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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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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

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Enhanced value offering

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

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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.

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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.

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Eligibility Criteria

Age at entry

Answer
  • Minimum: 14 years
  • Maximum: 70 years

Maximum Age at maturity

Answer

Maximum Age at maturity: 76 years

Group/Corporate Size

Answer

Minimum Group Size

  • 10 members

Maximum Group Size

  • No Limit; subject to Board approved underwriting policy

Regular Premium

Answer

Minimum Term: 5 Years

Maximum Term: 30 Years

Limited Premium

Answer

Minimum Term: 5 Years

Maximum Term: 10 Years

Single Premium

Answer

One time payment 

Regular Premium

Answer

Minimum Term: 5 Years

Maximum Term: 30 Years

Limited Premium 5 Years

Answer

Minimum Term: 8 Years

Maximum Term: 30 Years

Limited Premium – For 10 Years Premium

Answer

Minimum Term: 14 Years

Maximum Term: 30 Years 

Single Premium

Answer

Minimum Term: 2 Years

Maximum Term: 30 Years

Payment Frequency

Answer

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

Single Premium: One time premium only

Cover

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

Cover for Micro Finance Loan

Answer
  • Minimum Cover : ₹5000/- per member
  • Maximum Cover : ₹200,000 – per member

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

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. 

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 CoverReducing 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 coverPayment of interestMoratorium 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 AssuredMaximum Sum Assured 
Rs. 5,000/- per memberOther 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 rateFor Discount rate as a % on premium rate For Level Term Cover Discount rate as a % on premium rate
Single Premium3,00,00,0001%4%
Limited Pay 5 years5,00,00,0001.5% 3%
Limited Pay 10 years7,50,00,000 1.5%3%
Regular Premium10,00,00,000N.A.1%

What are the modes of payment of premium?

Answer

 

Regular premiumLimited premiumSingle premium 
Monthly (through ECS or Direct Debit)/ quarterly/ six-monthly/ yearly Monthly (through ECS or Direct Debit)/ quarterly/ six-monthly/ yearlyOne time premium only



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

 

Premium FrequencyHalf-yearlyQuarterly Monthly
Factor to be applied to Annual Premium0.51190.25510.0870

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 PolicyholderPremium paid by the Member (by separate payment or by enhancing the loan amount)
Master PolicyholderCan claim the deduction under Section 37(1), under Income Tax Act, 1961 for the entire amount paid as premiumNo deduction
MemberNo deductionCan 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 entryMaximum age at entryMaximum 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 -

  1. Life Cover
  2. Life Cover + Accidental Total Permanent Disability
  3. Life Cover + Accidental Death
  4. Life Cover + Accidental Total Permanent Disability + Accidental Death

 

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

 

 Regular PremiumLimited PremiumSingle 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 PremiumLimited Premium – 5 YearsLimited Premium – 10 YearsSingle Premium 
Minimum Term5 Years8 Years14 Years1 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 Years30 Years30 Years30 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 PremiumLimited PremiumSingle Premium 
Equal to Cover Term5 years / 10 yearsOne-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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Why IndiaFirst life

1.6 Crore

Lives secured since Inception

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Available in 16,500+

BOB & UBI Branches

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27,073 Crore

AUM as of Feb'2024

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