IndiaFirst Life Employee Pension Plan

(A Non-Linked, Non- Participating Fund Based Group Superannuation Plan)

IndiaFirst Life Employee Pension Plan is a non-linked, non-participating, variable fund-based Group Pension (Superannuation) Scheme which can be taken by an employer to manage employees’ post-retirement pension income flow.

Pension for group employees
Minimum assured guaranteed return of 1% p.a.
Non-zero positive interest rate on your earnings
Avail additional funding on initial contribution
Tax Benefits as per the existing tax laws

Overview
Key Features
Eligibility Criteria
Customer Feedback
FAQ

Key Features of IndiaFirst Life Employee Pension Plan

Retiral Benefits

Group can provide retiral benefits to their resources with the help of employee pension plan.

Guaranteed Returns

Get minimum guaranteed returns of 1% per annum for the entire term of the policy.

Earn interest on earnings

Get an interest on your earnings as declared by the company at the start of every financial quarter.

Flexible Schemes

Flexibility to choose from the defined benefit or defined contribution scheme as per your requirement.

Tax Benefits

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

Eligibility Criteria

Age
Group Size
Initial Contribution
Sum Assured

Age at Entry

Answer: Minimum: 18 Years
Maximum: 75 Years

Age at Maturity

Answer: Maximum: 76 Years

Group Size

Answer: Minimum: 10
Maximum: No Limit

Initial Contribution

Answer: Minimum: Rs. 1,00,000
Maximum: No limit

Sum Assured

Answer: Rs. 5,000

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

How is the sum assured calculated?

Answer: This plan will have an optional life cover of INR 5000 per member.

Who can be a part of this policy?

Answer

This policy can be availed by the ‘Master Policyholder forthebenefitsofits ‘Member’

Who is the Master Policyholder?

Master Policyholder is you, the organization which holds the policy and sets aside a fund to cover its employee liabilities such as Superannuation as per the scheme rules.
The benefits payable under this policy are governed by the scheme rules. This specifies the amount and time of the benefit payment to your member(s) . The amount and time of the benefit may vary.
The Master Policyholder holds and operates the Master Policy.

Who is the Member?

The Member is a member of your organization or a part of an organized group. The member is the life assured under this policy.

The age limits for a member are –

Age	At Entry	At Exit
Minimum	18 years as on last birthday	-
Maximum	75 years as on last birthday	76 years as on last birthday

What is the group size to whom the cover can be offered?

Minimum Group Size	Maximum Group Size
10 members	No limit

Who pays the contribution under this policy?

Answer

The premium contribution under the Defined Contribution scheme can be made by either,
- You, the Master Policyholder, or
- your Member, or
- both of you, the Master Policyholder and the Member
The premium contribution under the Defined Benefit scheme will be done by the Master Policy holder, as per the scheme rules

A premium of Rs.1 per 1000 Sum Assured per member per annum will be charged. There is an optional fixed life cover of INR 5000 under this plan. In case life cover premium is not received before completion of policy year the life cover will lapse. To revive or continue life cover, Master Policyholder or member will pay all due life cover premiums without any interest before the completion of policy year.

What is the minimum contribution under this plan?

Minimum Initial Contribution
INR 1,00,000

Is there any surrender benefit in the plan?

You can surrender the policy at any time during the year. There are no surrender charges in this plan. Surrender value should be determined by applying market value reduction, if any, to the account value. Market Value Reduction will be applicable on Bulk Exit and complete surrender. If in any financial year the accumulated withdrawal amount is more than 25% of the fund at the beginning of that financial year then it will be considered as Bulk Exit. Market Value Reduction will be applicable on withdrawals over 25% of account value at the beginning of the policy year, except in case of withdrawals due to death and retirement.

Market value reduction will apply when the sum of market value of the assets for all schemes under this product is less than the sum of book value of the assets for these schemes as appearing in the scheme accounts. Market value reduction will be expressed as a percentage of fund value and will be calculated by the formula

Max {( 1-(Market values of assets for all scemes under this product)/(Book values of assets for all scemes under the product))x100,0}

Book value means account value which is calculated as contribution less exits plus , non-zero positive interest credited.

The extent of liability of the insurer is maximum up to the account value of the scheme.

Can the Policy be cancelled?

Answer: You can cancel this Policy if you disagree with any of the terms and conditions of this Policy within the 15 days of receipt of your Policy document. You are required to send us the original Policy document and a written request stating the reasons for cancellation, post which we will refund your Premium after deducting the pro rata risk Premium; if live cover opted for and stamp duty charges.

What are the charges under this policy?

Answer: Type of Charge Mortality Charge Details Description
Life Cover Premium Rs. 1 per 1000 Sum Assured per member per annum irrespective of the age & gender of the member This will be explicitly collected from Master Policyholder/ Member

Type of Charge	Mortality Charge Details	Description
Life Cover Premium	Rs. 1 per 1000 Sum Assured per member per annum irrespective of the age & gender of the member	This will be explicitly collected from Master Policyholder/ Member

What are the tax benefits under this policy?

Answer: You, the master policyholder and your member may be eligible for tax benefits as per applicable tax laws which can be modified from time to time. However, you are advised to consult your tax consultant.

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