IndiaFirst Life Group UL Superannuation Plan

(A Linked, Non-Participating Group Pension Plan)

IndiaFirst Life Group UL Superannuation Plan helps you to invest your member’s pension into multiple funds during their employment. You can build wealth for your members with the help of this market linked plan and they can spend the rest of their lives peacefully.

Build wealth for your members
Marked Linked Returns
Retirement benefit for members
3 funds to choose from
3 Investment Strategies
Tax Benefits

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Overview
Key features
Eligibility Criteria
Customer Feedback
FAQ

Key features of IndiaFirst Life Group UL Superannuation Plan

Superannuation Benefit

Manage your future employee retiral benefits such as Superannuation through a transparent and value for money plan.

Flexibility to Contribute

You may choose to pay the entire contribution on behalf of your members, or it can be paid by both - you and your members.

Choose from 3 Funds

You get the option to choose from 3 group funds i) Group Growth Advantage Fund ii) Group Secure Capital Fund iii) Group Money Market Fund

Choose from 3 Investment Strategies

You get the option to choose from 3 investment strategies to grow your fund systematically.

4 Benefits

Option to choose from 4 benefits i) death benefit ii) vesting benefit iii) exit option and iv) loyalty benefit. Read more about these in the brochure.

Sum Assured

In case of an 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 at Entry

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

Question: Age at Maturity
Sequence
Answer: Maximum: 71 Years
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Group Size

Question: Group Size
Sequence
Answer: Minimum: 10
Maximum: No Limit
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Initial Contribution

Question: Initial Contribution
Sequence
Answer: Rs. 1,00,000 per policy
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Sum Assured

Question: Sum Assured
Sequence
Answer: Rs. 1,000
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Policy Term

Question: Policy Term
Sequence
Answer: 1 Year (the policy needs to be renewed annually)
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Premium Frequency

Question: Premium Frequency
Sequence
Answer: Annually
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 IndiaFirst Life Group UL Superannuation Plan?

Answer: IndiaFirst Life Group UL Superannuation Plan is a linked, non-participating, fund based group superannuation product which covers benefit as per schemerules forEmployer–EmployeeGroups. Master policyholder will be the employer/Trustee formed by the employer who will provide or manage funds to meet the benefit under Superannuation scheme as per scheme rules.
This unit linked insurance plan offers a flexible & cost-effective way to build corpus to fund your employees’ pension needs. This plan enables you as a trustee to maximise your investment returns and meet your obligations in a cost-effective way.

What are the charges under this plan?

Answer

There will be no Allocation Charge, Policy Administration Charge, Switching Charge or Premium Redirection Charge under the IndiaFirst Life Group UL Superannuation Plan.

Fund Management Charge applicable for published NAV is as given below:

Group Growth Advantage Fund- 1.35%
Group Secure Capital Fund- 1.00%
Group Money Market Fund- 0.50%

Mortality Charges

The mortality charges will either be paid separately or will be deducted from fund value by cancellation of units at the prevailing unit price. This means that both options cannot be chosen simultaneously. The mortality charges per annum under this plan per Rs. 1000/- sum at risk are given in Annexure A.

Surrender charge:

You can surrender the policy at any time during the year. The product may levy a surrender charge in case of complete surrender of the policy, not exceeding 0.05 per cent of the fund will be levied, with a maximum cap as decided by the Authority from time to time, if the policy is surrendered within the third renewal of the policy. The current cap is Rs. 500,000/-.

How do we value units in your plan?

Answer

We will value your units in line with the unit linked guidelines issued by the IRDAI. As per the existing guidelines, the Net Asset Value will be calculated as follows –

Net Asset Value = (Market value of the investment held by the fund
Plus: Value of current assets
Less: Value of current liabilities and provisions, if any,)
Divided: by the number of units existing on the valuation date (before creation/ redemption of units).

For requests received till 3:00 p.m.	For requests received after 3:00 p.m.
We will apply the closing unit price of the day on which your request is received.	We will apply the closing unit price of the next business day if we receive your request after 3:00 p.m.

Who pays the contribution under this plan?

Answer

You, the Master Policyholder may choose to pay the entire contribution on behalf of your members, or it can be paid by both you and your member.

The contributions or premiums to group schemes by the Master Policyholder shall be made in accordance with the funding requirements as per the scheme rules. The trustee or employer shall confirm that such funding is required as per the Actuary’s certificate based on extant accounting standard governing the measurement of longterm employee benefits. The premium to provide life coverage, if opted under the scheme to members shall either be paid explicitly or deducted from the fund.

This plan does not allow any top-ups, unless required as per the Actuary’s certificate in accordance with the extant accounting norms, to address the underfunding of the scheme

What happens on Non Payment of contribution?

Non Payment of contribution can happen if the fund is overfunded or in surplus as per Actuary’s certificate submitted by you in accordance with the Actuary’s Certificate. In such cases, we will allow nil contributions/premiums under the plan and the plan shall not be treated as discontinued. However, if the Policyholder does not pay the life cover premium, if opted to pay explicitly on the due date then the life cover will stop immediately. Also, fund management charge will continue to be deducted as and when due. Master policyholder will have an option to continue the life cover till the end of the reinstatement period. The Account shall continue until the Fund Value is sufficient to deduct charges or till the fund value reaches zero whichever is earlier.

To reinstate or revive the life cover, master policyholder or member has to pay all due life cover premiums without any interest before the completion of policy year, if no mortality charge is deducted from fund value.

What are the tax benefits under this policy?

Answer: Tax benefits (if any) may be available on premiums paid and benefit receivable as per prevailing Income Tax Laws. Tax benefits are subject to change from time to time as per the Income Tax Act, 1961. Please consult your tax consultant before investing.

Can I get a loan in this policy?

Answer: No, loan is not allowed in this policy

Is there any grace period in this policy?

Answer: Yes, if life cover premium is paid separately by Master policyholder / Member, then there is grace period of 30 days for yearly, half-yearly and quarterly premium payment modes and 15 days for monthly premium payment mode. The policy continues to have full life cover benefit during this period.

What is the free look period in this policy?

Answer: You the Master Policyholder have a free look period of 15 days from the date of receipt of the Policy Document to review the terms and conditions of the policy and in case you disagree to any of those terms or conditions, you shall have the option to return the policy to us for cancellation, stating the reasons for your objection, then you shall be entitled to:

Non-allocated premium plus charges deducted by cancellation of units plus fund value at the time of cancellation; subject only to a deduction of

i. pro-rata mortality charge for the period of cover; if any,
ii. stamp duty charges paid (if any) and
iii. expenses incurred on medical examination, if any.

The above is in compliance with IRDAI (Protection of Policyholders’ Interest) Regulation, 2017.

Such a request received by us for free look cancellation of the policy shall be processed and premium refunded within 15 days of receipt of the request.

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