IndiaFirst Group Term Plan

(Group Term Plan)

IndiaFirst Group Term Plan provides comprehensive group protection with corporate term insurance, ensuring financial security. Tailored for corporates, this group term plan offers flexibility in premium payments, options for adding new members, and tax benefits. Safeguard your group life insurance with coverage of Employee Deposit Linked Insurance (EDLI).

Affordable Group Term Insurance
Voluntary or Automatic Enrollment
Enhanced Coverage with EDLI
Flexible Premium Payment
Mid-Year Member Additions

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Overview
Key features
Eligibility Criteria
Customer Feedback
FAQ

Key Features of IndiaFirst Life Group Term Plan

Life Cover

Provide life cover at competitive rates to your members – be it your employees or your customers or members. Flexibility to automatically secure all your members or offer as a voluntary scheme.

Choose from different rider options

IndiaFirst offers group protection insurance riders for critical illness, additional benefits, protection, and disability, providing financial security with flexible options.

Critical Illness Rider

IndiaFirst's Critical Illness Rider offers financial protection with flexible options from 40, 20, or 5 conditions, ensuring security for members.

30-Day Grace Period for Premium Payment

Master Policyholders enjoy a 30-day grace period for premium payment. Ensure timely payment for continued benefits.

Eligibility Criteria

Age
Group/Corporate Size
Cover

Employer-Employee Group

Question

Employer-Employee Group

Sequence

Answer

Age at entry

Minimum: 18 years
Maximum: 85 years

Maximum Age at maturity: 86 years

Non Employer-Employee Group

Question

Non Employer-Employee Group

Sequence

Answer

Age at entry

Minimum: 14 years
Maximum: 85 years

Maximum Age at maturity: 86 years

Minimum Group Size

Question: Minimum Group Size
Sequence
Answer: 50 members for NEE groups and 10 for EE groups
Under Group term assurance in lieu of EDLI it is 20 members, as per the EPFO requirements.
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Maximum Group Size

Question: Maximum Group Size
Sequence
Answer: 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.
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Cover

Question: Cover
Sequence
Answer: Minimum Cover : ₹10000/- per member
Maximum Cover : Subject to underwriting
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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 Types

What is IndiaFirst Group Term Plan?

Answer: 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.

What are the tax benefits under this Plan?

Answer

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.

How does this plan work?

Answer

	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.

What is the frequency of payment of premiums?

Answer: Monthly (through ECS or direct debit)
Quarterly
Six monthly
Yearly

What are your options if you (Master Policyholder ) miss paying your premiums?

Answer: 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.

What happens in case of unfortunate event of the members-life assureds demise?

Answer: 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.

Who can be a part of this plan?

Answer: 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

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

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

Answer: 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.

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

What is the term of the plan?

Answer: This is a yearly renewable term plan. It is available to the members of the group for one year from the date of issuance.

What is the maturity benefit payable under this Plan?

Answer: There is no maturity or survival benefit payable under the IndiaFirst Group Term Plan.

Are there any Riders available in this policy?

Answer: 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.

What is the surrender benefit payable under this Plan?

Answer: 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.

What happens in case a member chooses to enter the scheme during the plan year?

Answer: 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).

What are the cover options under this plan?

Answer: 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

	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

What is the minimum and maximum cover that the Master Policyholder can offer?

Answer: Minimum cover Maximum cover
Rs 10000/- per member
Subject to underwriting

Minimum cover	Maximum cover
Rs 10000/- per member	Subject to underwriting

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