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IndiaFirst Group Credit Life Plan
IndiaFirst Group Credit Life Plan

Reliance Traditional Group Superannuation Plan
Reliance Traditional Group Superannuation Plan



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IndiaFirst Group Credit Life Plan
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Reliance Traditional Group Superannuation Plan

IndiaFirst Group Credit Life Plan and Traditional Group Superannuation

1 Details
1.1 Insurance Provider
IndiaFirst Life Insurance Company
Reliance Life Insurance
1.2 Claim Settlement Ratio
1.2.1 Settlement Ratio (2015-16)
60.43%
Rank: 21 (Overall)
73.63%
Rank: 14 (Overall)
1.2.2 Settlement Ratio
LIC Bhagya Laks..
72.00%
Rank: 14 (Overall)
84.00%
Rank: 11 (Overall)
Edelweiss Tokio My Life Plus
1.2.3 Settlement Ratio (2013-14)
LIC New Jeevan ..
73.13 %
Rank: 22 (Overall)
81.97 %
Rank: 19 (Overall)
DHFL Pramerica Family Income
1.3 Type
Group Life Insurance Plan
Group Life Insurance Plan
1.4 Status
In-force
In-force
1.5 Online
50% Term Plans Life insurance plans have it !
10% Group Life Insurance Plans Life insurance plans have it !
1.6 Eligibility
1.6.1 Min Entry Age
AEGON Religare ..
18 years
Rank: 17 (Overall)
18 years
Rank: 17 (Overall)
Bajaj Allianz Cash Assure
ADD ⊕
1.6.2 Max Entry Age
ICICI Pru Immed..
65 years
Rank: 15 (Overall)
69 years
Rank: 12 (Overall)
Reliance Classic Plan 2
ADD ⊕
1.6.3 Min Vesting Age
Canara HSBC Sma..
Not Available
Rank: N/A (Overall)
19 years
Rank: 8 (Overall)
Shriram Secure Investment Plan
ADD ⊕
1.6.4 Max Vesting Age
Bharti AXA Life..
70 years
Rank: 16 (Overall)
70 years
Rank: 16 (Overall)
LIC New Children Money Back Plan
ADD ⊕
1.7 Policy Term
1.7.1 Min Term
Edelweiss Tokio..
Not Available
Rank: N/A (Overall)
1 years
Rank: 1 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.7.2 Max Term
TATA AIA Fortun..
Not Available
Rank: N/A (Overall)
1 years
Rank: 38 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.8 Returns
1.8.1 Min Sum Assured
Aviva Life Shie..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
ICICI Pru Immediate Annuity Plan
1.8.2 Min Sum Assured (Variable)
Not Applicable
Not Mentioned
1.8.3 Max Sum Assured
IDBI Federal Lo..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Kotak Gratuity Plus Group Plan
1.8.4 Max Sum Assured (Variable)
Not Applicable
Not Mentioned
1.9 Group Plan
5% Term Plans Life insurance plans have it !
99% Group Life Insurance Plans Life insurance plans have it !
1.9.1 Group Type
Non Employer-Employee
Employer-Employee
1.9.2 NEE Size
Metlife Group T..
Not Available
Rank: N/A (Overall)
10
Rank: 4 (Overall)
Reliance Traditional Group Employee Benefit Plan
1.9.3 EE Size
Metlife Complet..
10
Rank: 6 (Overall)
Not Available
Rank: N/A (Overall)
HDFC Group Term Insurance
2 Premium
2.1 Minimum Premium
2.1.1 Min Premium
Kotak Preferred..
Not Available
Rank: N/A (Overall)
₹ 200000
Rank: 74 (Overall)
HDFC Life Group Credit Protect Insurance Plan
2.1.2 Min Premium (Variable)
Not Applicable
Not Applicable
2.2 Maximum Premium
2.2.1 Max Premium
Metlife Traditi..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
2.2.2 Max Premium (Variable)
Not Applicable
No Limit
2.3 Payment Options
Limited Pay, Regular Pay, Single Pay
Regular Pay
2.4 Regular Modes
Not Applicable
Annual, Monthly, Quarterly, Semi-Annual
2.5 Top Up
Not Allowed
Not Allowed
2.5.1 Top Up Value
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Pension Plus
3 Loan And Benefits
3.1 Loan
6% Term Plans Life insurance plans have it !
5% Group Life Insurance Plans Life insurance plans have it !
3.2 Surrender
45% Term Plans Life insurance plans have it !
66% Group Life Insurance Plans Life insurance plans have it !
3.2.1 Surrender Value
Not Applicable
The Surrender Value will be the Policy Account Value, less the market value adjustment (MVA) amount (if any), Unearned investment income and the surrender charges (if any) including Service Tax and education cess.
3.3 Benefits
3.3.1 Tax
All Term Plans Life insurance plans have it !
94% Group Life Insurance Plans Life insurance plans have it !
3.3.2 Tax Benefit Amount
Applicable as per the Tax Laws
Tax benefits under the policy will be as per the prevailing Income Tax laws.
3.3.3 Service Tax
Applicable
Applicable
3.3.4 Maturity
28% Term Plans Life insurance plans have it !
11% Group Life Insurance Plans Life insurance plans have it !
3.3.5 Maturity Benefit Amount
Not Applicable
Not Applicable
3.3.6 Death
97% Term Plans Life insurance plans have it !
91% Group Life Insurance Plans Life insurance plans have it !
3.3.7 Death Benefit Amount
Not Applicable
Available as an additional option.
3.3.8 Annuity
3% Term Plans Life insurance plans have it !
12% Group Life Insurance Plans Life insurance plans have it !
3.4 Bonus
Not Applicable
Not Available
4 Provisions
4.1 Renewal
75% Term Plans Life insurance plans have it !
76% Group Life Insurance Plans Life insurance plans have it !
4.1.1 Renewal Period
Bajaj Allianz R..
Not Available
Rank: N/A (Overall)
1 years
Rank: 4 (Overall)
HDFC Life Group Unit Linked Pension Plan
4.2 Riders
4.2.1 Accidental Death
44% Term Plans Life insurance plans have it !
25% Group Life Insurance Plans Life insurance plans have it !
4.2.2 ADBR Description
Not Applicable
Available as an additional option
4.2.3 Critical Illness
25% Term Plans Life insurance plans have it !
17% Group Life Insurance Plans Life insurance plans have it !
4.2.4 CI Description
Not Applicable
Not Applicable
4.2.5 Term Rider
No Term Plans Life insurance plans has it !
No Group Life Insurance Plans Life insurance plans has it !
4.2.6 TR Description
Not Applicable
Not Applicable
4.2.7 Permanent Disability
14% Term Plans Life insurance plans have it !
20% Group Life Insurance Plans Life insurance plans have it !
4.2.8 PD Description
Not Applicable
Available as an additional option
5 Terms and Conditions
5.1 Grace Period
LIC Jeevan Raks..
Not Available
Rank: N/A (Overall)
30 Days
Rank: 1 (Overall)
HDFC Group Term Insurance
ADD ⊕
5.2 Free Look Period
Mera Term Plan
Not Available
Rank: N/A (Overall)
15 Days
Rank: 2 (Overall)
Reliance Online Term
ADD ⊕
5.3 Exclusion On Base Policy
Not Applicable
Not Applicable
5.4 Charges
5.4.1 Premium Allocation
8% Term Plans Life insurance plans have it !
27% Group Life Insurance Plans Life insurance plans have it !
5.4.2 Premium Allocation Charge
Not Applicable
Not Applicable
5.4.3 Policy Administration
6% Term Plans Life insurance plans have it !
14% Group Life Insurance Plans Life insurance plans have it !
5.4.4 Policy Administration Charge
Not Applicable
Not Applicable
5.4.5 Fund Management
6% Term Plans Life insurance plans have it !
27% Group Life Insurance Plans Life insurance plans have it !
5.4.6 Fund Management Charge
Not Applicable
Fund management charge depends on policy account value
5.4.7 Mortality
8% Term Plans Life insurance plans have it !
26% Group Life Insurance Plans Life insurance plans have it !
5.4.8 Mortality Charge
Not Applicable
Not Mentioned
5.4.9 Switching
Not Allowed
Not Allowed
5.4.10 Switching Charge
Reliance Group ..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.4.11 Partial Withdrawal
Not Allowed
Not Allowed
5.4.12 Partial Withdrawal Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Aviva Live Smart Plan
5.4.13 Premium Redirection
Not Allowed
Not Allowed
5.4.14 Premium Redirection Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.5 Group Members
5.5.1 Addition
Not Allowed
Allowed
5.5.2 Deletion
Not Allowed
Allowed
5.6 Medical Examination
56% Term Plans Life insurance plans have it !
43% Group Life Insurance Plans Life insurance plans have it !

Compare IndiaFirst Group Credit Life Plan and Traditional Group Superannuation

Compare IndiaFirst Group Credit Life Plan and Traditional Group Superannuation on basis of policy details, premium details, eligibility etc. IndiaFirst Group Credit Life Plan is provided by IndiaFirst Life Insurance Company. Traditional Group Superannuation is provided by Reliance Life Insurance. Both these policies come under Term Plans. Online buying option is available for first insurance policy and online buying option is not available for second policy.

Minimum entry age for IndiaFirst Group Credit Life Plan is 18 years and maximum entry age for the same policy is 65 years. Similarly for Reliance Traditional Group Superannuation Plan, minimum entry age is 18 years and maximum entry age is 69 years. Depending upon the selected plan, the premium amount and payment options may be different. Premium is the amount you pay to the insurance company in exchange of life cover. Premium payment option/s for former policy: Limited Pay, Regular Pay and Single Pay and premium payment option/s for latter policy: Regular Pay. In regular pay mode, you are supposed to pay this money at fixed intervals throughout the policy term whereas for limited pay mode, you are supposed to pay money only for a limited number of years.

Benefits of IndiaFirst Group Credit Life Plan and Traditional Group Superannuation

Benefits of IndiaFirst Group Credit Life Plan and Traditional Group Superannuation consist of maturity benefit, tax benefit, death benefit etc. Some IndiaFirst Group Credit Life Plan and Reliance Traditional Group Superannuation Plan Provisions are made for a policy holder. Loan is one such provision. For first plan, a person can apply for loan and second plan does not provide loan facility. Following are the benefits under these insurance policies.

For IndiaFirst Group Credit Life Plan:

  • Tax benefit: Available.
  • Maturity benefit: Not Available.
  • Death benefit: Available.

For IndiaFirst Group Credit Life Plan:

  • Tax benefit: Available.
  • Maturity benefit: Not Available.
  • Death benefit: Available.

If the policy has tax benefit, it means that the premium you pay for the policy is eligible for deduction in tax returns along with a part of money you receive on maturity of the policy. If the policy has death benefit, in event of death of the policy holder, all the money paid as premium shall be returned to his family. Even bonus is added to this money for some policies. Thus his family can stay financially secure. Maturity benefit is the money you get at the end of the policy term. This is the total of all the premiums you have paid along with applicable bonus.

Provisions under IndiaFirst Group Credit Life Plan and Traditional Group Superannuation

Provisions under IndiaFirst Group Credit Life Plan and Traditional Group Superannuation mainly include policy renewal and different types of riders. For IndiaFirst Group Credit Life Plan, policy renewal is allowed Policy renewal is allowed for Reliance Traditional Group Superannuation Plan. Different riders such as accidental death benefit rider, critical illness rider etc. are provided for an insurance policy. Riders are special clauses in an insurance policy that cover cases when you won't be able to pay premium. Accidental death benefit rider is not available for first policy and it is available for second policy.Critical illness rider is not available for former policy and it is not available for second policy.Term rider is not available for first insurance policy and this rider is not available for second policy.

Terms and Conditions For IndiaFirst Group Credit Life Plan and Traditional Group Superannuation

Terms and conditions for IndiaFirst Group Credit Life Plan and Traditional Group Superannuation includes the grace period, free look period, exclusions, riders etc. for both the policies. Grace period can be utilized for paying unpaid premiums. Grace period of plan 1 is Not Available whereas for plan 2, it is 30 Days. Free look period of plan 1 is Not Available whereas for plan 2, it is 15 Days.

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