IndiaFirst Employee Benefit Plan

(unit linked,non–participating, yearly renewable group plan)

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.

Manage your future employee liabilities
Choose from 4 fund options
Tax free gratuity up to 20 lakh

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Overview
Key Features
Eligibility Criteria
Customer Feedback
FAQ

Key Features of IndiaFirst Employee Benefits Plan

Manage Employee Liabilities

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

4 Funds to choose from

Optimize your investment returns by choosing between four funds across 3 different asset classes.

Leave Encashment liability

Option to cover the leave encashment liability of all your employees

Life Cover

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

Tax Benefits

Gratuity benefits are tax free up to `20 lakh in the hands of the employee

Eligibility Criteria

Age
Group Size
Initial Contribution
Sum Assured

Age at Entry

Question

Age at Entry

Sequence

Answer

Minimum: 18 Years

Maximum: 70 Years

Age at Maturity

Question: Age at Maturity:
Sequence
Answer: Maximum: 71 Years
Tags

Minimum

Question: Minimum:
Sequence
Answer: 50
Tags

Minimum for gratuity scheme

Question: Minimum for gratuity scheme:
Sequence
Answer: 10
Tags

Maximum

Question: Maximum:
Sequence
Answer: No Limit
Tags

Minimum

Question: Minimum:
Sequence
Answer: Rs. 50,000
Tags

Maximum

Question: Maximum:
Sequence
Answer: No limit
Tags

Sum Assured

Question: Sum Assured
Sequence
Answer: Rs. 1,000
Tags

How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

How can we help?

View All FAQ

General
Premiums and Payments
Policy Terms and Conditions

What is IndiaFirst Employee Benefit Plan?

Answer: IndiaFirst Employee Benefit Plan is a unit linked, non–participating, yearly renewable group plan that helps you provide for all your liability payments such as Gratuity and Leave Encashment. This plan offers additional life cover to your employees.

How does Gratuity work?

Answer: You, the master policyholder, make annual contributions based on the employee’s salary, for each completed year of service of the employee towards gratuity. On the exit of the employee, he is paid his due from the fund of the scheme, accumulated from the contribution by the employer.
Gratuity is payable if the employee retires or exit from service due to any cause. It is also payable on death in service due to any cause
As per Gratuity Act, 1972, the gratuity payable to an employee is 15 days wages (basic plus dearness allowance) for every year that he/ she completes or part of a year in excess of 6 months. This is subject to a maximum of Rs 10 lakh. This is a mandatory benefit payable to the employee after five completed years of service or on the employee’s demise at any point in time
However, the Gratuity Act allows you the flexibility to pay the gratuity benefit before completion of 5 years of service of the employee and in excess of the maximum limit set under the Act.

How does Leave Encashment work?

Answer: You may choose to offer your employee leave encashment benefits as an acknowledgement of his/her loyalty
Leave encashment is the amount payable for the employee’s leave period, depending upon the leaves to his credit and his salary at the time of termination of employment. This amount may be paid to the employee (or dependent) on retirement, death or disability
You, the master policyholder, make annual contributions on behalf of your employees. On the exit of the employee, he is paid his due from the fund of the scheme, accumulated from the contribution by you

Who pays the contribution under this Plan?

Answer

You, the Master Policyholder will make the contribution on behalf of your members under the plan.

Life cover premium will be deducted annually from the contribution or fund.

What is the minimum and maximum contribution under this Plan?

Minimum initial contribution	Minimum annual contribution	Maximum contribution	Maximum size of the fund
Rs 50,000	No limit	No limit	No limit

What happens on discontinuance of contribution?

Discontinuance of contribution can happen when the fund is overfunded or in surplus as per Actuary’s certificate submitted by you in accordance with the AS15 (Revised). In such cases, we will allow nil contributions/premiums under the plan and the plan shall not be treated as discontinued. Life cover premium shall be recovered from the fund or contribution. At any point of time if the fund value falls below life cover premiums then plan terminates.

Allocation of contributions to units

Answer

When and how does your contribution get allocated to units in your Plan?

The allotment of units to you, the master policyholder will be done only after we receive the contribution amount. The contribution allocation to the units varies according to the following situations –

New business
We will allocate new units on the day we receive contributions if we receive these before 3:00 p.m. They are allocated the next day if we receive them after 3:00 p.m.

How do we value your units at the time of renewals and redemptions of your contributions?

Answer: We will value your units in line with the unit linked guidelines issued by the IRDA.

For funds switch received till 3:00 p.m For funds switch received after 3:00 p.m.
We will apply the closing unit price of the day on which your funds switch request is received. We will apply the closing unit price of the next business day if we receive your funds switch request after 3:00 p.m.

For funds switch received till 3:00 p.m	For funds switch received after 3:00 p.m.
We will apply the closing unit price of the day on which your funds switch request is received.	We will apply the closing unit price of the next business day if we receive your funds switch request after 3:00 p.m.

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