We have explained the working of the policy with a sample illustration below.
Mr. Kumar, 40 years bought the IndiaFirst Life Guaranteed Single Premium Plan. He decides to pay a single premium of INR 10 Lakhs (excluding taxes) for a policy term of 10 years.
At the end of the policy term, he will receive a maturity benefit of INR 17,62,250 as opted during policy inception. Maturity Benefit shall be subject to applicable tax laws.
Even in case he dies during the policy term, his loved ones will be safeguarded with the Death Benefit of INR 12.5 Lakhs. His nominee(s) can choose to receive the death benefit as lumpsum or as income over a period of 5 years.