IndiaFirst Life Group Credit Life Plus Plan

(A non-linked non- participating Group Credit Life Insurance Plan)

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. In the unfortunate event of the member’s/life assured’s death or total permanent disability due to an accident, we safeguard the loved ones against the burden of loan repayment.

Protect your loved ones from loan liability
Flexible Premium Payment
4 Life cover options
Option to choose level or reducing life cover
Tax benefits as per prevailing tax laws

Overview
Key features
Eligibility Criteria
Customer Feedback
FAQ

Key features of IndiaFirst Life Group Credit Life Plus Plan

Life Cover

Choose from 4 different life cover options:

i. Life Cover
ii. Life Cover + Accidental Total Permanent Disability
iii. Life Cover + Accidental Death and
iv. Life Cover + Accidental Total Permanent Disability + Accidental Death

Enhanced value offering

Provide members with an enhanced value offering; give them security along with finances to enliven their dreams.

Add your partner in the same policy

Cover not just yourself but even your partner who has taken up the loan along with you to ensure complete security of your loved ones.

30-Day Grace Period for Premium Payment

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

Eligibility Criteria

Age at entry

Question: Age at entry
Sequence
Answer: Minimum: 14 years
Maximum: 70 years
Tags

Maximum Age at maturity

Question: Maximum Age at maturity
Sequence
Answer: Maximum Age at maturity: 76 years
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Group/Corporate Size

Question

Group/Corporate Size

Sequence

Answer

Minimum Group Size

10 members

Maximum Group Size

No Limit; subject to Board approved underwriting policy

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Regular Premium

Question

Regular Premium

Sequence

Answer

Minimum Term: 5 Years

Maximum Term: 30 Years

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Limited Premium

Question

Limited Premium

Sequence

Answer

Minimum Term: 5 Years

Maximum Term: 10 Years

Tags

Single Premium

Question: Single Premium
Sequence
Answer: One time payment
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Regular Premium

Question

Regular Premium

Sequence

Answer

Minimum Term: 5 Years

Maximum Term: 30 Years

Tags

Limited Premium

Question

Limited Premium

Sequence

Answer

Minimum Term: 5 Years

Maximum Term: 10 Years

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Single Premium

Question: Single Premium
Sequence
Answer: One time payment
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Payment Frequency

Question

Payment Frequency

Sequence

Answer

Regular & Limited Premium: Monthly/Quarterly/Half-Yearly/Yearly

Single Premium: One time premium only

Tags

Cover

Question: Cover
Sequence
Answer: Minimum Cover: ₹5000/- per member
No Limit: subject to Board approved underwriting policy
Tags

Cover for Micro Finance Loan

Question: Cover for Micro Finance Loan
Sequence
Answer: Minimum Cover : ₹5000/- per member
Maximum Cover : ₹200,000 – per member
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
Claim and Beneficiary
Policy Types

What is IndiaFirst Life Group Credit Life Plus Plan?

Answer

IndiaFirst Life Group Credit Life Plus Plan is a non-participating, non-linked group credit life insurance plan that can be offered to

Loanees from Banks and Financial Institutions
Employees taking loans from their employers
The members of Employee welfare societies say employee co-operative societies offering loans to their members
Card holders (Credit Card companies are likely to provide loans to the credit card customers based on their past credit history. Those type of loans which falls under personal loan category for a term of say 2 to 5 years period will be covered here)
Micro-finance loans in Rural or Social Sector

You, the Master Policyholder can provide an opportunity to your members/ customers to secure their loved ones against the burden of repayment in case of unfortunate event of the life assured’s/ 3 member’s demise or total permanent disability due to the accident during the cover term. The policy will also help you, the Master Policyholder to protect your assets against uncertainty. Additionally, when individuals opt for loans, they can estimate their repayment capacity by using tools like a personal loan EMI calculator. This helps them understand the repayment schedule while ensuring that their loved ones remain financially protected under the plan.

How many borrowers (members) are allowed?

Answer: Under this policy, there can be a maximum of two borrowers covered under the same policy.

How does this policy work?

Answer: Level Term Cover Reducing Term Cover
Premium payment
Your member can choose between Regular / Limited / Single Premium

The premium amount is based on age at entry, gender, cover term, premium payment term, loan type etc.

Your member can choose between Limited / Single Premium

The premium amount is based on age at entry, gender, cover term, premium payment term, loan type, loan interest, moratorium period etc.

Cover term
Equal to the term of the loan at inception of the policy

Equal to the term of the loan at inception of the policy

Sum assured
Equal to the initial loan amount

It is fixed and does not change during the policy term

Your member will be provided with the Certificate of Insurance at the beginning of the policy

Sum Assured is the initial loan amount and decreasing over the term of the loan, linked to reducing cover schedule

Your member will be provided with the Certificate of Insurance along with cover schedule at the beginning of the policy

How does the policy work in case of joint borrowers?

Answer

The borrowers have the following options -

	First claim basis (100% of Loan)	Loan share percentage
Extent of cover	Each of the joint borrowers is insured for 100 per cent of the outstanding loan amount.	Each of the joint borrowers is insured up to his/her share of the loan as mentioned in the membership form
Any one or both the borrower’s demise or total permanent disability due to an accident	In the unfortunate event of either or both of the two borrower’s demise or total permanent disability due to an accident, the benefit is paid to the member / nominee / appointee / legal heir, through you, the Master Policyholder In case of death or total permanent disability due to an accident of one of the borrower the cover for the other borrower ceases immediate	In the unfortunate event of either or both of the two borrower’s demise or total permanent disability due to an accident, the benefit is paid to the member / nominee / appointee / legal heir, through you, the Master Policyholder – up to the deceased borrower’s share In case of death or total permanent disability due to an accident of one of the borrower the cover for the other borrower continues

What happens in case the repayment of loan starts a few years after the loan is disbursed?

Answer: Risk cover Payment of interest Moratorium Period
If the date of the loan disbursement and the start of loan repayment (EMI) are different, your member can avail of ‘Moratorium Period’

The moratorium period allows for the risk cover to start even before the actual loan repayment schedule begins

For example: In case of education loan, the repayment installments start only after study period has been completed. However, the member (student) is covered during this period as well

Level cover during moratorium period: Your member can choose to pay interest during this period. In this case the sum assured will remain constant till the start of the loan repayment

Increasing cover during moratorium period: If the interest is not paid, the outstanding loan amount will increase every month to the extent of the unpaid interest till the repayment starts. Hence the cover amount will increase every month to the extent of the unpaid interest till the repayment starts.

Minimum: 1 Year
Maximum: 7 Years

Moratorium period is applicable if policy term is in multiple of years.

What is the Sum Assured that can be offered to the member against his/her loan?

Answer: Minimum Sum Assured Maximum Sum Assured
Rs. 5,000/- per member Other than Micro Finance Loan - No Limit; subject to Board approved underwriting policy Micro Finance Loan – Rs. 200,000 per member

The minimum death benefit amount at any time during the cover term would be at least Rs.5,000

Does the policy offer a high Sum Assured discount?

Yes, the policy offers a high Sum Assured discount to the member as per the table below:

Premium Paying Options Sum Assured greater than equals to (Rs) For Reducing Term Cover Discount rate as a % on premium rate For Discount rate as a % on premium rate For Level Term Cover Discount rate as a % on premium rate
Single Premium 3,00,00,000 1% 4%
Limited Pay 5 years 5,00,00,000 1.5% 3%
Limited Pay 10 years 7,50,00,000 1.5% 3%
Regular Premium 10,00,00,000 N.A. 1%

What are the modes of payment of premium?

Answer

Regular premium	Limited premium	Single premium
Monthly (through ECS or Direct Debit)/ quarterly/ six-monthly/ yearly	Monthly (through ECS or Direct Debit)/ quarterly/ six-monthly/ yearly	One time premium only

The following premium frequency factors for half-yearly, quarterly and monthly policies will apply on Annual Premiums.

Premium Frequency	Half-yearly	Quarterly	Monthly
Factor to be applied to Annual Premium	0.5119	0.2551	0.0870

What are the tax benefits under this policy?

Answer: Currently you may be eligible for the below mentioned tax benefits. These are subject to change from time to time as per Government Tax Laws. However, you are advised to consult your tax consultant.

Premium paid by the Master Policyholder Premium paid by the Member (by separate payment or by enhancing the loan amount)
Master Policyholder Can claim the deduction under Section 37(1), under Income Tax Act, 1961 for the entire amount paid as premium No deduction
Member No deduction Can claim the benefits under Section 80C, under Income Tax Act, 1961. Receipt must be in the name of the individual member or the receipt must state that the premium paid by the Master Policyholder is on behalf of the member

Who can be a part of this policy?

Answer

This policy includes the ‘Master Policyholder and the ‘Member’.

Who is the Master Policyholder?

Master Policyholder is the entity or organization (Bank or Financial Institution)that provides this policy to its customers / members who have taken loans. The Master Policyholder holds the Master Policy.

Who is the Member?

Member is the customer / employee of the Master Policyholder and is the Life Assured under this policy. The benefits are payable on the member’s life. The age limits for a member are -

Minimum age at entry	Maximum age at entry	Maximum age at maturity
14 years (last birthday)	70 years (last birthday)	76 years (last birthday)

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

Minimum group size	Maximum group size
10	No limit

What are the cover options available under this policy?

Answer

You can offer all of the following cover types to your members -

Life Cover
Life Cover + Accidental Total Permanent Disability
Life Cover + Accidental Death
Life Cover + Accidental Total Permanent Disability + Accidental Death

Sum Assured can be either Level Term Cover or Reducing Term Cover

	Regular Premium	Limited Premium	Single Premium
Level Term Cover	✓	✓	✓
Reducing Term Cover (linked to loan repayment schedule)	✘	✓	✓

What is the term of the policy?

Answer

The term of the policy is the cover term of the member which will depend upon the tenure of the loan subject to the conditions mentioned below:

Cover Term	Regular Premium	Limited Premium – 5 Years	Limited Premium – 10 Years	Single Premium
Minimum Term	5 Years	8 Years	14 Years	1 month to 36 months when cover term is in multiple of months 2 years to 30 years when cover term is in multiple of years
Maximum Term	30 Years	30 Years	30 Years	30 Years

Maximum Cover Term per member should be less than or equal to loan term subject to the maximum cover term of 30 years

What are the premium paying options available under the policy?

Regular Premium	Limited Premium	Single Premium
Equal to Cover Term	5 years / 10 years	One-time payment

What is the maturity benefit payable to the member/ Master Policyholder under this policy?

Answer: There is no maturity benefit payable under the IndiaFirst Life Group Credit Life Plus Plan.

What happens if the loan is disbursed in phases?

Answer: In cases where the loan is disbursed in phases, for example: construction linked home loan, the cover will start from the date of the first disbursement and will be equal to the total loan amount.

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Available in 16,500+

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30,968 Crore

AUM as of Mar’25

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Premium Paying Options	Sum Assured greater than equals to (Rs)	For Reducing Term Cover Discount rate as a % on premium rate	For Discount rate as a % on premium rate For Level Term Cover Discount rate as a % on premium rate
Single Premium	3,00,00,000	1%	4%
Limited Pay 5 years	5,00,00,000	1.5%	3%
Limited Pay 10 years	7,50,00,000	1.5%	3%
Regular Premium	10,00,00,000	N.A.	1%

	Premium paid by the Master Policyholder	Premium paid by the Member (by separate payment or by enhancing the loan amount)
Master Policyholder	Can claim the deduction under Section 37(1), under Income Tax Act, 1961 for the entire amount paid as premium	No deduction
Member	No deduction	Can claim the benefits under Section 80C, under Income Tax Act, 1961. Receipt must be in the name of the individual member or the receipt must state that the premium paid by the Master Policyholder is on behalf of the member

IndiaFirst Life Group Credit Life Plus Plan

Key features of IndiaFirst Life Group Credit Life Plus Plan

Life Cover

Enhanced value offering

Add your partner in the same policy

30-Day Grace Period for Premium Payment

Eligibility Criteria

Age at entry

Maximum Age at maturity

Group/Corporate Size

Regular Premium

Limited Premium

Single Premium

Regular Premium

Limited Premium

Single Premium

Payment Frequency

Cover

Cover for Micro Finance Loan

How can we help?

What is IndiaFirst Life Group Credit Life Plus Plan?

How many borrowers (members) are allowed?

How does this policy work?

How does the policy work in case of joint borrowers?

What happens in case the repayment of loan starts a few years after the loan is disbursed?

What is the Sum Assured that can be offered to the member against his/her loan?

What are the modes of payment of premium?

What are the tax benefits under this policy?

Who can be a part of this policy?

What are the cover options available under this policy?

What is the term of the policy?

What is the maturity benefit payable to the member/ Master Policyholder under this policy?

What happens if the loan is disbursed in phases?

Plans that may interest you!

IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana

IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana

IndiaFirst Life Group Living Benefits Plan

IndiaFirst Life Group Living Benefits Plan

Why Choose IndiaFirst Life Insurance Plans?

1.64 Crore

Available in 16,500+

30,968 Crore

1 Day

Most Searched Terms

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