IndiaFirst Life Group Loan Protect Plan

(A Non-linked, Non-Participating Group Credit Linked Insurance Plan)

IndiaFirst Life Group Loan Protect Plan is a group credit linked insurance which enables organizations to provide their members with an enhanced value offering - giving them security along with finances to enliven their dreams. It facilitates organizations to safeguard themselves against liability exposure as well as empowers members to ensure their family’s dreams are protected and are liability free in case of an unfortunate event.

Protect your group members & their family
Protection against loan liability
Fixed & Floating Interest covered
Tax Advantages

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Overview
Key Features
Eligibility Criteria
Customer Feedback
FAQ

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.

Affordable Life Cover

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

Flexibility in Adding Members

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

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.

Option to add riders

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

Eligibility Criteria

Age at Entry

Question: Age at Entry
Sequence
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
Tags

Age at Maturity

Question: Age at Maturity
Sequence
Answer: Maximum: 76 Years
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Group Size

Question: Group Size
Sequence
Answer: Minimum: 10

Maximum: No Limit
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Sum assured

Question: Sum assured
Sequence
Answer: Minimum: ₹10000/per member

Maximum: No Limit Subject to board approved underwriting policy
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Policy Term

Question

Policy Term

Sequence

Answer

Minimum: 1 month

Maximum: 30 years

Premium Term

Question: Premium Term
Sequence
Answer: Single: One Time

Limited: 5/7/10 Years

Regular: 1 Month -30 Years
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Premium Frequency

Question: Premium Frequency
Sequence
Answer: Regular Premium: Monthly/Quarterly/Half-yearly/Yearly

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

Single Premium: Onetime payment
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?

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General
Premiums and Payments
Policy Terms and Conditions

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

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 10,000. Single and limited premium payment options are available under this cover.
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. 10,000. 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 –

Reserve Bank of India (RBI) Regulated Scheduled Commercial Banks (including Co-operative Banks).
NBFCs having Certificate of Registration from RBI.
National Housing Bank (NHB) Regulated Housing Finance Companies.
National Minority Development Finance Corpora tion (NMDFC) and it s S t a t e Channelizing Agencies.
Small Finance Banks regulated by RBI
Mutually Aided Cooperative Societies formed and registered under the applicable State Act concerning such Societies.
Microfinance companies registered under section 8 of the Companies Act, 2013.
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 have a free look period of 30 days from the date of receipt of the Policy Document / Certificate of Insurance whether received electronically or otherwise, to review the terms and conditions of the policy and in case you disagree to any of those terms and conditions, you shall have the option to return the policy to us for cancellation, stating the reason or your objection.

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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