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  • Indiafirst Guaranteed Retirement 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 Guaranteed Retirement Plan offered by IndiaFirst is a non-linked, participating endowment deferred pension plan. This insurance plan helps guarantee a comfortable retirement with financial protection. With this policy, you have the option to earn guaranteed returns with opportunities to enhance your retirement corpus through bonuses.

    Eligibility -Who is the IndiaFirst Guaranteed Retirement Plan for?

    All insurance policies have certain criteria set out that customers must meet in order to be eligible to avail the policy. IndiaFirst insurance requires customers to be of a certain age depending on the premium payment term selected. Given below are the eligibility requirements of the Guaranteed Retirement Plan:

    Particulars Details
    Minimum Entry Age Regular Pay - 25 years Limited Pay - 25 years Single Pay - 0 years
    Maximum Entry Age Regular Pay - 55 years Limited Pay - 70 years Single Pay - 75 years
    Minimum Age at Maturity 40 years
    Maximum Age at Maturity 80 years
    Minimum Premium Rs.2,088 per month under Regular Pay
    Maximum Premium No limit
    Minimum Policy Term 5 years
    Maximum Policy Term 40 years

    *Ages mentioned are ages last birthday

    Sum Assured and Premium Range - What you get and what the IndiaFirst Guaranteed Retirement Plan costs

    This endowment plan offers a variety of premium payment terms. The minimum sum assured is Rs.1 lakh while there is no limit on the maximum sum assured. Listed below are the details pertaining to the sum assured and premiums of this plan:

    Particulars Regular Pay Limited Pay Single Pay
    Minimum premium Monthly - Rs.2,088 Quarterly - Rs.6,216 Half Yearly - Rs.12,286 Yearly - Rs.24,000 Monthly - Rs.3,132 Quarterly - Rs.9,324 Half Yearly - Rs.18,428 Yearly - Rs.36,000 Rs.75,000
    Minimum sum assured Rs.5 lakh Rs.5 lakh Rs.1 lakh
    Maximum sum assured No limit, subject to underwriting No limit, subject to underwriting No limit, subject to underwriting
    Policy term 10 years/ 15 to 35 years 5-year premium payment term - 10 to 35 years 10-year premium payment term - 15 to 35 years 5 to 40 years
    Premium payment terms 10 years/ 15 to 35 years 5 years and 10 years One pay
    Premium payment frequency Monthly, quarterly, half-yearly, yearly Monthly, quarterly, half-yearly, yearly Single pay

    *Premiums vary based on age, location, plan term and other factors

    Plan coverage - What the IndiaFirst Guaranteed Retirement Plan covers

    The IndiaFirst Guaranteed Retirement Plan has multiple benefits for the life insured and their family such as death benefits and survival benefits. Given below are some of the important benefits associated with this plan.

    Benefits Details
    Death benefit Upon the death of the life insured, the nominee will be entitled to claim the higher of the following:
    • Defined assured benefit which is the total premiums paid up to the date of date + interest compounded annually at 0.15% p.a.
    • 105% of total premiums paid + guaranteed additions + bonuses, if any.
    If the life insured dies during the deferment period, the nominee has the following choices:
    • Withdraw the entire proceeds.
    • Purchase an annuity at the prevailing rate from IndiaFirst with the proceeds.
    Maturity benefit If the policyholder survives the policy term, provided the policy is in force, the higher of the following is payable:
    • Sum assured + guaranteed additions + simple reversionary bonus + terminal bonus, if any
    • Defined assured benefit which is the total premiums paid up to the date of date + interest compounded annually at 0.15% p.a.
    Guaranteed Additions Plans under limited pay and regular pay are eligible to earn guaranteed additions at 9% of the total premium.
    Tax benefits Available under Section 80 (CCC), Section 10 (10D) and Section 10 (10A) of the Income Tax Act, 1961.

    Exclusions - What the IndiaFirst Guaranteed Retirement Plan doesn’t cover

    Inception - If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. IndiaFirst will refund 80% of the total premiums to the nominee.

    Reinstatement - If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. IndiaFirst will refund 80% of the total premiums or the surrender value, whichever is higher, to the nominee.

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

    Knowing the details mentioned in your insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the IndiaFirst Guaranteed Retirement Plan.

    Features Details
    Premium Discount For high sums assured of Rs.10 lakhs and above, 1% discount is applicable for regular and limited premium payment terms. For high sums assured of Rs.10 lakhs and above, 1% discount is applicable for single premium payment terms.
    Grace Period 15 days for monthly mode, 30 days for other modes. Benefits will continue during this grace period.
    Free-look Period The policyholder has 15 days to review the policy. This period is extended to 30 days for distance marketing products. If he/she disagrees with the terms and provisions, then they can return the policy along with a letter stating reasons for cancellation. The premium will be refunded and the policy will be cancelled. The company will deduct any proportionate risk premium, medical expenses and stamp duty.
    Loan facility Not available under this plan.
    Surrender Value The plan will acquire a surrender value under the following conditions: 10-year premium paying term and more: Surrender value will be acquired after paying 3 years’ full premium. Less than 10-year premium paying term: Surrender value will be acquired after paying 2 years’ full premium.
    Reduced Paid-Up Value The plan will acquire a paid-up value under the following conditions: 10-year premium paying term and more: If premiums are not paid after paying 3 years’ full premium, the policy will be converted to a paid-up policy. Less than 10-year premium paying term: If premiums are not paid after paying 2 years’ full premium, the policy will be converted to a paid-up policy.
    Revival A lapsed policy can be revived within 2 years from the first unpaid premium due date. You will need to pay all pending premiums + interest. Revival will be approved based on satisfactory medical and financial underwriting.
    Nomination Nomination is available in accordance with the provision of Section 39 of the Insurance Act, 1938.

    Tax benefits – How you can save with the IndiaFirst Guaranteed Retirement Plan

    As per the prevailing tax laws in India, you can claim for tax benefits under the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.

    Section 10 (10D) - death benefits are tax free.

    Section 80 (CCC) - benefits against premiums paid.

    Section 10 (10A) - benefits against maturity payout.

    Other benefits – How you can save with the IndiaFirst Guaranteed Retirement Plan

    When you choose IndiaFirst as your insurance provider, you can stand to benefit from the following:

    • Flexible premium payment options
    • Flexible policy terms
    • Multiple tax benefits
    • High sums assured to guarantee a dignified retirement
    • Easy online claims process
    • Easy access to customer care
    • Calculate your premiums online
    • Wealth and financial planner tools available online

    Why you should buy the Guaranteed Retirement Plan from IndiaFirst?

    IndiaFirst was launched in 2010 in the country by Mr. Pranab Mukherjee, President of India. The company is one of the youngest insurance providers in the market and have already accessed 50 million customers across the nation. The company’s expertise lies in banking, financial and wealth management. It offers a host of products spanning across retirement, health, savings, and protection.

    This plan is ideal for those who want to secure their golden years. This product is designed to optimise returns while keeping premiums at affordable rates.