IndiaFirst Life Group Micro Insurance Plan

(A Non-Linked, Non-Participating, Group Micro Life Insurance Plan)

IndiaFirst Life Group Micro Insurance Plan is a non-linked, non-participating, group micro insurance plan, which can be purchased by you, as the master policyholder to provide comprehensive protection to your borrowers or members and their loved ones. This policy will also ensure that your borrowers/ members are able to manage their financial goals well and achieve all their dreams.

Safeguard your group members and their family
Choose from 4 Life Cover options
Flexible life cover
Premium payment along with 30 days grace period
Family Protection
Instant Coverage
Tax Advantages

Download Brochure

Overview
Key features
Eligibility Criteria
Customer Feedback
FAQ

Key features of IndiaFirst Life Group Micro Insurance Plan

Affordable Life Cover

The plan offers an affordable life cover for group members and protects them from unfortunate experiences like death, critical illnesses and more at a reasonable cost.

Flexibility in Adding Members

The policy provides flexibility for the master policyholder/member to add a new co-borrower in the policy.

Sum Assured

In the unfortunate event, a sum assured of minimum Rs. 1,000 and a maximum of Rs. 2 lakh is payable to the nominee, depending on the policy cover amount.

Tax Benefits on Premiums

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

Level or Reducing Cover

Option to choose reducing life cover or level life cover (single cover throughout the policy term).

Find Your Ideal Life Insurance Cover in Under a Minute

Group Insurance Is Basic. Your Family’s Needs Are Not. Calculate Your Ideal Term Cover Now.

Calculate Now

Eligibility Criteria

Age

Group Size

Sum assured

Policy Term

Premium Frequency

Age at Entry

Question

Age at Entry

Sequence

Answer

Minimum

14 Years

Maximum

75 Years

Tags

Age at Maturity

Question: Age at Maturity
Sequence
Answer: Maximum

76 Years
Tags

Group Size

Question

Group Size

Sequence

Answer

Minimum

Maximum

No Limit

Tags

Sum assured

Question

Sum assured

Sequence

Answer

Minimum

₹5,000/per member

Maximum

₹2 lakh per member

Tags

Policy Term

Question

Policy Term

Sequence

Answer

Minimum

1 month

Maximum

120 Months

Tags

Premium Frequency

Question

Premium Frequency

Sequence

Answer

Regular Premium

Monthly/Quarterly/Half-yearly/Yearly

Limited Premium

Monthly/Quarterly/Half-yearly/Yearly

Single Premium

One time 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? (FAQs)

View All FAQ

Understanding the IndiaFirst Life Group Micro Insurance Plan

Premiums for the IndiaFirst Life Group Micro Insurance Plan

Benefits of the IndiaFirst Life Group Micro Insurance Plan

Managing the IndiaFirst Life Group Micro Insurance Plan

What is the IndiaFirst Life Group Micro Insurance Plan?

Answer

IndiaFirst Life Group Micro Insurance Plan is a nonlinked, non-participating, group micro insurance plan, which can be purchased by you, as the master policyholder for the members/ beneficiaries of your group. The policy will provide life cover either against any type of loan and/or as a protection cover for a member of Master Policyholder through One Year Renewable Group Term Assurance (OYRGTA) scheme. The plan provides you 4 different cover options to choose from:

Life Cover

Life Cover + Accidental Total Permanent Disability
Life Cover + Critical Illness
Life Cover + Accidental Total Permanent Disability + Critical Illness
The policy can be bought under either Reducing cover or Level cover.

Reducing cover

Level cover

Under this cover type, Sum Assured decreases over the term as per initial cover schedule mentioned in certificate of insurance.

The premium rate will depend on factors like age at entry, gender, loan term, premium term and loan interest rate.

Under this cover type, Sum Assured remains level throughout the term of the cover as per certificate of insurance.

For level cover, the premium rate will depend on factors like age at entry, gender, policy term and premium term.

The cover amount in reducing cover type will not fall below Rs.1,000.

You can buy the plan under Single or Limited premium payment options under this cover.

The reducing cover type is applicable only for credit life or loan account holder.

You can buy the plan under Single, Limited or Regular premium payment options in this cover type.

Level cover would be applicable to either loan account holder or other members of the Master Policyholder

What are the key definitions in the policy?

Answer

You must know the following definitions, which are used for the purpose of defining various events under the product, offered as part of a micro insurance product under Group Life Insurance Plans and governed by a life insurance policy.

Accidental Total Permanent Disability (ATPD):
“Total and Permanent Disability” refers to a disability which:
a. is caused by Bodily Injury resulting from an accident, and
b. occurs due to the said bodily injury, directly and independently of any other causes, and
c. occurs within 180 days of the occurrence of such accident irrespective of the expiry of cover term, provided the date of accident is within the cover term.

For the purposes of this benefit under this micro insurance plan, the loss of both arms, or of both legs, or of one arm and one leg, or of both eyes shall be considered total and permanent disability, without prejudice to other causes of total and permanent disability covered under this life insurance arrangement.

“Loss of an arm or a leg” shall mean physical severance of the arm at or above the wrist or physical severance of the leg at or above the ankle which:
a. is caused by bodily injury resulting from an accident, and
b. occurs due to the said bodily injury, directly and independently of any other causes, and
c. occurs within 180 days of the occurrence of such accident irrespective of the expiry of cover term, provided the date of accident is within the cover term.

“Loss of an eye” shall mean total and irrevocable loss of sight of an eye which:
a. is caused by bodily injury resulting from an accident, and
b. occurs due to the said bodily injury, directly and independently of any other causes, and
c. occurs within 180 days of the occurrence of such accident irrespective of the expiry of cover term, provided the date of accident is within the cover term.

In case of Accidental Total Permanent Disability occurring within 180 days of accident, provided the date of accident is within the cover term, the Insurer will pay the cover amount as per the initial cover schedule under this micro insurance policy.

Critical Illness (CI) Benefit:
This micro insurance product provides Critical Illness (CI) benefit for 5 conditions as follows. If the member is diagnosed with any one of the covered critical illnesses out of the 5 conditions mentioned below during the cover term, the benefit will be paid as per the initial cover schedule of this life insurance policy.

The Company should be intimated about the diagnosis of the Critical Illness within 60 days from the date of its diagnosis. The diagnosis of any of the below Critical Illnesses is to be confirmed by an independent registered Medical Practitioner, in line with the terms applicable to micro insurance policies issued under Group Life Insurance Plans.

The conditions covered are:

S. No.	Critical Illness – Definition and Exclusions
1.	Cancer of specified severity I. A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy. The term cancer includes leukemia, lymphoma and sarcoma. II. The following are excluded – i. All tumors which are histologically described as carcinoma in situ, benign, pre-malignant, borderline malignant, low malignant potential, neoplasm of unknown behaviour, or non-invasive, including but not limited to: Carcinoma in situ of breasts, Cervical dysplasia CIN-1, CIN-2 and CIN-3. ii. Any non-melanoma skin carcinoma unless there is evidence of metastases to lymph nodes or beyond. iii. Malignant melanoma that has not caused invasion beyond the epidermis. iv. All tumors of the prostate unless histologically classified as having a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0. v. All Thyroid cancers histologically classified as T1N0M0 (TNM Classification) or below. vi. Chronic lymphocytic leukaemia less than RAI stage 3. vii. Non-invasive papillary cancer of the bladder histologically described as TaN0M0 or of a lesser classification. viii. All Gastro-Intestinal Stromal Tumors histologically classified as T1N0M0 (TNM Classification) or below and with mitotic count of less than or equal to 5/50 HPFs.
2.	Open Chest CABG I. The actual undergoing of heart surgery to correct blockage or narrowing in one or more coronary artery(s), by coronary artery bypass grafting done via a sternotomy (cutting through the breast bone) or minimally invasive keyhole coronary artery bypass procedures. The diagnosis must be supported by a coronary angiography and the realization of surgery has to be confirmed by a cardiologist. II. The following are excluded: i. Angioplasty and/or any other intra-arterial procedures.
3.	Myocardial Infarction (First Heart Attack of specific severity) I. The first occurrence of heart attack or myocardial infarction, which means the death of a portion of the heart muscle as a result of inadequate blood supply to the relevant area. The diagnosis for Myocardial Infarction should be evidenced by all of the following criteria: i. A history of typical clinical symptoms consistent with the diagnosis of acute myocardial infarction (For e.g. typical chest pain). ii. New characteristic electrocardiogram changes. iii. Elevation of infarction specific enzymes, Troponins or other specific biochemical markers. II. The following are excluded: i. Other acute Coronary Syndromes. ii. Any type of angina pectoris. iii. A rise in cardiac biomarkers or Troponin T or I in absence of overt ischemic heart disease OR following an intra-arterial cardiac procedure.
4.	Stroke Resulting in Permanent Symptoms I. Any cerebrovascular incident producing permanent neurological sequelae. This includes infarction of brain tissue, thrombosis in an intracranial vessel, haemorrhage and embolisation from an extracranial source. Diagnosis has to be confirmed by a specialist medical practitioner and evidenced by typical clinical symptoms as well as typical findings in CT Scan or MRI of the brain. Evidence of permanent neurological deficit lasting for at least 3 months has to be produced. II. The following are excluded: i. Transient ischemic attacks (TIA). ii. Traumatic injury of the brain. iii. Vascular disease affecting only the eye or optic nerve or vestibular functions.
5.	Kidney Failure requiring regular dialysis I. End stage renal disease presenting as chronic irreversible failure of both kidneys to function, as a result of which either regular renal dialysis (haemodialysis or peritoneal dialysis) is instituted or renal transplantation is carried out. Diagnosis has to be confirmed by a specialist medical practitioner. Medical Practitioner A medical practitioner is a person who holds a valid registration from the medical council of any state or Medical council of India or Council for Medicine or for Homeopathy set up by the Government of India or a State Government and is thereby entitled to practice medicine within its jurisdiction and is acting within the scope and jurisdiction of license. The Medical Practitioner / Specialist Medical Practitioner are independent of the Insurance Company. Such Independent Medical Practitioner shall not include: The Member’s Spouse, Father (including step father) or Mother (including step mother), Son (including step son), Son’s wife, Daughter, Daughter’s husband, Brother (including step brother) and Sister (including step sister) or member under this policy

What is the sum assured in this policy?

Answer

Minimum Sum Assured

Maximum Sum Assured

5000 per member

2,00,000 per member

Sum assured at the inception of cover should be less than or equal to the 120% of the initial loan amount.

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

Who are the people involved in the policy?

Answer: The people involved in the policy are ‘Master Policyholder and the ‘Member’.

Who is the Master Policyholder?

Answer

The Master Policyholder is the person named in the Policy Schedule as the owner or holder of the Policy. It is the entity that owns the life insurance policy issued under this micro insurance plan and administered as part of Group Life Insurance Plans.

The following entities qualify as Regulated Entities eligible to act as Master Policyholders for micro insurance policies:

Reserve Bank of India (RBI) regulated Scheduled Commercial Banks, including Co-operative Banks.
Non-Banking Financial Companies (NBFCs) having a valid Certificate of Registration from the RBI.
National Housing Bank (NHB) regulated Housing Finance Companies.
National Minority Development Finance Corporation (NMDFC) and its State Channelizing Agencies.
Small Finance Banks regulated by the RBI.
Mutually Aided Cooperative Societies formed and registered under the applicable State Act governing such societies.
Microfinance companies registered under Section 8 of the Companies Act, 2013.
Any other category as approved by the Authority for issuance of micro insurance products and life insurance coverage.

Other Entities shall mean entities other than the Regulated Entities mentioned above, as applicable under this life insurance policy.

Who is the Member?

Answer

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. The age limits for a member are -

Minimum age at entry	14 years (last birthday)
Maximum age at entry	75 years (last birthday)
Maximum age at maturity	76 years (last birthday)

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

Answer: Minimum group size Maximum group size
5

No limit

How many co-borrowers (members) are allowed in this policy?

Answer

Maximum of up to two joint borrowers are allowed under this policy for a particular loan, under a single Certificate of Insurance. Co-borrowers with insurable interest such as spouses, siblings, parents or grand-parents etc are allowed in the policy.

The joint borrowers shall have the following two options

Particulars	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 or first diagnosis of the covered critical illness	In the unfortunate event of either or both of the two borrower’s simultaneous demise or total permanent disability due to an accident or first diagnosis of the covered critical illness, 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 or first diagnosis of the covered critical illness of one of the borrowers the cover for the other borrower ceases immediately.	In the unfortunate event of either or both of the two borrower’s simultaneous demise or total permanent disability due to an accident or first diagnosis of the covered critical illness, the benefit is paid to the Member/ Nominee/ Appointee/ Legal Heir, through you, the Master Policyholder – up to the affected borrower’s share. In case of death or total permanent disability due to an accident or first diagnosis of the covered critical illness of one of the borrowers the cover for the other borrower continues.

What is the maturity amount?

Answer: There is no maturity amount in the policy.

Can I get a loan in this policy?

Answer: No, loan is not allowed in this policy

What are the tax benefits under this policy?

Answer: Tax benefits (if any) may be available on premiums paid and benefits receivable under this life insurance policy, including life insurance plans structured as a micro insurance plan, as per prevailing Income Tax Laws. Tax benefits are subject to change from time to time in accordance with the Income Tax Act, 1961. Please consult your tax consultant before investing in this micro insurance product or any other life insurance solution.

What is the free look period in the policy?

Answer

You, the Master Policyholder or Member, can return your policy document or certificate of insurance within the Free Look period under this life insurance policy issued as part of a micro insurance plan.

You have a free look period of 30 days from the date of receipt of the policy document, whether received electronically or otherwise, to review the terms and conditions of the policy. In case you disagree with any of those terms and conditions, you shall have the option to return the policy to us for cancellation, stating the reason for your objection, in accordance with the provisions applicable to micro insurance policies and Group Life Insurance Plans under life insurance regulations.

What is the policy term and the premium payment term in the policy?

Answer

One Year Renewable Group Term Assurance	Single Premium	Single Premium	Regular Premium	Limited Premium
		Level	Reducing	Level	Level/Reducing
Minimum Policy Term	1 month	1 month	3 months	60 months	84 months
Maximum Policy Term	12 months	60 months	60 months	120 months	120 months

Maximum policy term per member will be 1 year for One Year Renewable Group Term Assurance cover and 10 years for Long Term Credit Insurance Cover option.

Maximum policy term per member will be selected in such a way so that member maturity age is restricted to the maximum maturity age allowed under the product.

Please note: Wherever policy term of the member is expressed in months (and is not a complete year) only Single Premium or Monthly Mode will be available. For example policy term of 39 months, 67 months, 118 months etc).

Premium Payment Term
Regular Premium	Same as Policy Term
Limited Premium	24 months less than Policy Term
Single Premium	One-time payment

What is the minimum and the maximum premium?

Answer: Minimum Premium Maximum Premium
Based on Sum Assured or Cover amount and other factors such as age, gender, mortality loading, cover options opted etc.

Limited/ Regular / Single Premium: Depending upon maximum Sum Assured and other factors as age, gender, mortality loading, cover options opted etc.

What are the premium payment modes available in the policy?

Answer

You can choose to pay Single, Limited or Regular Premiums. Under Limited and Regular premium modes you can pay annual, half yearly, quarterly or monthly premium.

Reducing Cover

Level Cover

Single Premium,

Limited Premium (Annual, Half yearly, Quarterly and Monthly)

Single Premium,

Limited /Regular Premium (Annual, Half yearly, Quarterly and Monthly)

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

Premium Frequency	Factor to be applied to Annual Premium
Yearly	0.96
Half-yearly	0.49
Quarterly	0.25
Monthly	1/12

What are the various options and benefits 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.

Cover Options	Level Cover	Reducing Cover (applicable only for credit life customers or loan account holders)
Life Cover	In case of death of the Life Assured or first death of either of the Life Assureds’ (in case of joint life); Sum Assured as opted at the inception is payable.	In case of death of the Life Assured or first death of either of the Life Assureds’ (in case of joint life); outstanding cover amount as per the initial cover schedule as at monthiversary immediately preceding the date of death of Member is payable.
Life Cover + Accidental Total Permanent Disability (ATPD)	In case of either death or total permanent disability due to an accident of the Life Assured or either of the Life Assureds’ (in case of joint life); Sum Assured as opted at the inception is payable.	In case of either death or total permanent disability due to an accident of the Life Assured or either of the Life Assureds’ (in case of joint life); outstanding cover amount as per the initial cover schedule as on the monthiversary immediately preceding the date of death or disability of Member is payable.
Life Cover + Critical Illness (CI)	In case of either death or first diagnosis of any of the covered critical illness of the Life Assured or either of the Life Assureds’ (in case of joint life); Sum Assured as opted at the inception is payable.	In case of either death or first diagnosis of any of the covered critical illness of the Life Assured or either of the Life Assureds’ (in case of joint life); outstanding cover amount as per the initial cover schedule as on the monthiversary immediately preceding the date of death of the Member or first diagnosis of any of the covered critical illness is payable.
Life Cover + Accidental Total Permanent Disability (ATPD) + Critical Illness (CI)	In case of either death or total permanent disability due to an accident or first diagnosis of any of the covered critical illness of the Life Assured or either of the Life Assureds’ (in case of joint life); Sum Assured as opted at the inception is payable.	In case of death or total permanent disability due to an accident or first diagnosis of any of the covered critical illness of the Life Assured or either of the Life Assureds’ (in case of joint life); outstanding cover amount as per the initial cover schedule as on the monthiversary immediately preceding the date of death or total permanent disability or first diagnosis of any of the covered critical illness is payable.

What are the paid-up benefits in this policy?

Answer

There are no paid-up benefits in the policy

What if you miss paying the premiums (Grace Period)?

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 under this life insurance policy. This policy has a grace period of 30 days for regular or limited premium modes, other than the monthly premium mode where it is 15 days. During the grace period, the policy or cover will continue as per the in-force life insurance cover under this micro insurance plan.

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

In the event of non-payment of premium due under the policy within 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 life insurance policy.

However, we shall continue to provide coverage to the group members insured under this micro insurance product, in respect of the group policy, in case of failure of the master policyholder to account for the business to us or if the premium is collected by the master policyholder and, for some reason, the same does not reach us within the grace period. This protection applies under Group Life Insurance Plans.

The cover will also continue to be provided in case the insured group member can prove that he had paid the premium and secured a proper receipt, leading him to believe that he was duly insured even after the grace period, as per the terms of this micro insurance arrangement.

When does the cover cease?

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

Member attaining age 76 years of age OR any life attaining 76 years of age in case of joint life OR on death OR on Accidental Total Permanent Disability (if member avails this benefit) OR on Critical Illness (if member avails this benefit); whichever is earlier

Non-payment of premium under limited/ regular premium during the grace period

The end of cover term

Surrender/Termination of the contract by the Member

On payment of 'free look' cancellation

What are your options to revive the policy?

Answer

The member/master policyholder may revive the policy by paying the arrear premiums without interest/Late fees within five years from the due date of first unpaid premium during which the Member/ Master Policyholder is entitles to revive the policy as per Board approved underwriting policy.

Under limited payment option, if member/master policyholder has not revived the policy within revival period of five years, then on completion of revival period, termination value will be paid to the member/master policyholder and policy/ coverage terminates for that member.

Under regular premium payment option, if member/master policyholder has not revived the policy within revival period of five years, then the policy/ coverage terminates. Revival is as per the Board Approved Underwriting policy of the company.

Plans that may interest you!

IndiaFirst Life Group Term Plan

Product Image
Product Name
Dropdown Field: Group Insurance
Product Description: IndiaFirst Group Term Plan provides comprehensive group protection with corporate term insurance, ensuring financial security.
Product Benefits: Affordable Group Term Insurance
Voluntary or Automatic Enrollment
Hassle-free Nomination Process
Enhanced Coverage with EDLI
Mid-Year Member Additions
Tax Benefits
Porduct Detail Page URL
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Group Living Benefits Plan

Product Image
Product Name
Dropdown Field: Group Insurance
Product Description: Tailored to meet diverse healthcare needs, this corporate health plan ensures financial security during hospitalisation, disabilities, critical illnesses, and more!
Product Benefits: Comprehensive Support for Group
Affordable health insurance for corporate
COVID-19 Protection for Group Life Insurance
Flexible Options
Fixed Benefit Assurance
Tax Benefits
Porduct Detail Page URL
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Product Image
Product Name
Dropdown Field: Term Plan
Product Description: 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
Tax Advantages
Tailored Group Protection
Porduct Detail Page URL
Product Buy Now URL and CTA Text: Learn More