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  • Indiafirst Employee Benefit Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the IndiaFirst Employee Benefit Plan for?

    In order to avail this plan, customers will have to fulfill the eligibility criteria given below-

    Age at Entry (in years)
    • Minimum- 18
    • Maximum - 70
    Age at Exit (in years)
    • Minimum - NA
    • Maximum - 71
    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.

    Sum Assured and Premium Range - What you get and what it costs

    Sum Assured:

    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.

    Premium:

    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.

    Plan Coverage - What the IndiaFirst Employee Benefit Plan covers

    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.

    Investment Fund Options

    Given below are the fund options available for customers:

    Name of the fund Allocation of Assets Risk Profile
    Equity Debt Money Market
    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

    Exclusions - What the IndiaFirst Employee Benefit Plan does not cover?

    This plan does not come with a suicide clause.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    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-
    • Fund value at the time of the cancellation along with,
    • Allocation charges, if applicable along with
    • Charges deducted by unit cancellation, minus
      • Stamp duty, if any
      • Pro-rata Mortality Charge
    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.

    Tax Benefits - How you can save with the IndiaFirst Employee Benefit Plan

    If a fund is created for gratuity, the following tax benefits will be available -

    • Yearly contribution towards gratuity will be looked at as a business expense.
    • Initial contribution towards a past service gratuity will have income tax exemption.
    • The income of a gratuity fund that has been approved will be exempt under Section 10(25) (iv).
    • Gratuity will be free from taxes up to half month’s average salary for the previous ten months for every year of service, subject to a maximum of Rs.10,00,000 under Section 10(10).
    • All claims that are paid out from bundled life cover will be eligible for tax exemptions under Section 10(10)D.
    • An irrevocable Trust is necessary.

    Leave Encashment also comes with a set of Tax Benefits.

    • The cash equivalent of leave encashment benefit, when paid by employer will be deductible from the income as per Section 43B (f) of the Income Tax Act of 1961.
    • Benefit that the employee receives during retirement gets exempted from taxes based on Section 10(10AA) of the Income Tax Act of 1961 and is subject to a maximum leave of 10 months.

    Why you buy the Employee Benefit Plan from IndiaFirst Life?

    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.