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While being a vital part of the organization or group, your members are also an important part of their family. Thus, it becomes your responsibility to provides financial protection for them. IndiaFirst Group Term Plan is pure term insurance and a yearly renewable plan that is specifically designed for groups to provide their members with life coverage, thus securing and providing protection to their families at low premium rates.
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It is a non-linked and non-participating renewable policy that protects an individual or groups such as credit card holders, account holders, Government bodies, parents of college or school students, employer-employee groups, affinity groups, etc.
Term Plans
It is a yearly renewable pure term insurance plan
The plan can be availed by groups like employer-employee, banks, and its customers, professional groups, affinity groups, etc. for covering its members
A Master Policy held by the group’s head is issued covering the members for a pre-determined amount.
The plan can be bought by the Master Policyholder and the members can be covered automatically or through voluntary participation
Premiums are paid by the Master policyholder or by the members under voluntary schemes
Premiums are calculated on a pro-rated basis for new entrants
Employees Deposit Linked Insurance Scheme can also be opted for with the plan with 20 employees
A policyholder can also add new members during the policy year and have an option to pay a premium as per your requirement.
Risk Factors
No maturity benefit is available under the scheme
The sum assured amount is paid to the legal heirs/nominee/appointee
Tax laws are subject to change from time to time as per the prevailing tax laws
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The nominee gets the Sum Assured on the death of the policyholder during the term of the plan
Income tax benefit on the premium paid by the members as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act. If premiums are paid by the group master policyholder, it is exempt under Section 37(1).
No survival or maturity benefit is payable under this plan.
*Tax benefit is subject to changes in tax laws.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
14 years for non-employer-employee groups & 18 years for employer-employee groups |
70 years |
|
Maturity Age (Last Birthday) |
- |
71 years |
|
Size of the group |
50 members |
No limit |
|
Premium Payment Frequency |
Annual, half-yearly, quarterly, monthly |
|
|
Sum Assured |
1000 |
No limit |
|
Compulsory Cover |
Voluntary Cover M |
|
|
Master Policyholder |
Chooses to participate in the plan |
Chooses to participate in the plan |
|
Member |
Compulsory participation in the scheme |
Chooses to participate in the scheme and then paying premiums accordingly |
|
Life Cover |
Will be on the individual member life |
Will be on the individual member life |
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Grace Period: 30 days grace period is allowed for payment of premium.
Policy Termination or Surrender Benefit: the policy may be surrendered by the Master policyholder but the member may continue the cover till the end of the term but there is no Surrender Value payable
Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Cancellation of plan – if you are not satisfied with the terms and conditions of a plan within 15 days i.e., free look period of the receipt of your policy documents. You have the option to return the policy while mentioning the reasons for the same.
In case any member commits suicide within 12 months from inception, only 80% of the premium paid is returned.
The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the details of every group member.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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