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IndiaFirst Life Group Credit Life Plus Plan (UIN – 143N036V02)is a non-participating, non-linked group credit life insurance plan thathelps your members with the assurance of freedom from financial liability in case of death of the member or total permanent disability due to an accident. The plan protects not just the asset but also relieves their loved ones from the loan liability that may arise in case of any unforeseen event.

Key Features:

You, the Master Policyholder :

  • Provide your members with an enhanced value offering; give them security along with finances to enliven their dreams.
  • This enhanced value offering will also result in an increased customer loyalty.
  • Control your liability exposure, as we help to pay the outstanding loan amount in the unfortunate event of the member’s demise or total permanent disability due to an accident.

Your members :

  • Future proof your assets as well as your loved ones against the loan liability.
  • Ensure your dreams are protected and liability free in case of an unfortunate event, be it death or total permanent disability due to an accident.
  • Cover not just yourself but even your partner who has taken up the loan along with you to ensure a complete security of your loved ones.
  • Choose between Level or Reducing cover as per your needs.
  • Risk factors :

    • In case of Reducing cover option, the death benefit amount may be lower than the outstanding loan amount as cover schedule of insurance is on the basis of fixed loan interest rate at the time of availing the cover while outstanding loan amount varies according to the actual loan interest rate which varies from time to time due to movement in base rate by the financial institution.
    • There can be a maximum of two joint borrowers under this policy so for partnership / business loan where there are more than 2 members one policy may not suffice.
    • Tax laws are subject to change from time to time as per Government Tax Laws. This may impact total premiums paid by you or your member as applicable.

    *Tax exemptions are as per applicable tax laws as amended from time to time.