Age at Entry
- Question
- Age at Entry
- Answer
-
Minimum
- 18 Years
Maximum
- 50 Years
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Minimum
Maximum
Maximum
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Maximum
Fixed cover option of ₹2 lakh per member
a) For enrolment in June, July and August – Full Annual Premium of Rs.436 /- is payable
b) For enrolment in September, October, and November – pro rata premium of Rs. 342 /- is payable
c) For enrolment in December, January and February – pro rata premium of Rs. 228 /- is payable.
d) For enrolment in March, April and May – pro rata premium of Rs. 114 /- is payable
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)
Procedure
All savings account holder in the age range 18 to 50 years at first time entry in any participating banks / post office will be entitled to join. In case of multiple savings bank accounts held by one individual in one or different banks/ post office, the person would be eligible to join this scheme through One savings bank account only.Aadhaar would be the primary KYC document for the bank account. Interested members can enroll by filling up the membership form available with the Master Policyholder.
can enroll by filling up the membership form available with the Master Policyholder. The cover shall be forthe one year period stretching from 1st June to 31st May forwhich option to join/pay by auto-debitfrom the designated savings bank / post office account on the prescribed forms will be required to be given by 31st May of every year, with the exception as above for the initial year. Delayed enrollment with payment of premium as per Govt. scheme rules and/or govt notification from time to time for prospective cover may be possible for which risk will startfrom the date of auto-debit ofthe premium, with submission of a self-certificate of good health, if any, as per scheme rules and/or Govt.Notification from time to time.
For subscribers enrolling for the first time, insurance cover shall not be available for death (other than due to accident)occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period,no claim would be admissible.
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health, if any, as per scheme rules and/or Govt. Notification from time to time The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year, and re-join on any date. In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to 30 days lien period and submission of self-certificate of good health, if any, as per scheme rules and/or Govt. Notification from time to time on discretion of Insurer.
Premium payment | Insurance cover | Example |
---|---|---|
Premium will be paid by you, the Master Policyholder to the Company. The same is collected from your members. | Starts once the premium is received and all underwriting criteria, if any, are met | 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 |
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?
The premium paid will be eligible for tax exemptions depending upon premium payer under the plan, as per applicable tax laws.
Premium Payer |
---|
Member |
You, the Master Policyholder pay the premium but recover the same from the members. There are no deductions applicable to you, the Master Policyholder. However, your members can claim deductions under Section 80C of the Income Tax Act, 1961 |
Are death benefits tax-free?
Yes, death benefits are also tax-free under Section 10(10) D of the Income Tax Act, 1961, subject to change as per the tax laws from time to time.
IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is an on participating, nonlinked, yearly renewable group protection plan offered to a group of bank/ post office customers who have savings bank accounts.
This Policy includes the ‘Master Policyholder’ and the ‘Member’.
2a. Who is the Master Policyholder?
Master Policyholder is you, the bank or financial institutions or post office who offers this Policy to its members /customers in order to secure their family against any uncertainties. The Master Policyholder holds and operates the Policy. However, individuals can also approach IndiaFirst Life Insurance company to enroll under this Policy.
2b. Who is the Member?
The Member, at the time of applying for cover for the first time, could be an individual in the age group of 18 to 50 years, having a savings bank account. The member is the Life Assured under this Policy. The benefits are payable on the member’s life.
The age limits for a member are -
Maximum age at entry | Maximum age at entry | Maximum age at maturity |
---|---|---|
18 years as on last birthday | 50 years (age nearest birthday) | 55 years (age nearest birthday) |
You can cancel your policy if you disagree with any of the terms and conditions within the first 15 days (free look period) for all channels except Distance Marketing where it is 30 days from receipt of your plan document. You can return the policy to us, while stating your reasons for the same. We will refund your Contribution after deducting the stamp duty, pro rata risk premium and charges incurred by the Company on the medical examination, if any
The members will be allowed to join the scheme anytime during the policy year and the coverage for the member will be from the date of enrolment of the member under the policy as per the pro rata premium paid.
Minimum Group Size | Maximum Group Size |
---|---|
50 members | No limit |
There is no maturity or survival benefit payable under the IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
The Plan has a fixed cover option of INR 2 Lakhs per member. All the members will get a risk cover of the same amount in the 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 individual coverage term of the member as mentioned in the Certificate of Insurance. No surrender or paid-up value is payable under this Plan.
This is a yearly renewable term plan. It is available to the members of the group basis the date of enrolment and the pro rata premium charged.
We provide you, the Master Policyholder, a grace period of 30 days for all premiums falling due for renewal after one year from date of commencement or last renewal. You need to pay the Premiums before the end of the grace period to ensure that your members continue enjoying the benefits of the Plan/ Cover. If due premium is not paid within the grace period then cover ceases and the plan/membership terminates.
It is a single premium payment plan which implies that you pay only once a year and enjoy the benefits of the plan all throughout the term of the Policy.
In case of an unfortunate event of the member’s/ life assured’s demise during the Policy term, we will pay the fixed sum assured to the nominee /appointee/legal heirs. For subscribers enrolling for the first time on or after 1st June 2021, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible. 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 electronic mode of payment to the specific bank account of the insured or nominee /appointee/legal heirs.
Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.
Section 45 of the Insurance Act 1938, as amended from time to time states.
Prohibition of Rebate: Section 41 of the Insurance Act, 1938 as amended from time to time-
Tailored to meet diverse healthcare needs, this corporate health plan ensures financial security during hospitalisation, disabilities, critical illnesses, and more!
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