IndiaFirst Group Term Plan

IndiaFirst Group Term Plan is a pure term insurance plan designed for groups to provide group members with protection at affordable rates.

Key Features

  • 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

Benefits

  • The nominee gets the Sum Assured on 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).

Product Specification:

 

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

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 canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Exclusion

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

Documents Required

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

You May like to Read: IndiaFirst Life Term Insurance Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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IndiaFirst Group Term Plan Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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