IndiaFirst Group Term Plan

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. 

Key Features of IndiaFirst Group Term Plan 

• 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

Benefits of IndiaFirst Group Term Plan

• 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.

Product Specification:

Cover Options Under the Plan 

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Policy Details

• 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. 

Exclusion

In case any member commits suicide within 12 months from inception, only 80% of the premium paid is returned.

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the details of every group member.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.