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  • Indiafirst Immediate Annuity 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 Immediate Annuity Plan offered by IndiaFirst is a non-linked, non-participating immediate annuity plan. This insurance plan helps guarantee a comfortable retirement with financial protection. The plan can be purchased with a single lump sum payment. There are flexible options when it comes to choosing your retirement age and the annuity pay out.

    Eligibility -Who is the IndiaFirst Immediate Annuity Plan for?

    All life insurance policies have certain criteria set out that customers must meet in order to be eligible to avail the policy. To avail the Immediate Annuity Plan, new members must be at least 40 years old. However, if you are an existing pension member or a beneficiary, this age requirement is not applicable. Given below are the eligibility requirements of the Immediate Annuity Plan:

    Particulars Details
    Minimum Entry Age First annuitant
    • 40 years for new members
    • 0 years for existing pension members and beneficiaries
    Second annuitant
    • 18 years
    Maximum Entry Age First annuitant
    • 80 years
    Second annuitant
    • 80 years for new members
    • 99 years for existing pension members and beneficiaries
    Retirement age 40 years to 80 years
    Minimum Premium Rs.3 lakhs
    Maximum Premium No limit
    Minimum Annuity Term 5 years
    Maximum Annuity Term 15 years

    *Ages mentioned are ages last birthday

    Sum Assured and Premium Range - What you get and what the IndiaFirst Immediate Annuity Plan costs

    There are flexible options under the Immediate Annuity Plan when it comes to premiums and sums assured. By paying a single premium, you can guarantee a regular annuity during your retirement payable either monthly, quarterly, half-yearly or yearly. Listed below are the details pertaining to the sum assured and premiums of this plan:

    Particulars Details
    Minimum premium Rs.3 lakhs
    Maximum premium No limit
    Minimum monthly annuity installment Rs.1,000
    Maximum annually annuity installment Rs.12,500
    Premium payment terms Single
    Annuity payment frequency Monthly, quarterly, half-yearly, yearly
    Premium payment mode Cheque, DD or NEFT

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

    Plan coverage - What the IndiaFirst Immediate Annuity Plan covers

    The IndiaFirst Immediate Annuity Plan guarantees that the insured person receives an annuity during their retirement years. Given below are some of the important benefits associated with this plan.

    Annuity Options Death Benefit Survival Benefit Termination
    Life Annuity Outstanding annuity installments will be paid to the nominee upon the death of the life insured. All future annuity payments will cease with immediate effect. Annuity will be paid throughout the life of the annuitant at a level rate. The annuity will cease upon the death of the annuitant.
    Life Annuity with Return of Purchase Price Upon the death of the annuitant, all future annuity payments will cease and the purchase price will be paid to the nominee. Annuity will be paid throughout the life of the annuitant at a level rate. The annuity will cease upon the death of the annuitant.
    Joint Life Last Survivor Annuity for Life Upon the death of the last survivor, all future annuity payments will cease. The outstanding annuity installments will be paid to the nominee Annuity will be paid throughout the life of the first annuitant at a level rate. If the first annuitant dies, then the annuity is payable to the spouse. The annuity will cease upon the death of the last survivor.
    Annuity certain for period of 5/10/15 years and life thereafter If the insured person dies during the certain period, the annuity will be payable for the remaining period to the nominee. If the insured person dies after the expiry of the certain period, then the outstanding annuity installments up to the date of death will be paid to the nominee. For the certain chosen period and throughout the life of the annuitant, the annuity is payable at a constant rate. If the annuitant dies during the certain period, then the annuity is payable to the nominee till the period expires. The annuity will cease upon the death of the annuitant or the expiry of the guaranteed period, whichever is later.

    Exclusions - What the IndiaFirst Immediate Annuity Plan doesn’t cover ?

    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.

    Under the single life return of purchase price policy, if the life insured commits suicide within 12 months from the date of inception of the policy, then IndiaFirst will refund 100% of the premium to the nominee.

    Under joint life plans, IndiaFirst will refund 80% of the premium to the nominee if both the lives insured commit suicide within 1 year from the inception of the policy. The policy will terminate and no annuity benefits are payable.

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

    Knowing the details mentioned in your retirement 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 Immediate Annuity Plan.

    Features Details
    Free-look period 15 days (30 days for distance marketing). Upon cancellation during this period, the company will refund the premium minus pro-rata risk premium, stamp duty and medical expenses, if any.
    Grace period Not applicable.
    Surrender benefits There is no surrender option under this plan.
    Annuity rebates
    • Less than Rs.25 lakhs - Nil.
    • Rs.25 lakhs to less than Rs.1 crore - 1%of annuity rate.
    • Rs.1 crore and above - 1.5% of annuity rate.
    Purchase price rebates
    • Less than Rs.1.5 lakh p.a. - Nil.
    • Rs.1.5 lakh to less than Rs.6.5 lakh - 1.00% of the purchase price
    • Rs.6.5 lakh and above - 1.50% of purchase price
    Bonus There are no bonuses payable.
    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 Immediate Annuity Plan

    The purchase amount does not carry any tax benefits under the current laws. The benefits payable may also be subject to tax laws as amended from time to time. You are advised to consult a tax advisor to maximise your benefits.

    Other benefits – How you can save with the IndiaFirst Immediate Annuity Plan

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

    • Flexible annuity options
    • Flexible retirement age options
    • 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 Immediate Annuity Plan from IndiaFirst?

    IndiaFirst’s expertise lies in banking, financial and wealth management. It offers a host of products spanning across retirement, health, savings, and protection. The company was launched in 2010 in the country by Mr. Pranab Mukherjee, President of India. As one of the youngest insurance providers in the market, the company continues to grow while striving for excellence. The insurance provider caters to a customer base of 50 million people across the country.

    This Immediate Annuity plan helps makes retirement easy and financially secure. This plan offers flexible annuity options so that customers have an adequate choice. The plan also has provisions for joint life cover.