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  • Indiafirst Life Retirement Pension Plans

    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

    Retirement Plans are those which help individuals save for their future i.e., their post-retirement life. These plans allow individuals to plan their investment and monitor them so that their life after reaching 60 years of age will be without hassle. That’s exactly what the plans from India First offer too: setting up a corpus with the future in mind. Also, these plans offer regular payouts on monthly, quarterly, half-yearly, and yearly basis depending on a policyholder's choice.

    IndiaFirst, the brainchild of a communion between Bank of Baroda, Andhra Bank and the UK-based Legal & General, offers plenty of insurance policies to cater to a huge demographic. The plans this company offers are designed keeping in mind the layperson’s needs and are known to be cost-effective.

    Benefits of IndiaFirst Life Retirement Plans:

    The retirement plans offered by IndiaFirst come will plenty of interesting benefits which makes owning them worth it for the policyholder. Here’s a list of all the benefits a customer can get:

    • These plans, like several other retirement plans, offer the promise of regular income on a timely basis that is agreeable to the policyholder. For instance, if a person has this as their source of income post-retirement, they can opt for the monthly payment option, which provides them the money to sustain their monthly expenses.
    • IndiaFirst Life Retirement Plans allows prospective policyholders to choose their retirement age and receive payouts once they hit the specified age. They can start receiving payouts once they hit the age of 40 and can continue doing so till the time they hit 80 years of age.
    • Plans from IndiaFirst also come with other add-on options which enhance the overall coverage a base plan offers.
    • Policyholders can choose to pay their premiums based on their convenience. They can choose from monthly, quarterly, half-yearly, and yearly premium payment terms.
    • These plans allow people to retire early, provided that they begin investing at a relatively early age.

    List of Retirement Plans offered by IndiaFirst:

    At present, IndiaFirst insurance company has a small roster of two retirement plans, which help people plan for a stress-free future. These plans are as follows:

    IndiaFirst Guaranteed Retirement Plan:

    The IndiaFirst Guaranteed Retirement Plan is a pension plan, which offers guaranteed returns once a certain age limit is met. This plan comes with plenty of amazing features and benefits as well.

    Features and Benefits of IndiaFirst Guaranteed Retirement Plan:

    • In order to combat inflation, this plan offers timely bonuses which will keep the money’s value on par with the changing times.
    • People can invest through limited, regular, and single premium options, based on their liking.
    • The plan comes with three different tax benefits, which are as follows:
      1. Death benefits under Section 10 (10D) of the Indian Income Tax Act,1961.
      2. Tax benefits on premiums paid based on Section 80CCC) of the Income Tax Act, 1961.
      3. Benefits on commuted amount up to 1/3rd of the maturity/vesting benefit based on Section 10 (10A) of the Income Tax Act, 1961.
    • Sum Assured ranges from Rs.1 lakh to Rs.5 lakh and more depending on the premium payment term and underwriting rules.
    • Payouts under this policy are as follows:
      1. Death Benefit: If the person assured dies while the policy is still in force, the death benefit payable will be the higher of the following:
        • 105% of total premiums paid plus any other applicable bonuses and guaranteed additions.
        • Total Premiums paid accumulating interest at the rate of 0.15% per annum which compounds annually.

    If the person insured dies during the deferment period, the nominees can either choose to buy a new policy with the proceeds and withdraw the entire amount and terminate the plan.

    1. Maturity Benefit: Upon maturity of the policy, the person insured will receive the highest of the following:
      • Sum Assured including the total sum of guaranteed additions.
      • Total Premiums paid accumulating interest at the rate of 0.15% per annum which compounds annually.
    2. Surrender Benefit: If the policy is surrendered the highest of either the Guaranteed Surrender Benefit or the Special Surrender Value will be paid.
    Plan Name Entry Age (in years) Maturity Age (in years) Premium
    Guaranteed Retirement Plan Regular Premium Payment Term: 25 years - 55 years Limited Premium Payment Term: 25 years - 75 years Single Premium Payment Term: 0 years - 75 years 40 years - 80 years Single Premium: Rs.75,000 Minimum Limited Premium: Rs.3,132, Rs.9,324, Rs.18,428, and Rs.36,000 for monthly, quarterly, half-yearly, and yearly premium payment term respectively. Minimum Regular Premium: Rs.2,088, Rs.6,216, Rs.12,286, and Rs.24,000 for monthly, quarterly, half-yearly, and yearly premium payment terms respectively.

    IndiaFirst Immediate Annuity Plan:

    The IndiaFirst Immediate Annuity Plan is designed to help individuals take care of their post-retirement needs while still sustaining a stress-free life.

    Features and Benefits of IndiaFirst Immediate Annuity Plan:

    The IndiaFirst Immediate Annuity Plan comes with a wide rage of features and benefits. Here’s all of them listed for you:

    • If a person owns this policy, they can opt for the monthly payment option, which provides them the money to sustain their monthly expenses. Likewise, they can also choose between quarterly, half-yearly, and yearly payment modes.
    • Policyholders can choose the joint life option which helps covers the spouse as well if the person insured dies.
    • Policyholders can choose between four different annuity options which include receiving the basic annuity or other benefits for a period of 5/10/15 years.
    • Holders of this plan can avail the benefits of this policy till the time they hit 99 years of age.
    • While minimum annuity stands at Rs.1,000 per month, the same for a years is Rs.12,500.
    • Minimum premium for this policy is Rs.3 lakh and the maximum has no limit as such.
    • Payouts under this policy are as follows:
      • Survival Benefit: There are four different survival benefit under this plan depending on the annuity plan chosen by the policyholder. Here are the details:
        1. Life Annuity: Annuity will be paid at a constant rate till the time the annuitant dies.
        2. Life Annuity with Return of Purchase Price: This annuity plan is the same as the life annuity plan, wherein an annuity amount will be paid at a constant rate till the time the annuitant dies.
        3. Joint Life Last Survivor Annuity for Life: This policy allows annuity for an individual of the policyholder's’ choice. Here’s what the payout looks like. Annuity will be paid at a constant rate till the death of the first annuitant. If the person first annuitant dies early, the second annuitant (the person chosen) will be paid the remaining benefits.
        4. Guaranteed annuity for 5/10/15 years: Under this plan, annuity will be paid at a constant rate for a guaranteed period specified by the policyholder. From then on, annuity will be paid for the rest of the annuitant’s life. In case the annuitant dies within this guaranteed period, the remaining benefits will be paid to the nominees.
      • Death Benefit: Death benefit varies depending on the annuity plan chosen by the person insured. Here’s what it looks like for all the annuity variants:
        1. Life Annuity: Any remaining installments will be paid at one go, and the policy will be terminated.
        2. Life Annuity with Return of Purchase Price: The purchase price paid by the policyholder will be returned and the policy will be terminated.
        3. Joint Life Last Survivor Annuity for Life: All the remaining amount will be paid to the last annuitant and the policy will be terminated.
        4. Guaranteed annuity for 5/10/15 years: Annuity amount will be paid as per the guaranteed period. Once the annuitant dies and the chosen period expires, all the remaining amount will be paid to nominees and the policy will be terminated.
    Plan Name Entry Age (in years) Maturity Age (in years) Premium
    Immediate Annuity Plan 0 years - 40 years - Minimum Premium: Rs.3,00,000 Maximum Premium: No limit

    Why you should buy the Retirement Plans from IndiaFirst Life Insurance?

    There are several reasons that make it optimal for you to buy the retirement plan offered by India First Life Insurance. This company was launched in 2010 when Andhra Bank, Bank of Baroda, and Legal and General decided to come together to offer insurance products for the general population.

    • Experienced executives: Although, the company is only 7 years old and is relatively new to the market when compared to its competitors, it still has a bunch of experienced executives leading the way. Besides, the company fuses the cumulative knowledge the stakeholders have in wealth management, banking, and financial management to under the psyche of the customers better.
    • Competitive pricing: Almost all the products offered by the company are competitively priced and are known to be cost-effective. This makes it easier for a person to own this company’s policies without needing to shell out a massive sum of money.
    • Online assistance: To remain in line with the digitally liberated audience, the company offers many of its policies online. For instance, a prospective policyholder can buy and maintain their policies completely online. Also, they can pay premiums online as well.
    • Tax Benefits: All the retirement plans offered by IndiaFirst come with tax benefits for the policyholder. For instance, a policyholder can avail benefits based on Section 80C, Section 10 (10D), and Section 10 (10A) of the Income Tax Act.

    Being a new-age company, retirement plans offered by IndiaFirst cater to the technologically aware individuals of the present. These policies are very tactfully designed to address the financial needs and requirements of a person approaching their retirement.

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