IndiaFirst Group Credit Life Plan is a group protection plan offered to borrowers against any loan. In the event of the member’s/life assured’s demise, the insurance company helps by paying the outstanding loan amount.
Reasons to buy IndiaFirst Group Credit Life Plan
- Combine insurance with your credit or loan products to enhance the value proposition of your customer
- Enjoy the flexibility of choosing the coverage and the mode of payment you want to offer to your members
- All types of loan i.e. home, education, automobile, personal and others may be covered under this plan
- Avail Tax benefits in Section 80C under Income Tax Act 1961.
- Death benefits are also tax free under Section 10 (10D) of the Income Tax Act 1961.
What are the eligibility criteria?
- The minimum age at entry should be 18 years while the maximum age at entry should be 69 years
- The maximum age at maturity should be 75 years
- The minimum group size that can be covered is 50. There is no limit on the maximum group size.
- The minimum sum assured is Rs. 5,000/- and the maximum sum assured is Rs. 50,00,00,000/-