Indisputability Clause: Section 45 of the Insurance Act, 1938 states
No policy of Life Insurance shall, after the expiry of two years from the date on which it was effected, be called in question by an Insurer on the ground that a statement made in the proposal for insurance or any report of a medical officer or referee or friend of the Insurer or in any other document leading to the issue of the Policy, was inaccurate or false, unless the insurer shows such statement was on material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose. Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms and conditions of the policy are adjusted on subsequent proof that that the age of the life insured was incorrectly stated in the proposal.

• Application Form – Common application form presently being used for IndiaFirst Smart Save Plan  and IndiaFirst Young India Plan  shall be used for IndiaFirst Life Plan also.