Indiafirst Annuity Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
IndiaFirst Annuity Plan is a traditional pension plan with immediate annuity benefits which can be availed by paying a single premium. The plan will allow you to choose a retirement age, from when the policyholder will be paid a fixed retirement amount on regular intervals. This plan ensures that every person enjoys the luxury of a retirement age maintaining a quality lifestyle and embark on a new journey.
Eligibility: Who is the IndiaFirst Annuity Plan for?
This plan is applicable for all individuals who is minimum of 40 years old and do not require any criteria to avail the plan. Medical examination is not required for this plan.
| Minimum entry age | 40 years as on last birthday |
| Maximum entry age | 80 years as on last birthday |
| Minimum maturity age | Not Applicable |
| Plan name | IndiaFirst Annuity Plan |
| Nationality | Indian Residents only |
Sum Assured and premium range: What it costs and what you get?
The IndiaFirst Annuity plan is a traditional pension plan. There is no sum assured in this plan and the premium payment should be made at a single shot. The annuity will be paid to the policyholder on the immediate month after the purchase of the plan. The amount of annuity receivable is based on the age of the policyholder.
| Minimum Purchase amt | Rs 50,000 |
| Maximum Purchase amt | No limit |
| Mode of payment | Single premium |
| Annuity payable | Monthly |
Exclusions: What the IndiaFirst Annuity plan does not cover?
Unfortunately this plan does not cover any benefits like medical or accident etc. as this is only a pension plan.
Other key features: free look period, Surrender value etc.
| Free look period | For you are not satisfied with the policy, you can give it back to IndiaFirst within 15 days from the date of the receipt. On submitting the receipt, the company will return the money you paid after deducting the expense caused for stamp duty. |
| Surrender value | There is no surrender value applicable under this plan. |
| Grace period | Grace period is not applicable |
| Other key features |
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| Paid up value | No paid up value |
Tax Benefits: How can you save with IndiaFirst Annuity plan?
The premium paid while purchasing the policy is exempted under Section 80C. At the time of purchase, service tax as per the prevailing rates is applicable. The monthly annuity received by the policyholder is exempted under section 10(10D).
Other benefits – How you can save with IndiaFirst Annuity Plan
Unlike many other pension plans, IndiaFirst allows the policyholder to vest the deferred annuity amount with three options on their will. Vesting benefit is when a policyholder wants to withdraw a part or full amount of their pension plan benefit amount, equivalent to the value of an individual defined contribution account. This includes your contributions, company’s contribution plus the interests or investment returns credited to the contributions. Here are the three options;
- The policyholder can take 1/3rd of the tax free fund value and invest the remaining 2/3rd in another insurance plan with either same or different insurance provider.
- The policyholder can take the entire 100% of the fund value and invest in another insurance plan with either same or different insurance provider.
- The policyholder can take the entire amount and be taxed for it as per income tax norms.
Why you should buy IndiaFirst Annuity Plan?
The IndiaFirst Life Insurance Company is one of the leading insurance solution providers in India. The solutions offered by this company come with a lot of flexibility and innovation. They are designed to meet the needs of the customers. The IndiaFirst Life Insurance Company is the conglomeration of Legal and General (UK) with 26% shares of the company, Andhra bank with 30% shares and Bank of Baroda with 44% shares. The headquarters is situated in Mumbai and most of the operations are carried out through Mumbai. When the company first started its operations in the year 2009, the company made more than Rs 2 billion in just 4 and half months. IndiaFirst Life insurance company has grew to glory since then.
IndiaFirst Annuity plan is designed for the best retirement benefits with minimum premium and great returns. This plan ensures that every individual enjoys all the luxury of a retirement life with complete independence with varied flexibilities. Please contact the customer support for further details.
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