IndiaFirst Group Term Plan

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Introduction/Overview

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.