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Ask an Expert to Buy Life Insurance

We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

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Explore our Group and Corporate Plans

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Products

IndiaFirst Employee Benefit Plan

Product Name
IndiaFirst Employee Benefit Plan
Product Description

IndiaFirst Employee Benefits Plan helps you invest the funds set aside to cover your employee liabilities such as Gratuity and Leave Encashment into market linked investments. It offers a life cover for all your employees.

Product Benefits
  • Manage your future employee liabilities
  • Choose from 4 fund options 
  • Tax free gratuity up to 20 lakh
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Group Insurance
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Products

IndiaFirst Life Group Term Plan

Product Name
IndiaFirst Life Group Term Plan
Product Description

IndiaFirst Group Term Plan provides life cover to group employees and their family members at affordable price. 

Product Benefits
  • Affordable Group Term Insurance
  • Voluntary or Automatic Enrollment
  • Hassle-free Nomination Process
  • Enhanced Coverage with EDLI
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Group Insurance
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IndiaFirst Life Group Micro Insurance Plan

Product Name
IndiaFirst Life Group Micro Insurance Plan
Product Description

IndiaFirst Life Group Micro Insurance Plan provides comprehensive protection to the group’s borrowers or members.

Product Benefits
  • Choose from 4 Life Cover options
  • Flexible life cover
  • 30 days grace period for premium payment
  • Family Protection
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Group Insurance
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IndiaFirst Group Superannuation Plan

Product Name
IndiaFirst Group Superannuation Plan
Product Description

The IndiaFIrst Group Superannuation plan helps you invest the funds set aside towards your member’s retirement benefit such as pension during their employment.

Product Benefits
  • Guaranteed Returns
  • Yearly Bonus
  • Retirement Benefit
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Group Insurance
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IndiaFirst Life Employee Pension Plan

Product Name
IndiaFirst Life Employee Pension Plan
Product Description

IndiaFirst Life Employee Pension Plan can be taken by an employer to manage employees’ post-retirement pension income flow.

Product Benefits
  • Pension for group employees
  • Assured guaranteed return of 1% p.a.
  • Non-zero positive interest rate on your earnings
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Group Insurance
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Products

IndiaFirst Life Employee Welfare Plan

Product Name
IndiaFirst Life Employee Welfare Plan
Product Description

IndiaFirst Life Employee Welfare Plan helps in managing employee benefits like leave encashment, gratuity and pre and post-retirement medical expenses.

Product Benefits
  • Manage employee benefits
  • Guaranteed returns of 1% p.a.
  • Additional life cover option
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Group Insurance
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Products

IndiaFirst Life Group HospiCare (Microinsurance) Plan

Product Name
IndiaFirst Life Group HospiCare (Microinsurance) Plan
Product Description

IndiaFirst Life Group Hospicare (MicroInsurance) Plan is a non-linked, non-participating, group micro health insurance plan, which provides fixed benefit on hospitalization or on diagnosis of COVID-19 (Coronavirus).

Product Benefits
  • Financial support on hospitalization  
  • Financial support if diagnosed with COVID-19  
  • Protection against rising medical cost 
  • Affordable Plan 
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IndiaFirst Life Group Living Benefits Plan

Product Name
IndiaFirst Life Group Living Benefits Plan
Product Description

Introducing IndiaFirst Life Group Living Benefits Plan, a comprehensive group health insurance solution for corporations.

Product Benefits
  • Comprehensive Group Health Insurance
  • Affordable Heatlh Coverage for Corporate
  • COVID-19 Protection for Group Life Insurance
  • Fixed Benefit Assurance
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Products

IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Product Name
IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Product Description

A yearly renewable life policy, Indiafirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana is available to anyone with a savings bank account.

Product Benefits
  • Life Cover at affordable cost
  • Hassle-free Over the counter issuance
  • Tax benefits as per tax laws
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Term Plan
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Products

IndiaFirst Life Group Loan Protect Plan

Product Name
IndiaFirst Life Group Loan Protect Plan
Product Description

IndiaFirst Life Group Loan Protect Plan is a group credit linked insurance which enables organizations to provide their members with an enhanced value offering - giving them security along with finances to enliven their dreams.

Product Benefits
  • Protect your group members & their family 
  • Protection against loan liability 
  • Fixed & Floating Interest covered 
  • Tax Advantages
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IndiaFirst Life Group Critical Illness Rider

Product Name
IndiaFirst Life Group Critical Illness Rider
Product Description

With the New IndiaFirst Life Group Critical Illness Rider, guarantee a financial cushion for yourself and your family members.

Product Benefits
  • Financial protection against critical illnesses
  • Cover based on number of critical illnesses
  • Get cover up to 50 lakh
  • Tax Advantages
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IndiaFirst Life Group Additional Benefit Rider Plan

Product Name
IndiaFirst Life Group Additional Benefit Rider Plan
Product Description

IndiaFirst Life Group Additional Benefit Rider Plan is a non-linked, non-participating, group rider which may be attached to one-year renewable group plan and other long term group plans offered by IndiaFirst Life.

Product Benefits
  • Choose from 2 benefit options
  • Risk cover at affordable price
  • Protection against death
  • Affordable Plan
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Group Insurance
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IndiaFirst Life Group Disability Rider

Product Name
IndiaFirst Life Group Disability Rider
Product Description

IndiaFirst Life Group Disability Rider adds a supplementary layer of coverage to your group plan that provides extra financial fortification to your loved ones.

Product Benefits
  • 3 Coverage Options
  • Risk cover at affordable price
  • Protection against disability
  • Tax Advantages
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Products

IndiaFirst Life Group UL Superannuation Plan

Product Name
IndiaFirst Life Group UL Superannuation Plan
Product Description

IndiaFirst Life Group UL Superannuation Plan helps you to invest your member’s pension into multiple funds during their employment.

Product Benefits
  • Build wealth for your members
  • Marked Linked Returns
  • Retirement benefit for members
  • 3 funds to choose from
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IndiaFirst New Corporate Benefit Plan

Product Name
IndiaFirst New Corporate Benefit Plan
Product Description

With the New Corporate Benefit Plan you can invest your funds that were kept aside towards your member’s retirement benefits such as leave encashment and gratuity.

Product Benefits
  • A separate plan for each scheme
  • Minimum guaranteed return of 0.5% p.a.
  • Yearly Bonus as per company’s performance
  • Earn easy returns
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Group Insurance
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IndiaFirst Life Group Credit Life Plus Plan

Product Name
IndiaFirst Life Group Credit Life Plus Plan
Product Description

IndiaFirst Life Group Credit Life Plus Plan is a group credit life insurance product which serves as an opportunity for organizations/ associations to protect themselves against liability exposure and for the borrowers to protect their future assets and loved ones against the loan liabilities.

Product Benefits
  • Protect your loved ones from loan liability
  • Flexible Premium Payment
  • 4 Life cover options
  • Option to choose level or reducing life cover
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IndiaFirst Life Group Protection Rider

Product Name
IndiaFirst Life Group Protection Rider
Product Description

Group Protection Rider provides extra layer of life insurance cover to your member & his family in his absence. 

Product Benefits
  • Risk cover at affordable price
  • Protection against accidental death
  • Protection against terminal illness
  • Tax Advantages
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IndiaFirst Life Guaranteed Annuity Plan

Product Name
IndiaFirst Life Guaranteed Annuity Plan
Product Description

Unlock peace of mind and financial stability with our Guaranteed Annuity Plan which is specially designed to safeguard your prosperous future with the assurance of a regular income throughout your life

Product Benefits
  • Retirement Planning
  • 12 Annuity Options
  • Continuity with Joint Life Option
  • Increased Annuity Payments Option
  • Return of Purchase Price Option
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Why do I need Group Life Plans?

Life Cover

Get life cover for all your employees and secure their family’s future.

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Choose from different rider options

Get critical illness, additional benefits, protection, and disability riders with group insurance policy.

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Critical Illness Rider

IndiaFirst's Critical Illness Rider offers financial protection with flexible options from 40, 20, or 5 conditions, ensuring security for members.

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30-Day Grace Period for Premium Payment

Master Policyholders enjoy a 30-day grace period for premium payment. Ensure timely payment for continued benefits

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Manage Employee Liabilities

Invest the funds set aside to cover your employee liabilities such as Gratuity and Leave Encashment into market linked investments.

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Leave Encashment liability

Option to cover the leave encashment liability of all your employees

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Sum Assured

In the unfortunate event, a sum assured is payable to the nominee, depending on the policy cover amount.

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Tax Benefits on Premiums

Enjoy tax benefits on the premium paid and on sum assured under Section 80C and 10(10) D of the Income Tax Act, 1961

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How Does a Group Plan work?

  • Standardised coverage: Since the risk is spread out over a large group of people, the premium rates offered for group insurance plans are very competitive.
  • Two types of groups covered: Group plans for Employee-Employer Groups and non-employee-employer groups.
  • Master policy: A single master policy is issued for a group insurance policy. The policy is issued to the group manager or administrator.
  • Coverage to all the members: Irrespective of the group's size, group insurance plans offer coverage to all the members under one single group insurance policy.
  • Group of All Sizes Covered: Whether there are 100 or 1000 people in a group, a group insurance scheme covers a group of all sizes.
  • Policy in force: the policy remains in force only if a member continues to be the part of the group.
  • Policy Premium Option: Group insurance premium can be charged to the whole group or individual members, depending on group insurance scheme provision.
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How to buy Group Insurance Plans?

Step 1

Basic details

Share your group member’s basic details like name, dob, mobile number, email id etc.

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Step 2

Additional Details

Share investment and contribution details.

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Step 3

Get Quote

Quickly generate a quote to calculate the returns.

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Step 4

Payment details

Our group sales expert will contact you to help you with the payment processes. 

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Why Choose IndiaFirst Life?

Securing your employees and their family members’ life is important. IndiaFirst Life Group Plans are designed to prioritize these goals. Here's why opting for our Group plans is the right choice:

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Trusted by 1.6 Crore Customers for their life insurance policy

Promoted by Bank of Baroda

High Claim Settlement Ratio of 98.42%

Seamless Online and Offline Experience

100% Genuine Claims are Settled in 1 day.

What are group insurance and its features?

Question
What are group insurance and its features?
Answer

Group insurance plans cover a predefined group of people for specific risks. A group could include members of a workplace, professional association, cultural association, housing society, banks, holders of the same credit cards, etc.

  • A group insurance policy may offer group life insurance, health cover, personal accident insurance, and group travel cover. IndiaFirst Life also provides group life insurance plans that serve the dual purposes of insurance and investment.
  • While different group insurance plans serve different functions, these are some of the basic features of the plans:
  • With a group life insurance policy, a predetermined sum assured is paid out to the employee/beneficiary's family members in case of the employee's untimely death while still being a part of the group.
  • In case of a member's demise, while the group life insurance policy is in effect, the sum assured received as death benefit can be used to clear liabilities such as outstanding loans o dues.
  • Group insurance plans that include a superannuation component offer the benefits of a retirement plan that can be used after an employee/member has retired.
  • Group retirement and growth solutions invest future liabilities towards employees (such as leave encashment and gratuity) to create a corpus for an employee's financial goals post-retirement.
  • Post-five years of service, a gratuity amount is owed to an employee, as per relevant laws. Group insurance plans help create investment avenues so the gratuity corpus can grow.
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How many employees do you need for group insurance?

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How many employees do you need for group insurance?
Answer

The minimum number of employees needed to qualify for a group insurance policy differs according to the chosen group insurance plans. Some plans may require a minimum of 7-10 members to issue a group life insurance policy or health plan. Others may need a larger group size of at least 50 to give a group insurance policy.

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Is group life insurance a taxable benefit?

Question
Is group life insurance a taxable benefit?
Answer

Whoever pays the premium amount for the group life insurance policy is eligible to apply for a tax deduction while filing their taxes. If the employer pays the entire premium amount, the organisation can claim the group life insurance premium as a taxable benefit. Since the employees or group members have not made the premium payment, they cannot claim the amount in their tax returns.

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How is group life insurance premium calculated?

Question
How is group life insurance premium calculated?
Answer

Group life insurance premium rates are very low as compared to individual insurance premium rates as the insurer's risk is spread out amongst a large number of people. Suppose the policy purchaser, i.e., the owner or manager pays the group life insurance policy premium and offers. It as a service benefit to the members. In that case, there is no cost associated with it for the group members.

The group life insurance premium is calculated based on factors such as the total expected claim cost, expenses, commissions, taxes, group size, required risk and profit margin, and applicable discounts.

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Is group life insurance a taxable benefit?

Question
Is group life insurance a taxable benefit?
Answer

Whoever pays the premium amount for the group life insurance policy is eligible to apply for a tax deduction while filing their taxes. If the employer pays the entire premium amount, the organisation can claim the group life insurance premium as a taxable benefit. Since the employees or group members have not made the premium payment, they cannot claim the amount in their tax returns.

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How is group life insurance premium calculated?

Question
How is group life insurance premium calculated?
Answer

Group life insurance premium rates are very low as compared to individual insurance premium rates as the insurer's risk is spread out amongst a large number of people. Suppose the policy purchaser, i.e., the owner or manager pays the group life insurance policy premium and offers. It as a service benefit to the members. In that case, there is no cost associated with it for the group members.

The group life insurance premium is calculated based on factors such as the total expected claim cost, expenses, commissions, taxes, group size, required risk and profit margin, and applicable discounts.

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Eligibility Criteria

General

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General
Answer

All the members of the group life insurance must be full-time members.

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Age

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Age
Answer
  • The minimum age at entry is 18 years.
  • The maximum age depends on the specific policy. It may differ between 60 to 80 years. 
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No. of Employees

Answer

The minimum number of employees in the group can from 7 to 50. 

No. of Employees

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No. of Employees
Answer

The minimum number of employees in the group can from 7 to 50. 

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