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

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).

	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

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.