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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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Age at entry
Maximum Age at maturity: 86 years
Age at entry
Maximum Age at maturity: 86 years
How people have benefitted from IndiaFirst Life
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
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
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)
IndiaFirst Group Term Plan is a non participating, non linked, yearly renewable group protection plan offered to a group of individuals having a similar interest such as account holders, credit card holders, depositor/creditor groups, Government agencies, parents of school/college students, social sector groups, affinity groups, employer-employee groups etc.
Currently you are 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.
What are the tax benefits on the premiums Paid?
Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before purchasing this policy.
Are death benefits tax-free?
Yes, death benefits are also tax-free under Section 10(10) D of the Income Tax Act, 1961.
| Voluntary cover | Compulsory cover | |
|---|---|---|
| Procedure | The scheme will be open to its eligible members at inception of the Plan. Interested members need to fill up the membership form available with the Master Policyholder. They are also required to fulfill certain underwriting requirements. | The Master policy automatically includes all eligible members of the group as per the prescribed limits (once they fulfill the underwriting requirements, if any) |
| Premium payment | Premium will be paid by you, the Master Policyholder to the Company. The same is usually collected from your members. | Premium will be paid by you, the Master Policyholder to the Company. You may or may not choose to collect the same from your members. |
| Insurance cover | Starts once the premium is received and all underwriting criteria, if any, are met. | Starts once the premium is received and all underwriting criteria, if any, are met. |
| Example | Master Policyholder: Bank Members: Savings account customers Premium: Paid by the bank by directly deducting the same from the members savings account after taking their consent. | Master Policyholder: ABC Company Ltd. Members: Employees Premium: Paid by the company. Life cover is provided to employees as an additional benefit. |
* You, the Master Policyholder is required to fill in the proposal form and provide the necessary details post which we issue you a quotation. The Master Plan is issued once this quotation is accepted by you.
We provide you, the Master Policyholder, a grace period of 30 days for all premiums falling due within 1 year of the date of commencement. You need to pay the Premiums before the end of the grace period to ensure that your members continue enjoying the 6 benefits of the Plan/ Cover. In case of unfortunate event of the Member’s demise during the grace period, the nominee /appointee/ legal heirs will receive the Death Benefit after deducting the Premium due for the period that the Member was covered. If due premium is not paid within the grace period then covers ceases and the plan/membership terminates. During this period, the policy will be considered to be in-force.
In case You, the Master Policyholder(MPH) has collected the premium from the member before the completion of grace period and have 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.
We are totally responsible to ensure that the claim payment is made in the name of the insured member or nominee /appointee/ legal heirs, as the case may be, through any other electronic mode of payment to the specific bank account of the insured or nominee /appointee/legal heirs.
In case of unfortunate event of the member’s / life assured’s demise during the Plan Term, we will pay the sum assured to the nominee /appointee/legal heirs.
This Plan includes the 'Master Policyholder' and the 'Member'.
Who is the Master Policyholder?
Master Policyholder is you, the organization who offers this Plan to its members /customers / employees, in order to secure their family against any uncertainties. The Master Policyholder holds and operates the Plan.
Who is the Member?
The Member could be a member/ customer/ employee/ affiliate of an organization or any individual associated with the group. The member is the Life Assured under this Plan. The benefits are payable on the member's life.
The age limits for a member are-
| Age | Employer-Employee Group | Non Employer-Employee Group |
|---|---|---|
| Minimum age at entry | 18 years as on last birthday | 14 years as on last birthday |
| Maximum age at entry | 85 years as on last birthday | 85 years as on last birthday |
| Maximum age at maturity | 86 years as on last birthday | 86 years as on last birthday |
| Minimum Group size and Maximum Group size | Maximum Group size |
|---|---|
| 50 members for NEE groups and 10 for EE groups Under Group term assurance in lieu of EDLI it is 20, as per the EPFO requirements | No limit |
Experience Adjustments on premium will be applicable on the basis of the actual experience of the group provided group size is more than 500.
This is a yearly renewable term plan. It is available to the members of the group for one year from the date of issuance.
There is no maturity or survival benefit payable under the IndiaFirst Group Term Plan.
Yes, the master policyholder/ member shall have an option to add IndiaFirst Life Group Critical Illness Rider (UIN: 143B002V01), IndiaFirst Life Group Additional Benefit Rider (UIN: 143B018V01), IndiaFirst Life Group Protection Rider (UIN: 143B003V01) and IndiaFirst Life Group Disability Rider Plan (UIN: 143B004V01) to this policy. 5 IndiaFirst Life Group Critical Illness Rider is a nonlinked, non-participating group rider, designed to provide financial protection to your members in case of diagnosis of any of the covered Critical Illness. This rider provides flexibility to select from 3 benefit options, as mentioned below:
1. Critical Illness (CI) Benefit with 40 conditions
2. Critical Illness (CI) Benefit with 20 conditions
3. Critical Illness (CI) Benefit with 5 conditions
Master policyholder/member can choose any one of the above benefit options at inception of the rider cover. In case you select this rider, premium under this rider shall not exceed 30% of premium under the base policy. Please refer the rider brochure available on our website for details on covered rider conditions.
IndiaFirst Life Group Additional Benefit Rider Plan is a non-linked, non-participating, group rider, designed to enhance financial security for your members in case of an unfortunate event. This rider provides the following benefit under IndiaFirst Life Group Term Plan:
Spouse Cover Benefit: In the event of death of the spouse during the term of the rider, the beneficiary would receive a lump sum benefit equal to rider Sum Insured. The Spouse cover in the policy is limited to a maximum of 50% of Member’s Death benefit cover in the base policy.
IndiaFirst Life Group Protection Rider Plan is a nonlinked, non-participating, group rider which may be attached to one-year renewable group and other long term group products, designed to enhance financial security for your members in case of accidental death or member being diagnosed with any terminal illness.
IndiaFirst Life Group Disability Rider Plan is a nonlinked, non-participating, group rider which may be attached to one-year renewable group and other long term group products, designed to enhance financial security for your members in case of Accidental Total Permanent Disability Benefit (ATPD) or Total Permanent Disability (TPD) due to accident and/or illness or Partial Permanent Disability (PPD) due to accident and/or illness.
In case you select this rider, premium under this rider shall not exceed 100% of premium under the base policy.
You, the Master Policyholder can Surrender the Plan anytime. However, the Member may opt to choose to continue the coverage as individual member till the end of the term as mentioned in the Certificate of Insurance. No surrender or paid-up value is payable under this Plan.
In this case, the cover as well as the premium will be for the balance period left in the plan year, i.e., till the master plan comes up for renewal.
For example:
Plan term: 1st April, 2014 to 31st March, 2015
New member joins: 1 November, 2014
Premium to be calculated for: 5 months (November, December, January, February and March).
| Voluntary cover | Compulsory cover | |
|---|---|---|
| Master Policyholder | Chooses to participate in the scheme | Chooses to participate in the scheme |
| Member | May choose to participate in the Plan and pay premiums accordingly | Obligatory participation in the Plan |
| Life cover | Will be on the life of the individual member | Will be on the life of the individual member |
| Minimum cover | Maximum cover |
|---|---|
| Rs 5,000/- per member | Subject to underwriting |
Tailored to meet diverse healthcare needs, this corporate health plan ensures financial security during hospitalisation, disabilities, critical illnesses, and more!
Tailored for groups it stands as a group protection insurance. This group life insurance offers security for all.
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IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
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Registered Office
12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063.
IRDAI Information
IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale.
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