IndiaFirst Group Credit Life Plan Loan Liability Plan

Introduction

You build your dreams.We help protect them…

We wish to fulfill our dreams for ourselves and our family. When we take loans from banks and financial institutions to fulfill these dreams, we need to protect ourselves from the risks we expose ourselves and our families to.

We at IndiaFirst realize this inherent need to secure our risk of financial liability while fulfilling our dreams. Hence, we bring to you the IndiaFirst Group Credit Life Plan, which provides you with a risk cover that shields your family from the burden of your loan liabilities.

So while you work towards fulfilling your dreams, we will work towards protecting them…

Key Features

Master Policyholder

• You can enhance your product offering by combining insurance with your credit or loan products.
• You can protect your assets against uncertainty. We help you do this by paying the outstanding loan amount in the unfortunate event of the member's demise.
• You have the flexibility to choose the coverage and the mode of payment you want to offer your members.

Members

•  Members can fulfill their dreams while securing the financial future of their family by combining their credit and insurance requirement. All loans such as home loan, car loan, education loan, personal loan etc. may be covered under the plan.
• The member's family will not be burdened with the outstanding loan repayment, in the unfortunate event of the member's demise. We will pay a lump sum amount (as per schedule) immediately to you and any excess amount over the outstanding loan amount to the nominee through you.
• Members have the flexibility to choose between a level term cover and a reducing term cover.
• They can avail of high non medical cover limits – no medical hassles.
• They can choose the mode of payment and premium frequency.
• The plan also covers two borrowers (joint borrowers) under one loan.
• Under section 80C, your members can enjoy tax benefits on the premium they invest.

Risk Factors

• The sum assured is paid to the master policyholder. In case of a level term cover, any additional amount left after paying the outstanding loan amount will be paid to the nominee.
• There can be a maximum of two joint borrowers under this plan.
• Tax laws are subject to change from time to time. Please speak to your tax consultant before deciding to invest in any financial planning tool.