IndiaFirst Life Wealth Maximiser Plan: Good or Bad? An Insightful ULIP Review
Is the IndiaFirst Life Wealth Maximiser Plan your gateway to long-term wealth, or just another market-linked gamble?
Is the IndiaFirst Life Wealth Maximiser Plan worth the high charges, or is your money better off elsewhere?
Can the IndiaFirst Life Wealth Maximiser Plan truly help you build a legacy, or are there smarter ULIPs out there?
This article offers an in-depth review of the plan, highlighting its key features and how it works.
What is the IndiaFirst Life Wealth Maximiser Plan?
What are the features of the IndiaFirst Life Wealth Maximiser Plan?
Who is eligible for the IndiaFirst Life Wealth Maximiser Plan?
What are the benefits of the IndiaFirst Life Wealth Maximiser Plan?
What are the investment strategies and Fund options in the IndiaFirst Life Wealth Maximiser Plan?
What are the charges in the IndiaFirst Life Wealth Maximiser Plan?
Grace Period, Discontinuance and Revival of the IndiaFirst Life Wealth Maximiser Plan
Free Look Period for IndiaFirst Life Wealth Maximiser Plan
Surrendering the IndiaFirst Life Wealth Maximiser Plan
What are the advantages of the IndiaFirst Life Wealth Maximiser Plan?
What are the disadvantages of the IndiaFirst Life Wealth Maximiser Plan?
Research Methodology of IndiaFIrst Life Wealth Maximiser Plan
Benefit Illustration – IRR Analysis of IndiaFirst Life Wealth Maximiser Plan
IndiaFirst Life Wealth Maximiser Plan Vs. Other Investments
IndiaFirst Life Wealth Maximiser Plan Vs. Pure-term + PPF/Equity Mutual Fund
Final Verdict on the IndiaFirst Life Wealth Maximiser Plan
IndiaFirst Life Wealth Maximiser Plan is a Unit-Linked, Non-Participating, Individual Savings Life Insurance Plan. This comprehensive plan will ensure that you not only achieve your financial goals but also earn through market-linked returns to build a legacy for your family.
| Criteria | Minimum | Maximum |
| Age at Entry | 5 years | 55 years: In case of 5-year Premium Paying Term (PPT) 65 years: In case of 10/15/20 year PPT 65 years: In case of Single/ Regular Premium |
| Age at Maturity | 18 years | 70 years: In case of 5-year Premium Paying Term (PPT) 90 years: In case of 10/15/20 year PPT 90 years: In case of Single/ Regular Premium |
| Policy Term | Regular/ Limited Pay – 10 years | Regular/ Limited Pay – 85 years |
| Single Pay – 5 years | Single Pay – 30 years | |
| Premium Payment Term & Policy Term | ||
| Premium Payment Term | Policy Term | Maximum Entry Age |
| 5 Years | 10 to 65 years | 55 years |
| 10 years | 15 to 85 years | 65 years |
| 15 years | 20 to 85 years | 65 years |
| 20 years | 25 to 85 years | 65 years |
| Regular | 10 to 85 years | 65 years |
| Single | 5 to 30 years | 65 years |
| Premium | Yearly – ₹ 2,50,000 Half-yearly – ₹ 1,25,000 Quarterly – ₹ 62,500 Monthly – 20,8333 Top-up – ₹ 10,000 Single – ₹ 5,00,000 | No Limit |
| Sum Assured | Regular/ Limited Pay – For Age 5 to 49 years – 7* Annualised Premium For Age 50 and above – 5 * Annualised Premium | Based on Age and Premium paying term |
| Single Premium – For ages 5 to 49 years – 1.25 times the single premium For those aged 50 and above – 1.10 times of the single premium |
You, the IndiaFirst Life Wealth Maximiser Plan policyholder, will receive Fund Value, inclusive of Top-up fund value, if any, at the end of the policy term.
In the untimely event of the life assured’s demise while the IndiaFirst Life Wealth Maximiser Plan policy is in force, the Nominee(s) will receive the benefit under the policy equal to the higher of
This death benefit is paid as a lump sum payout or as monthly instalments over the 5 years, as opted by the IndiaFirst Life Wealth Maximiser Plan policyholder/ nominee.
Loyalty Additions
Loyalty additions as a percentage of the average of daily fund value, including top-up fund value, if any, in the same policy year.
Profit Booster
The Profit Booster shall be applicable every 5th year starting from the end of the 10th policy year, as a percentage of the average of daily fund value, including top-up fund value, if any, during the immediate previous 2 policy years, provided your policy term is 15 years and above.
Loyalty Advantage
Loyalty advantage will be added at the end of every policy year, starting from the end of the 6th policy year, as a percentage of the average of daily fund value, including top-up fund value, if any
IndiaFirst Life Wealth Maximiser Plan boasts of multiple options of investment strategies. You can choose and opt for any one of the below strategies to ensure that you are getting the optimum returns out of your premiums.
A).Automatic Trigger-Based Investment Strategy (ATBIS)
This investment strategy will secure your returns regularly and provide you with a balanced portfolio over the years.
The funds are first invested in Equity1 Fund, and automatically transfer the earnings on your funds in Equity1 Fund to Debt1 Fund based on a predefined trigger rate of 10%. In case the return is 10% or higher, the amount equal to the appreciation will be transferred to the Debt 1 Fund.
B).Fund Transfer Strategy
Enter the market systematically and enjoy the benefits of rupee cost averaging through this strategy. Your premium after deduction of applicable charges will be allocated to the chosen debt-oriented fund, along with existing units in that fund, if any.
The units in the chosen debt-oriented fund are then transferred systematically on a monthly basis to the chosen equity-oriented fund.
C).Age-Based Investment Strategy
Your premium after deduction of applicable charges will be distributed between Equity1 Fund, Debt1 Fund and Value Fund based on your age. As you grow older and move from one band to another, your funds are redistributed.
This strategy will balance your portfolio and adjust the risk exposure as you grow older. The age-wise fund distribution is shown in the table below.
| Age (Years) | Equity 1 | Debt1 | Value |
| 05 to 25 | 40% | 30% | 30% |
| 26 to 35 | 35% | 40% | 25% |
| 36 to 45 | 30% | 50% | 20% |
| 46 to 55 | 25% | 60% | 15% |
| 56 to 65 | 20% | 70% | 10% |
| 66 to 70 | 15% | 80% | 5% |
| 71 to 90 | 5% | 90% | 5% |
D).Fund options
There are multiple funding options available in this policy. The following table describes the asset allocation and the risk profile of each fund.
| Asset Allocation | |||||
| S. No | Fund Name | Equity | Debt | Money Market | Returns and Risk Profile |
| 1 | Equity1 | 80-100% | 0% | 0-20% | High |
| 2 | Debt1 | 0% | 70-100% | 0-30% | Moderate |
| 3 | Balanced1 | 50-70% | 30-50% | 0-20% | Moderate to High |
| 4 | Value | 70-100% | 0% | 0-30% | Very high |
| 5 | Index Tracker | 90-100% | 0% | 0-10% | High |
| 6 | Dynamic Asset Allocation Fund | 0-80% | 0-80% | 0-40% | High |
| 7 | Equity Elite Opportunities | 60-100% | 0% | 0-40% | High |
1).Premium Allocation Charge
| Year 1 | 6% |
| Years 2 to 5 | 4% |
| Year 6 and above | 2% |
2).Fund Management Charge (FMC)
| Fund Name | Fund Management Charge |
| Equity1 | 1.35% |
| Debt1 | 1.35% |
| Balanced1 | 1.35% |
| Value | 1.35% |
| Index Tracker | 1.35% |
| Dynamic Asset Allocation Fund | 1.35% |
| Equity Elite Opportunities | 1.35% |
3).Mortality Charge
Annual Mortality Charge is expressed in rupees per 1000 sum at risk, which is the sum assured or 105% of the total premiums paid at any time, whichever is higher, less fund value, less partial withdrawals made during the two years preceding the death of the life assured, subject to this becoming positive.
4).Policy Administration Charge
There are no policy administration charges applicable.
5).Partial Withdrawal Charge
There are no partial withdrawal charges applicable.
6).Switching Charge
Unlimited free switches
7).Discontinuance charge
It depends on the year of discontinuance and the premium amount. There is no discontinuance charge from the 5th policy year.
8).Inference from the charges: While the plan imposes fewer charges compared to many other ULIPs, certain charges continue throughout the policy term. Over time, these recurring deductions can reduce your investment value and long-term returns.
Grace Period
A grace period of 30 days for payment of all premiums under quarterly, half-yearly, and yearly modes and 15 days under the monthly mode is given.
Discontinuance
Discontinuance of the IndiaFirst Life Wealth Maximiser Plan Policy during the lock-in period:
The policy shall be discontinued due to non-payment of premium, and the fund value, after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover shall cease.
At the end of the lock-in period, we will pay the proceeds of the discontinuance fund to you and terminate the policy.
Discontinuance of the IndiaFirst Life Wealth Maximiser Plan Policy after the Lock-in-period:
The policy will be converted into a paid-up policy with reduced paid-up sum assured (original sum assured multiplied by the total number of premiums paid to the original number of premiums payable as per the terms and conditions of the policy).
Revival
Policy can be revived within the Revival Period of three years
You have a free look period of 30 (Thirty) days from the date of receipt of your Policy document, whether received electronically or otherwise, to review the terms and conditions of the policy and in case you disagree with any of those terms and conditions, you shall have an option to return the policy.
Surrender of the the IndiaFirst Life Wealth Maximiser Plan Policy during lock-in period: You also have the option to surrender the policy anytime, and the proceeds of the discontinued policy shall be payable at the end of the lock-in period or date of surrender, whichever is later.
Surrender of the Policy after the Lock-in-period: You also have the option to surrender the the IndiaFirst Life Wealth Maximiser Plan policy anytime, and we will pay the proceeds of the policy to you.
The core objective of investing in a market-linked product is to accelerate wealth accumulation.
To assess whether the IndiaFirst Life Wealth Maximiser Plan lives up to this goal, let’s examine the Internal Rate of Return (IRR) based on the benefit illustration provided in the IndiaFirst Life Wealth Maximiser Plan policy brochure.
A 35-year-old male opts for the IndiaFirst Life Wealth Maximiser plan with a sum assured of ₹62,50,000. The annual premium is ₹2,50,000, with a policy term of 40 years and a premium-paying term of 10 years.
| Male | 35 years |
| Sum Assured | ₹ 62,50,000 |
| Policy Term | 40 years |
| Premium Paying Term | 10 years |
| Annualised Premium | ₹ 2,50,000 |
The illustration assumes two projected rates of return — 4% p.a. and 8% p.a. — purely for illustration. These are not guaranteed and do not reflect the actual performance of the funds, which may vary based on market conditions and investment decisions.
| At 4% p.a. | At 8% p.a. | ||||
| Age | Year | Annualised premium / Maturity benefit | Death benefit | Annualised premium / Maturity benefit | Death benefit |
| 35 | 1 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 36 | 2 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 37 | 3 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 38 | 4 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 39 | 5 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 40 | 6 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 41 | 7 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 42 | 8 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 43 | 9 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 44 | 10 | -2,50,000 | 62,50,000 | -2,50,000 | 62,50,000 |
| 45 | 11 | 0 | 62,50,000 | 0 | 62,50,000 |
| 46 | 12 | 0 | 62,50,000 | 0 | 62,50,000 |
| 47 | 13 | 0 | 62,50,000 | 0 | 62,50,000 |
| 48 | 14 | 0 | 62,50,000 | 0 | 62,50,000 |
| 49 | 15 | 0 | 62,50,000 | 0 | 62,50,000 |
| 50 | 16 | 0 | 62,50,000 | 0 | 62,50,000 |
| 51 | 17 | 0 | 62,50,000 | 0 | 62,50,000 |
| 52 | 18 | 0 | 62,50,000 | 0 | 62,50,000 |
| 53 | 19 | 0 | 62,50,000 | 0 | 62,50,000 |
| 54 | 20 | 0 | 62,50,000 | 0 | 62,50,000 |
| 55 | 21 | 0 | 62,50,000 | 0 | 62,50,000 |
| 56 | 22 | 0 | 62,50,000 | 0 | 62,50,000 |
| 57 | 23 | 0 | 62,50,000 | 0 | 62,50,000 |
| 58 | 24 | 0 | 62,50,000 | 0 | 62,50,000 |
| 59 | 25 | 0 | 62,50,000 | 0 | 62,50,000 |
| 60 | 26 | 0 | 62,50,000 | 0 | 62,50,000 |
| 61 | 27 | 0 | 62,50,000 | 0 | 62,50,000 |
| 62 | 28 | 0 | 62,50,000 | 0 | 62,50,000 |
| 63 | 29 | 0 | 62,50,000 | 0 | 62,50,000 |
| 64 | 30 | 0 | 62,50,000 | 0 | 62,50,000 |
| 65 | 31 | 0 | 62,50,000 | 0 | 62,50,000 |
| 66 | 32 | 0 | 62,50,000 | 0 | 62,50,000 |
| 67 | 33 | 0 | 62,50,000 | 0 | 62,50,000 |
| 68 | 34 | 0 | 62,50,000 | 0 | 62,50,000 |
| 69 | 35 | 0 | 62,50,000 | 0 | 62,50,000 |
| 70 | 36 | 0 | 62,50,000 | 0 | 62,50,000 |
| 71 | 37 | 0 | 62,50,000 | 0 | 62,50,000 |
| 72 | 38 | 0 | 62,50,000 | 0 | 62,50,000 |
| 73 | 39 | 0 | 62,50,000 | 0 | 62,50,000 |
| 74 | 40 | 0 | 62,50,000 | 0 | 62,50,000 |
| 75 | 47,23,919 | 2,49,27,563 | |||
| IRR | 1.80% | 6.64% | |||
Maturity Benefit at the End of 40 Years:
However, even at the higher assumed rate, the returns are not proportionate to the market-linked risk. In fact, the IRR under this plan is lower than what traditional debt instruments can potentially offer, but with higher risk and a long-term lock-in.
This undermines the very purpose of choosing a market-linked product — which is to generate better inflation-beating returns — and may slow down your wealth-building journey or result in a shortfall when you need it most.
The returns analysis makes one thing clear — the IndiaFirst Life Wealth Maximiser Plan fails to deliver inflation-beating returns.
For a long-term investment spanning 30–40 years, this is a major drawback. Investors expect their money to grow at a rate that outpaces inflation. Unfortunately, this plan does not meet that expectation.
Let’s now look at a smarter alternative — separating insurance and investment — using the same ₹2,50,000 annual premium from our earlier example.
A pure term insurance policy offering a sum assured of ₹1 crore (comparable to the Wealth Maximiser plan) costs around ₹30,500 per year for a 35-year-old with a 40-year term and a 10-year premium payment period. That leaves ₹2,19,500 annually available for investment.
| Pure Term Life Insurance Policy | |
| Sum Assured | ₹ 1,00,00,000 |
| Policy Term | 35 years |
| Premium Paying Term | 10 years |
| Annualised Premium | ₹ 30,500 |
| Investment | ₹ 2,19,500 |
| Term Insurance + PPF | Term insurance + Equity Mutual Fund | ||||
| Age | Year | Term Insurance premium + PPF | Death benefit | Term Insurance premium + Equity Mutual Fund | Death benefit |
| 35 | 1 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 36 | 2 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 37 | 3 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 38 | 4 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 39 | 5 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 40 | 6 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 41 | 7 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 42 | 8 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 43 | 9 | -2,50,000 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 44 | 10 | -2,47,500 | 1,00,00,000 | -2,50,000 | 1,00,00,000 |
| 45 | 11 | -500 | 1,00,00,000 | 0 | 1,00,00,000 |
| 46 | 12 | -500 | 1,00,00,000 | 0 | 1,00,00,000 |
| 47 | 13 | -500 | 1,00,00,000 | 0 | 1,00,00,000 |
| 48 | 14 | -500 | 1,00,00,000 | 0 | 1,00,00,000 |
| 49 | 15 | -500 | 1,00,00,000 | 0 | 1,00,00,000 |
| 50 | 16 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 51 | 17 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 52 | 18 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 53 | 19 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 54 | 20 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 55 | 21 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 56 | 22 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 57 | 23 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 58 | 24 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 59 | 25 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 60 | 26 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 61 | 27 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 62 | 28 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 63 | 29 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 64 | 30 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 65 | 31 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 66 | 32 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 67 | 33 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 68 | 34 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 69 | 35 | 0 | 1,00,00,000 | 0 | 1,00,00,000 |
| 70 | 36 | 0 | 0 | ||
| 71 | 37 | 0 | 0 | ||
| 72 | 38 | 0 | 0 | ||
| 73 | 39 | 0 | 0 | ||
| 74 | 40 | 0 | 0 | ||
| 75 | 2,55,44,152 | 11,33,85,962 | |||
| IRR | 6.71% | 11.20% | |||
If the investor prefers a low-risk option, they can invest ₹1.5 lakh annually in a Public Provident Fund (PPF) for 15 years (adjusting slightly for the regulatory cap for illustration purposes).
Over 40 years, this investment has grown to approximately ₹2.55 crores, yielding an IRR of 6.71%. Despite being a debt instrument, PPF outperforms the IndiaFirst Wealth Maximiser Plan, even under its best-case 8% projection.
For those with a higher risk appetite, investing ₹2,19,500 annually in equity mutual funds through SIPs over 40 years can generate a corpus of ₹12.92 crores.
After factoring in long-term capital gains tax, the post-tax value comes to around ₹11.33 crores, translating to a post-tax IRR of approximately 11.20%.
| Equity Mutual Fund Tax Calculation | |
| Maturity value after 40 years | 12,92,52,528 |
| Purchase price | 21,95,000 |
| Long-Term Capital Gains | 12,70,57,528 |
| Exemption limit | 1,25,000 |
| Taxable LTCG | 12,69,32,528 |
| Tax paid on LTCG | 1,58,66,566 |
| Maturity value after tax | 11,33,85,962 |
This strategy shows clearly that combining insurance and investment in one plan is inefficient. By separating the two, you gain higher returns, better liquidity, and greater flexibility.
These essential benefits are missing in the IndiaFirst Life Wealth Maximiser Plan, making it a less-than-ideal option for long-term wealth creation.
In the IndiaFirst Life Wealth Maximiser Plan, you pay premiums either for a limited period or throughout the IndiaFirst Life Wealth Maximiser Plan policy term.
However, only a portion of the premium gets invested, and that too after deducting multiple charges. At maturity, you receive the fund value, but the returns often fall short of market expectations. Given the risks involved, these returns are simply not justifiable.
One of the main reasons for this underperformance is the high charges, which erode your investment value over time. Coupled with an inadequate life cover and a lack of liquidity (as your funds remain locked for the long term), the plan does little to support your wealth-building journey.
Overall, poor returns, long-term lock-in, and insufficient insurance coverage make this plan unsuitable for your financial portfolio and it also has a high agent commission.
The core issue lies in combining insurance and investment into one product, which results in compromising on both. A better approach is to opt for a pure-term life insurance plan to secure your family’s future at a low cost, and invest the remaining funds in a diversified portfolio tailored to your goals.
Do Quora, Facebook, and Twitter have the final say when it comes to financial advice?
To build a strong portfolio, base your investment decisions on your risk appetite, investment horizon, and financial objectives. If you’re unsure where to start, consulting a qualified financial advisor can help you create a customised plan that truly works for you.
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