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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)
IndiaFirst Life Group Micro Insurance Plan is a nonlinked, non-participating, group micro insurance plan, which can be purchased by you, as the master policyholder for the members/ beneficiaries of your group. The policy will provide life cover either against any type of loan and/or as a protection cover for a member of Master Policyholder through One Year Renewable Group Term Assurance (OYRGTA) scheme. The plan provides you 4 different cover options to choose from:
The policy can be bought under either Reducing cover or Level cover.
| Reducing cover | Level cover |
|---|---|
Under this cover type, Sum Assured decreases over the term as per initial cover schedule mentioned in certificate of insurance. The premium rate will depend on factors like age at entry, gender, loan term, premium term and loan interest rate. | Under this cover type, Sum Assured remains level throughout the term of the cover as per certificate of insurance. For level cover, the premium rate will depend on factors like age at entry, gender, policy term and premium term. |
The cover amount in reducing cover type will not fall below Rs.1,000. You can buy the plan under Single or Limited premium payment options under this cover. The reducing cover type is applicable only for credit life or loan account holder. | You can buy the plan under Single, Limited or Regular premium payment options in this cover type. Level cover would be applicable to either loan account holder or other members of the Master Policyholder |
| Minimum Sum Assured | Maximum Sum Assured |
|---|---|
| 5000 per member | 2,00,000 per member Sum assured at the inception of cover should be less than or equal to the 120% of the initial loan amount. |
The minimum death benefit amount at any time during the policy term would be at least Rs.5,000.
The people involved in the policy are ‘Master Policyholder and the ‘Member’.
Who is the Master Policyholder?
The Master Policyholder is the person named in the Policy Schedule as the owner/holder of the Policy. It is the entity who owns the policy.
Other Entities shall mean the entities other than Regulated Entities as mentioned above.
Who is the Member?
Member is the customer/employee/ member of the Master Policyholder and is the Life Assured under this policy. The benefits are payable on the member’s life. The age limits for a member are -
| Minimum age at entry | 14 years (last birthday) |
|---|---|
| Maximum age at entry | 75 years (last birthday) |
| Maximum age at maturity | 76 years (last birthday) |
What is the group size to whom the cover can be offered?
| Minimum group size | Maximum group size |
|---|---|
| 5 | No limit |
| One Year Renewable Group Term Assurance | Single Premium | Single Premium | Regular Premium | Limited Premium | |
|---|---|---|---|---|---|
| Level | Reducing | Level | Level/Reducing | ||
| Minimum Policy Term | 1 month | 1 month | 3 months | 60 months | 84 months |
| Maximum Policy Term | 12 months | 60 months | 60 months | 120 months | 120 months |
Maximum policy term per member will be 1 year for One Year Renewable Group Term Assurance cover and 10 years for Long Term Credit Insurance Cover option.
Maximum policy term per member will be selected in such a way so that member maturity age is restricted to the maximum maturity age allowed under the product.
Please note: Wherever policy term of the member is expressed in months (and is not a complete year) only Single Premium or Monthly Mode will be available. For example policy term of 39 months, 67 months, 118 months etc).
| Premium Payment Term | |
|---|---|
| Regular Premium | Same as Policy Term |
| Limited Premium | 24 months less than Policy Term |
| Single Premium | One-time payment |
| Minimum Premium | Maximum Premium |
|---|---|
| Based on Sum Assured or Cover amount and other factors such as age, gender, mortality loading, cover options opted etc. | Limited/ Regular / Single Premium: Depending upon maximum Sum Assured and other factors as age, gender, mortality loading, cover options opted etc. |
You can choose to pay Single, Limited or Regular Premiums. Under Limited and Regular premium modes you can pay annual, half yearly, quarterly or monthly premium.
| Reducing Cover | Level Cover |
|---|---|
Single Premium, Limited Premium (Annual, Half yearly, Quarterly and Monthly) | Single Premium, Limited /Regular Premium (Annual, Half yearly, Quarterly and Monthly) |
The following premium frequency factors will apply on Annual Premiums for half-yearly, quarterly and monthly policies
| Premium Frequency | Factor to be applied to Annual Premium |
|---|---|
| Yearly | 0.96 |
| Half-yearly | 0.49 |
| Quarterly | 0.25 |
| Monthly | 1/12 |
.
Maximum of up to two joint borrowers are allowed under this policy for a particular loan, under a single Certificate of Insurance. Co-borrowers with insurable interest such as spouses, siblings, parents or grand-parents etc are allowed in the policy.
The joint borrowers shall have the following two options
| First claim basis (100% of Loan) | Loan share percentage | |
|---|---|---|
| Extent of cover |
|
|
| Any one or both the borrower’s demise or total permanent disability due to an accident or first diagnosis of the covered critical illness |
|
|
No, loan is not allowed in this policy
There are no paid-up benefits in the policy
The member/master policyholder may revive the policy by paying the arrear premiums without interest/Late fees within five years from the due date of first unpaid premium during which the Member/ Master Policyholder is entitles to revive the policy as per Board approved underwriting policy.
Under limited payment option, if member/master policyholder has not revived the policy within revival period of five years, then on completion of revival period, termination value will be paid to the member/master policyholder and policy/ coverage terminates for that member.
Under regular premium payment option, if member/master policyholder has not revived the policy within revival period of five years, then the policy/ coverage terminates. Revival is as per the Board Approved Underwriting policy of the company.
We provide you with a grace period during which you can pay your premium in case you miss paying the premium on the due date. This policy has a grace period of 30 days of for regular/ limited premium, other than monthly premium mode where it is 15 days. During the grace period policy or cover will continue as per in-force policy.
In case of death or disability, as the case may be, during grace period, only due premium, if any, before date of occurrence of death or disability will be deducted from the death or disability benefit.
In the event of non-payment of premium due under the policy within the grace period the policy will lapse, and no benefit is payable. The cover will cease, and no further benefits will be payable in case of a lapsed policy.
However, we shall continue to provide coverage to the group members insured, in respect ofthe group policy in case of failure ofthe master policyholderto account forthe business to us orif premium is collected by the master policyholder and for some reason the same doesnotreachuswithingraceperiod.
The cover will also continue to be provided in case the insured group member can prove that he had paid the premium and secured a proper receipt leading him to believe that he was duly insured, even after grace period.
You, the Master Policyholder/ Member can return your policy document/ certificate of insurance within the Free Look period; You have a free look period of 30 days from the date of receipt of the policy document whether received electronically or otherwise, to review the terms and conditions of the policy and in case you disagree to any of those terms and conditions, you shall have the option to return the policy to us for cancellation, stating the reason for your objection.
Do you get any refund when you return your policy?
Yes. We will refund an amount equal to the – Premium paid
Less:i. Pro-rata risk premium for the time the policy was in force, where pro-rata risk premium is the proportionate risk premium for the period of cover
Less ii. Any stamp duty paid
Less iii. Expenses incurred on medical examination, if any
The insurance coverage at member level will cease at the earliest of:
IndiaFirst Group Term Plan provides comprehensive group protection with corporate term insurance, ensuring financial security.
Tailored to meet diverse healthcare needs, this corporate health plan ensures financial security during hospitalisation, disabilities, critical illnesses, and more!
Tailored for groups it stands as a group protection insurance. This group life insurance offers security for all.
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12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063.
IRDAI Information
IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale.
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