IndiaFirst Life Group Credit Life Plus Plan is a group credit life insurance product which serves as an opportunity for organizations/ associations to protect themselves against liability exposure and for the borrowers to protect their future assets and loved ones against the loan liabilities. In the unfortunate event of the member’s/life assured’s death or total permanent disability due to an accident, we safeguards the loved ones against the burden of loan repayment.
Reasons to buy IndiaFirst Life Group Credit Life Plus Plan
- You have four different cover options to choose from:
i. Life Cover
ii. Life Cover + Accidental Total Permanent Disability
iii. Life Cover + Accidental Death and
iv. Life Cover + Accidental Total Permanent Disability + Accidental Death
- You can choose to pay your premiums under regular, limited or single premium
- You can choose between a level or a reducing term cover in the plan
What are the eligibility criteria?
- The minimum age at entry is 14 years and the maximum age at entry is 70 years
- The maximum age at maturity is 76 years
- Minimum term in the plan is 5 years and the maximum term is 30 years. The maximum cover term per member should be less than or equal to loan term
- Minimum group size that can be covered is 10 members and there is no limit on the maximum group size
- The Minimum Sum Assured in the plan is INR 5,000 per member. There is no limit on the Maximum Sum Assured in the plan other than Micro Finance Loan, where it is INR 200,000 per member