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

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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).

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

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Age at Maturity

Question: Age at Maturity
Sequence
Answer: Maximum

76 Years
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Group Size

Question

Group Size

Sequence

Answer

Minimum

Maximum

No Limit

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Sum assured

Question

Sum assured

Sequence

Answer

Minimum

₹5,000/per member

Maximum

₹2 lakh per member

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Policy Term

Question

Policy Term

Sequence

Answer

Minimum

1 month

Maximum

120 Months

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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

One time payment

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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 & Premium Term

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 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?

The Master Policyholder is the person named in the Policy Schedule as the owner/holder of the Policy. It is the entity who owns the policy.

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 Corporation (NMDFC) and its State 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 shall mean the entities other than Regulated Entities as mentioned above.

Other Entities 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. 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?

Minimum group size	Maximum group size
5	No limit

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

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

	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 demi se 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.

Can I get a loan in this policy?

Answer: No, loan is not allowed in this policy

What are the paid-up benefits in this policy?

Answer: There are no paid-up benefits in the policy

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.

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. This policy has a grace period of 30 days of for regular/ limited premium, other than monthly premium mode where it is 15 days. 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 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 policy.

However, we shall continue to provide coverage to the group members insured, in respect ofthe group policy in case of failure ofthe master policyholderto account forthe business to us orif premium is collected by the master policyholder and for some reason the same doesnotreachuswithingraceperiod.

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 grace period.

What is the free look period in the policy?

Answer

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

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