IndiaFirst Group Superannuation Plan

(Deferred Annuity Plan for Members of a Group)

The IndiaFirst Group Superannuation plan helps you invest the funds set aside towards your member’s retirement benefit such as pension during their employment. This amount is paid to your members at retirement or in case of early separation or death.

Guaranteed Returns
Yearly Bonus
Tax Free Returns
Retirement Benefit
Tax Benefits on Investment

Overview
Key features
Eligibility Criteria
Customer Feedback
FAQ

Key Features of IndiaFirst Group Superannuation Plan

Superannuation Benefit

Cover the retirement benefit of all your members with this superannuation plan.

Flexibility to Contribute

You may choose to pay the entire amount for your member, or it can be paid by both you and your members.

Guaranteed Annual Returns

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

Yearly Bonus

Any additional returns over and above the minimum guaranteed return will be declared at the end of the financial year in the form of bonus.

Sum Assured

In the unfortunate event, a sum assured of Rs. 5,000 will be paid to the nominee.

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.

Eligibility Criteria

Age
Group Size
Initial Contribution
Sum Assured

Age at Entry

Question: Age at Entry
Sequence
Answer: Minimum: 18 Years
Maximum: 70 Years
Tags

Age at Maturity

Question: Age at Maturity
Sequence
Answer: Maximum: 71 Years
Tags

Group Size

Question: Group Size
Sequence
Answer: Minimum: 50

Maximum: No Limit
Tags

Initial Contribution

Question: Initial Contribution
Sequence
Answer: Minimum: Rs. 50,000 per policy

Maximum: No limit
Tags

Sum Assured

Question: Sum Assured
Sequence
Answer: Rs. 1,000
Tags

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
Policy Terms and Conditions

What is the IndiaFirst Group Superannuation Plan?

Answer

IndiaFirst Group Superannuation Plan is a non-linked, participating, yearly renewable group superannuation Policy. Under this Policy, you, the Master Policyholder can invest your funds kept aside towards your member’s retirement benefits such as Pension in a fund that will help you to–

Secure your member benefits
Earn attractive returns

This policy also offers an assured guaranteed return of 0.5% on an annual basis. However, any additional earnings will be shared through declaration of bonus# at the end of each financial year.

Who can be a part of this policy?

Answer

This policy includes the ‘Master Policyholder and the ‘Member’.

Who is the Master Policyholder?

Master Policyholder is you, the organization who sets aside a fund for your members in order to secure their retirement benefits such as Pension
The benefits payable under this policy are governed by the scheme rules. This specifies the amount and time of the benefit payment to your member(s). The amount and time of the benefit may vary. Under the Income Tax Act 1961, the trustees appointed by the employer may act as the Master Policyholder.
The Master Policyholder holds and operates the Master Policy. It is the Master Policyholder who will decide how to utilize the fund at the time of exit or retirement or death of the member under this group scheme.

Who is the Member?

The Member is a member of the organization or a part of an organized group. 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

Age	At Entry	At Normal Exit
Minimum	18 years as on last birthday	-
Maximum	70 years as on last birthday	71 years as on last birthday

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

Minimum Group Size	Maximum Group Size
10	No limit

Who pays the contribution under this policy?

Answer

You, the Master Policyholder will make the contribution on behalf of your members under the policy. Your members can also contribute along with you under Defined Contribution scheme.

Life cover premium will be deducted annually from the contribution or fund.The life cover premium will be Re 1 per 1000 per member per annum under this policy.

What is the minimum and maximum contribution under this policy?

Minimum Annual Contribution including any Initial Contribution	Maximum Contribution	Maximum Size of the Fund
Rs . 50,000	No limit	No limit

What happens on discontinuance of contribution?

Discontinuance of contribution can happen when the fund is overfunded or in surplus as per Actuary’s certificate submitted by you in accordance with the AS15 (Revised). In such cases, we will allow nil contributions/premiums under the policy and the policy shall not be treated as discontinued. Life cover premium shall be recovered from the fund or contribution. At any point of time if the fund value falls below life cover premiums then policy terminates

Benefit Payable on Surrender

You can surrenderthe policy at any time during the year. Surrender value should be determined by applying market value reduction if any to the account value.

Market value reduction will be applicable for bulk exits and complete surrender. Bulk exits is the amount to be paid on total exits in any event exceeds 25% of the total fund of the scheme at the beginning of the financial year, such transactions shall be treated as Bulk Exits, where exits shall be as per scheme rules and exit shall mean exit of the member from the group.

Can you cancel your policy?

Answer

Yes, you can cancel your policy if you disagree with any of the terms and conditions within the first 15 days (free look period) of the receipt of your policy document. You can return the policy to us, while stating your reasons for the same.

Do you get any refund when you cancel your policy?

Yes. We will refund an amount equal to the - Premium/Contributions paid less:

I. Pro-rata risk premium

ii. Any stamp duty paid

What are the charges under this policy ?

Answer

Type of Charge	Charge Details	Description
Life Cover Premium	Re 1 per 1000 per member per annum irrespective of the age and gender of the member	This will be charged annually either from the contribution or from the fund

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

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

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