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.
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:
|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
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
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.
|Death benefit||Upon the death of the life insured, the nominee will be entitled to claim the higher of the following:
|Maturity benefit||If the policyholder survives the policy term, provided the policy is in force, the higher of the following is payable:
|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.|
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.
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.
|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.|
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.
When you choose IndiaFirst as your insurance provider, you can stand to benefit from the following:
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.