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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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Key Features of IndiaFirst New Corporate Benefit Plan

Choose from 2 Schemes

The option to choose from gratuity and leave encashment benefits based on your retirement.

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Guaranteed Returns

Enjoy a minimum guaranteed return of 0.5% per annum on your investment.

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Value for Money

Manage your member’s liabilities through a transparent and value-for-money plan

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Yearly Bonus

Additional returns and bonuses as declared each year, as per company’s performance.

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Accrued Leave Encashment Benefit

On retirement, resignation or early termination, the member is handed an accrued leave encashment benefit (as per the policy) 

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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. 

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Eligibility Criteria

Age at Entry

Answer

Minimum: 18 Years

Maximum: 70 Years

Age at Maturity

Answer

Maximum: 71 Years

Group Size

Answer

Minimum: 50

Maximum: No Limit

Initial Contribution

Answer

Minimum: Rs. 50,000 per policy

Maximum: No limit

Sum Assured

Answer

Rs. 1,000

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

How does Gratuity work?

Answer
  • You, the Master Policyholder, make regular contributions as per scheme rules and/or as per actuarial certificate. This depends on the member’s salary, for each completed year of service. On leaving the organization, the member is paid a lump sum amount as per the scheme rules, accumulated from the contribution by the employer.

 

  • Gratuity is payable if the member retires or leaves the organization due to any reason. It is also payable on death in service due to any cause. 

 

  • As per Gratuity Act, 1972, the gratuity payable to a member is 15 days wages (basic plus dearness allowance) for every year that he/ she completes or part of a year in excess of 6 months. This is subject to a maximum of Rs. 20,00,000. This is a mandatory benefit payable to the member after five years of service or on demise of the member at any point in time. 

 

  • However, the Gratuity Act allows you the flexibility to pay the gratuity benefit before completion of five years of service of the member and in excess of the maximum limit set under the Act. 

How does Leave Encashment work?

Answer
  • You may choose to offer your members leave encashment benefits as an acknowledgement of their loyalty

 

  • Leave encashment is the amount payable for the member’s leave period, depending upon his/ her balance leave and salary at the time of leaving the employment. This amount may be paid to the member (or dependent) on retirement or death or separation from the company

 

  • You, the Master Policyholder, make annual contributions as per scheme rules and/or as per actuarial certificate on behalf of your members. On leaving the organization, the member is paid his due from the scheme fund, accumulated from the contribution by you 

 

 

What is the IndiaFirst New Corporate Benefit Plan?

Answer

IndiaFirst New Corporate Benefit Plan is a non linked, participating, yearly renewable group retirement benefit plan providing Gratuity and Leave Encashment benefit. Under this plan you, the Master Policyholder can invest your funds kept aside towards your member’s retirement benefits or member liabilities in a controlled fund that will help you to–

 

  • Secure your member benefits
  • Earn returns by providing security and stability on the Gratuity/ Leave Encashment
     

You, the Master policyholder have the option to choose any scheme eg. Gratuity, Leave Encashment, under this product and separate plan will be issued for each scheme.
 

The Policy also offers a minimum guaranteed return of 0.5% of the contribution paid on an annual basis. This will be guaranteed during the entire tenure of the Policy. However, any additional earnings will be shared through declaration of bonus# at the end of each financial year after adding the guaranteed addition.

 

 

What are the charges under this Policy?

Answer
Type of ChargeCharge DetailsDescription
Life Cover PremiumRe. 1 per 1000 per member per annum i.e. 5, irrespective of the age & gender of the memberThis will be charged annually either from the contribution or fund 

 

Are there any taxes applicable? If yes, who bears it?
 

The applicable taxes will be borne by you, the Master Policyholder. 

What happens in case of the member’s demise?

Answer

This Policy has a life cover of rs 5000 for the members as death benefit under gratuity and leave encashment schemes. The life cover premium will be only Re 1 per 1000 per member per year, i.e. rs 5 per member.
 

In case of the member’s unfortunate demise, you, the Master Policyholder may withdraw from the fund value to pay the Gratuity/Leave Encashment benefit as per scheme rules to the nominee/legal heirs/appointee. 

In case of death in service, the benefit payable is the accrued gratuity or leave encashment benefit as per scheme rules of the employer and the payout of the life cover.

 

What are the tax benefits under this Policy?

Answer

Currently you and your member are eligible for the below mentioned tax benefits. These are subject to change from time to time. However, you are advised to consult your tax consultant.

 

Gratuity 
 

Some employers do not create any fund for Gratuity. They simply create a provision for Gratuity in their accounts. Such provisions do not earn any Income Tax relief. Only Gratuity paid to the member is eligible for tax deduction. On the other hand, if you create a fund for Gratuity, there will be a number of tax benefits available, such as- 

 

  • Annual contribution towards gratuity will be treated as a business expense
  • Initial Contribution towards past service gratuity will earn income tax relief
  • The income of an approved gratuity fund is exempt under Section 10(25) (iv)
  • Gratuity payable to an member is taxed as part of the member’s salary income under Section 17 (I) (iii). However, Gratuity is tax free up to half months (15/26) average salary (of last 10 months) for each year of service, subject to a maximum of Rs. 20,00,000 under Section 10(10)
  • All claims paid out from bundled life cover (IndiaFirst Group Term Plan) are eligible for tax deductions under Section 10(10)D 

 

For the Gratuity fund to be approved by the Income Tax Commissioner,

 

  •  It is necessary to set up an irrevocable trust 
  • The Gratuity trust can invest its funds by making a contribution under a Group Gratuity Scheme of an insurer

 

Leave Encashment

 

  • The cash equivalent of the leave encashment benefit as and when paid by the employer is deductible from the income under section 43B (f) of the Income Tax Act
  • Benefit received by the member at the time of retirement gets tax* relief as per section 10(10AA) of the Income Tax Act subject to maximum of 10 months leave. 

 

 

What happens in case the life assured commits suicide?

Answer

There is no suicide clause applicable under this product. In case of suicide, benefit will be paid as per scheme rules and death benefit of Rs. 5000 of the deceased member. 

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Why IndiaFirst life

1.6 Crore

Lives secured since Inception

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Available in 16,500+

BOB & UBI Branches

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27,073 Crore

AUM as of Feb'2024

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1 Day

Claim settlement assurance

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