The unpredictability of life makes it important for individuals to have some sort of a safety net to fall back on. Life Insurance policies are the best possible option for individuals to secure their future as well as manage their lives without having to worry excessively about their families. The Employee Benefits Plan by IndiaFirst ensures that all funds that are set aside to cover liabilities such as Leave Encashment and Gratuity are invested into investments that are market linked. This plan also ensures that life cover is provided for all employees, thereby securing their families as well.
This plan comes with a number of benefits such as choice between four fund options, death benefit and tax benefits as well.
In order to avail this plan, customers will have to fulfill the eligibility criteria given below-
|Age at Entry (in years)||
|Age at Exit (in years)||
|Minimum Size of the Group||50 members out of which only 10 members for the approved Gratuity Scheme.|
|Maximum Size of the Group||No Limit|
All ages are as on last birthday of the individual.
The Sum Assured varies based on the premium paid, payment tenure and benefits chosen. This plan comes with a life cover of Rs.1,000 as an additional death benefit amount.
|Minimum Initial Contribution||Rs.50,000|
|Minimum Annual Contribution||No limit|
|Maximum Contribution||No limit|
|Maximum Fund Size||No limit|
Customers should note that premiums would vary based on age, location and premium payment tenure among other factors.
|Death Benefit||In case of death of policyholder during the policy tenure, the accrued gratuity or accrued leave encashment benefit will be paid to the employee based on scheme rules.|
|Additional Death Benefit||This will be equal to the Sum Assured of Rs.1,000 for each member.|
Given below are the fund options available for customers:
|Name of the fund||Allocation of Assets||Risk Profile|
|Equity Advantage Fund||80% - 100%||0%||0% - 20%||High|
|Bond Fund||0%||70% - 100%||0% - 30%||Medium|
|Cash Fund||0%||0% - 20%||80% - 100%||Low|
|Dynamic Moderator Fund||0% - 80%||20% - 80%||0% - 40%||Medium to High|
This plan does not come with a suicide clause.
|Freelook Period||In case policyholders are dissatisfied with their plan, they can return the same along with stated reasons within a period of 15 days from the date of policy receipt.
An amount equal to the following will be refunded-
|Switching of Funds||Policyholders have the option to switch units from one fund to another. The minimum switching amount is Rs.10,000 and there are no limits to the number of switches.|
|Charges||There are no Policy Administration Charges, Allocation Charges, Contribution Redirection Charge or Switching Charge. The only charges that will be calculated is fund management charge for each fund and mortality charge.|
|Service Tax||The master policyholder will have to bear this charge and the amount will be based on the applicable tax laws and is likely to change from time to time.|
If a fund is created for gratuity, the following tax benefits will be available -
Leave Encashment also comes with a set of Tax Benefits.
A joint venture between Andhra Bank, Bank of Baroda and Legal & General Group, this company has more than 8000 network branches in the country. IndiaFirst Life draws on its team’s experience in wealth management and banking to provide some of the best products which addresses a number of concerns such as savings, retirement, health and protection. All products are economic to procure and also hassle-free. IndiaFirst Life boasts of a high claim-settlement ratio as well as robust customer care service.
IndiaFirst Life Insurance Company follows the principle of ‘customer first’ in all of its activities and is also technology driven so that customers can avail all their policies easily without the need to go to a branch to procure a plan. This company has also won a number of awards and recognitions such as ‘Best Customer Centric Employee Engagement Award’ in 2017, ‘Marketing Capability Award’ in 2016 and ‘Best PR Case Study’ in 2016.
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