IndiaFirst Life Long Guaranteed Income Plan

This plan lets the policyholders make premium payments over a certain period and get guaranteed income over a certain time or until the age of 99. It is a combination of financial planning in the long term with life cover, which assists individuals to secure their family's future and offers a reliable flow of income.

Eligibility Criteria for the IndiaFirst Life Long Guaranteed Income Plan

These eligibility parameters allow individuals across various age groups to benefit from the IndiaFirst Life Long Guaranteed Income Plan.

Features of IndiaFirst Life Long Guaranteed Income Plan

Understanding the key features helps investors know how the plan functions and why it fits into many best investment plans lists. Here are the main features of the IndiaFirst Life Long Guaranteed Income Plan.

• Short-Term Premium Payments: Make a few extra premiums in a short time span but receive extensive financial gains over the long term.
• Guaranteed Income Options: Select a 20 or 30-year fixed income or till age 99 income.
• Premium Payback Benefit: Policyholders are entitled to receive 100% or 115% of a total of the amounts paid in premiums at the end of the income period for the annual premium.
• Continuous Life Cover: The life cover remains a defined period even when one of the first two full years of the premiums is missed.
• Flexible Income Payout Frequency: Income benefits can be received annually, half-yearly, quarterly, or monthly.
• Tax Benefits: Depending on the existing laws of income tax, premium payments and benefits can be subject to tax benefits.

These features make the plan a reliable savings solution within IndiaFirst Life Traditional Plans.

Benefits of the IndiaFirst Life Long Guaranteed Income Plan

The plan offers multiple financial advantages designed to support long-term financial goals. Here are the key benefits of the IndiaFirst Life Long Guaranteed Income Plan:

• Guaranteed Regular Income: Gives a consistent income once the policy is terminated, and assists in retirement planning or lifestyle.
• Return Of Premium Benefit: When the income benefit period is completed, the insured is repaid all the premiums paid, or 115% of the premium, depending on the premium amount.
• Financial Security Family: In the event of the policyholder's death, the nominee receives a lump-sum death benefit or income for 5 years.
• Long-Term Income Protection: The Whole Life Income option provides a long-term payout up to age 99, making payments stable.

Riders Under the IndiaFirst Life Long Guaranteed Income Plan

Optional riders can enhance the policy's coverage. Here are the available riders under the IndiaFirst Life Long Guaranteed Income Plan.

• IndiaFirst Life Waiver Of Premium Rider.
• IndiaFirst Life Term Rider
• IndiaFirst Life LTC Accidental Death Benefit Rider.
• IndiaFirst Life Total And Permanent Disability Rider.

These riders enable the policyholders to increase their cover depending on personal financial goals.

Policy Details of the IndiaFirst Life Long Guaranteed Income Plan

Understanding operational policy details helps policyholders manage their coverage effectively. Here are the key policy provisions.

1. Grace Period

   The policy provides a grace period that allows policyholders to pay their premiums after the due date while keeping the policy active. For yearly, half-yearly, and quarterly premium payment modes, the grace period is 30 days from the premium due date.

2. Revival

   In case of the policy lapses through non-payment, the policy may be reinstated within a period of five years on the initial date of non-payment of premiums, with payment of all the premiums owed plus interest on the same.

3. Free Look Period

   The policyholders are allowed to examine the policy within a period of 30 days of the delivery of the policy document. In case they do not agree with the terms of any of them, they can cancel the policy and get a refund with deductions.

4. Surrender

   The policyholder will get the surrender value once one year's premiums have been paid.

5. Guaranteed Surrender Value (GSV)

   This is the minimum guaranteed amount payable on surrender, calculated as a percentage of total premiums paid (excluding taxes and rider premiums), as per policy terms.

6. Loan

   The policyholders would be allowed to borrow a loan of up to 90% of the surrender value as per the terms and conditions of the policy of the insurer.

Exclusions Under the IndiaFirst Life Long Guaranteed Income Plan

Like most life insurance plans, this plan also has exclusions:

Suicidal Clause

In case of suicide by the life assured within 12 months of commencement or revival of the policy, the nominee will get 80% of the premiums paid or the surrender value, whichever is larger.