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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 Loan Protect Plan

Protection Against Loan

A group can control its liability exposure, as we help to pay the outstanding loan amount in case of member’s unfortunate demise or total permanent disability. Individuals can future proof their assets as well as their loved ones, against the loan liability. 

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Affordable Life Cover

The Plan offers an affordable life cover for group members and protects them from unfortunate experiences like death & permanent disability. 

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Flexibility in Adding Members

The policy provides flexibility for the master policyholder/member to add a maximum of 4 co-borrowers in the policy. 

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Sum Assured

In the unfortunate event, a sum assured of minimum Rs. 5,000 and a maximum should be less than or equal to 120% of the initial loan amount.

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Option to add riders

Option to add riders like critical illness, group additional benefits, group protection rider, and group disability rider. 

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Eligibility Criteria

Age at Entry

Answer
  • Minimum 
    • 14 years (last birthday) for following benefit options: Life Cover, Life Cover + Family Income. 
    • 18 years (last birthday) for following benefit options: Life Cover + Accidental Total Permanent Disability (accelerated), Life Cover + Critical Illness (accelerated) and Life Cover + Accidental Death
  • Maximum: 75 Years

Age at Maturity

Answer

Maximum: 76 Years

Group Size

Answer

Minimum: 10

Maximum
: No Limit

Sum assured

Answer

Minimum: ₹5,000/per member

Maximum
: No Limit Subject to board approved underwriting policy

Policy Term

Answer

Minimum: 1 month 

Maximum
: 30 years

 

Premium Term

Answer

Single: One Time

Limited
: 5/7/10 Years

Rugular
: 1 Month -30 Years

Premium Frequency

Answer

Regular Premium: Monthly/Quarterly/Half-yearly/Yearly

Limited Premium
: Monthly/Quarterly/Half-yearly/Yearly

Single Premium
: Onetime payment

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 are the cover options available under this policy?

Answer

You, the Master Policyholder/ Member may choose any of the below benefit options at the inception of the policy term or member cover term.

A. Decreasing cover
 

  1. Fixed Rate: Under this cover type, Sum Assured decreases over the cover term as per initial cover schedule mentioned in certificate of insurance (COI). The COI will be generated at loan interest rate for which premium is charged and cover amount will not fall below `5,000. Single and limited premium payment options are available under this cover.
  2. Floating Rate: Under this cover type, Sum Assured decreases over the cover term as per the cover schedule mentioned in COI as per the loan interest rate at inception of policy. However, when interest rate changes the loan outstanding will be recalculated with the revised interest rate keeping the EMI as at time of inception constant and revised COI will be generated at the time of claim. For the purpose of cover, fluctuations of upto +/- 500 bps from interest rate at inception is allowed and cover amount will not fall below Rs. 5,000. Increase in loan outstanding due to EMI default would not be covered. Single and limited premium payment options for cover term greater than or equal to 5 years are available under this cover.


B. Level cover

Under this cover type, Sum Assured remains level throughout the term of the cover as per certificate of insurance. Single, Limited and Regular premium payment options are available under this cover. Level cover would be applicable for following scenarios: 

1) Interest only loan

2) Member wants to avail a level cover irrespective of loan type for simplicity and wants protection against the possible increase in loan interest rate scenario leading to increase in outstanding loan amount as compared to initial cover schedule.

What is IndiaFirst Life Group Loan Protect Plan?

Answer

IndiaFirst LifeGroup Loan Protect Plan is a non-linked, non-participating, group credit linked insurance plan. This product shall be offered to both Employer Employee and Non-Employer Employee groups.

The product offers the following cover types: 

  • Level Cover 
  • Decreasing Cover
     

The product offers the following benefit options:

  • Life Cover 
  • Life Cover + Accidental Total Permanent Disability (accelerated) 
  • Life Cover + Critical Illness (accelerated) 
  • Life Cover + Accidental Death 
  • Life Cover + Family Income

Who are the people involved in the policy?

Answer

This policy includes the ‘Master Policyholder and the ‘Member’. This policy shall be available for both Employer-Employee and Non Employer-Employee groups. 

 

Who is the Master Policyholder?

Master Policyholder is the Regulated Entities shall mean to include –

  1. Reserve Bank of India (RBI) Regulated Scheduled Commercial Banks (including Co-operative Banks).
  2. NBFCs having Certificate of Registration from RBI.
  3. National Housing Bank (NHB) Regulated Housing Finance Companies.
  4. National Minority Development Finance Corpora tion (NMDFC) and it s S t a t e Channelizing Agencies.
  5. Small Finance Banks regulated by RBI
  6. Mutually Aided Cooperative Societies formed and registered under the applicable State Act concerning such Societies.
  7. Microfinance companies registered under section 8 of the Companies Act, 2013.
  8. Any other category as approved by the Authority. 


Other Entities which shall mean the entities other than Regulated Entities as mentioned above.


Who is the Member?

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

What happens in case the Master Policyholder has collected the premium from the member and has not remitted the same to us?

Answer

In case, the Master Policyholder(MPH) has collected the premium from the member before the completion of grace period and has not remitted the same to us (due to any reason), we will continue to provide coverage to that member if the member can prove that he/she had paid the premium and secured a proper receipt leading the member to believe that he/she was duly insured.

What if you miss paying the premiums?

Answer

We provide you with a grace period during which you can pay your premium in case you miss paying the premium on the due date, for Regular/ Limited premium paying policies. You are provided a Grace Period of 15 days under monthly mode and 30 days for other modes. During the grace period policy or cover will continue as per in-force policy.

In case of death or disability, as the case may be, during grace period, only due premium, if any, before date of occurrence of death or disability will be deducted from the death or disability benefit.

In the event of non-payment of premium due under the policy with in the grace period the policy will lapse, and no benefit is payable. The cover will cease, and no further benefits will be payable in case of a lapsed policy.

Can I get a loan in this policy?

Answer

No, loan is not allowed in this policy

What is the free look period in this policy?

Answer

You, the Master Policyholder/ Member can return your policy document/ certificate of insurance within the Free Look period;

In case you do not agree to the any policy terms and conditions, you have the option of returning the policy document/ certificate of insurance to us stating the reasons thereof, within 15 days from the date of receipt of the policy document/ certificate of insurance. The free-look period for policies purchased through distance marketing or electronic mode will be 30 days.

Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone calling; (ii) Short Messaging service (SMS); (iii) Electronic mode which includes e-mail, internet and interactive television (DTH); (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts; and, (v) Solicitation through any means of communication other than in person.


Do you get any refund when you return your policy? 

Yes. We will refund an amount equal to the – 

Premium paid
 

Less: i. Pro-rata risk premium for the time the policy was in force, where pro-rata risk premium is the proportionate risk premium for the period of cover

Less ii. Any stamp duty paid

Less iii. Expenses incurred on medical examination, if any

When does the cover cease?

Answer

The insurance coverage at member level will cease at the earliest of:

  • Member attaining age 76 years (in case of joint life, any life attaining age 76 years) or on death or ATPD (if member avails this benefit) or CI (if member avails this benefit) whichever is earlier
  • Non-payment of premium under limited/regular premium after the grace period
  • The end of cover term 
  • Surrender of the contract by the member. 
  • Death of the first life in case of joint life coverage on first claim basis

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Tailored to meet diverse healthcare needs, this corporate health plan ensures financial security during hospitalisation, disabilities, critical illnesses, and more! 

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IndiaFirst Life Group Term Plan

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IndiaFirst Group Term Plan provides comprehensive group protection with corporate term insurance, ensuring financial security.

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  • Affordable Group Term Insurance 
  • Voluntary or Automatic Enrollment 
  • Hassle-free Nomination Process 
  • Enhanced Coverage with EDLI 
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IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana

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Tailored for groups it stands as a group protection insurance. This group life insurance offers security for all.

Product Benefits
  • Family Protection 
  • Time-Saving Process 
  • Instant Coverage 
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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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26,796 Crore

AUM as of Feb'2024

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1 Day

Claim settlement assurance

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1800 209 8700

Customer Care Number

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8828840199

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