IndiaFirst Life Pension Plans
India First Life Insurance is one of the youngest financial service providers in India undertaken jointly by Bank of Baroda, Andhra Bank and UK based Legal & General. The company is present in over 1000 Indian cities and towns and has marked a profit of INR 6.9 crores in the financial year 2014-15. The company offers a host of insurance products including health, savings, security and a variety of group insurance plan.
What are Pension Plans?
After retirement, an individual loses the source of regular income and requires a plan that will provide a stream of income at that time. Pension plans prove useful in that scenario because they provide annuity payments which help to take care of post retirement expenses.
Some common trends of the plans are listed hereunder:
- The plans are of two types – Deferred and Immediate Annuity
- Under Deferred annuity plans, the annuity payments are delayed for some years as chosen by the policyholder. During those years, premiums are required to be paid and if there is death of the policyholder, the death benefit will become payable to the nominee. There is a Vesting concept which signifies the date when the deferment period terminates and the annuity payouts commence
- Under Immediate Annuity plans, there is no waiting concept. Annuity starts after the payment of the single premium called the Purchase Price. Death benefit is not applicable under the plans because the payments stop once the policyholder dies.
Why Pension Plans
Retirement is the age when the income flow stops but the daily expenses continue. Moreover, medical expenses are seen to increase. As such, to depend on our children for taking care of us in retirement is not prudent and one should plan for retirement. These plans are an effective retirement planning tool because they provide cash at the time when it is required the most.
IndiaFirst Pension Plans
IndiaFirst Life Insurance Company is offering only one type of pension plan called the IndiaFirst Annuity Plan which is an immediate annuity plan. Let us take a look at the plan in details along with its features and benefits.
IndiaFirst Annuity Plan
A traditional immediate annuity plan with regular cash-flows post maturity for the entire lifetime. The features of the plan are as follows:
- Under the plan, the annuity payments will start immediately from the next month after the payment of the single premium.
- The annuity payouts are payable for the entire lifetime of the annuitant
- The premium paid to buy the plan is exempt from taxation under Section 80CCC of the Income Tax Act.
Existing Customers - 0 years
New customers – 40 years
Annuity Payout Frequency
Applying For Pension Plans through PolicyBazaar
- On the PolicyBazaar homepage, click on Retirement under the Personal tab.
- Click New Quotes to compare and choose from top insurance providers.
- Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
- Fill in your name, email address, city, country code, and mobile number. Click Continue.
- You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
- After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
- You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
- This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.
To know more about other life insurance plans check at IndiaFirst Life Insurance
IndiaFirst Life Pension Plans - FAQs
1. How to pay premium? What are the modes of payment available?
INDIAFIRST Life Insurance offers the following modes of payment for paying premium namely:
- Credit card/Debit Card
- Electronic Clearing system(ECS)
- Cash or cheque
For ECS you must register beforehand by duly signing and submitting the ECS form. This facility is available in select cities only.
Alternatively, you can drop in cash or cheque at your nearest branch in the city.
2. How can I check policy status for IndiaFirst Life pension plans?
To check the policy status login to your IndiaFirst Account with the designated User ID and password this is directly linked with your policy number. After login in a detailed tab will be displayed this contains all the relevant data related to your policy.
3. What is the policy renewal process for IndiaFirst Life pension plans?
For policy renewal process, login into your account and select the online payment for renewal policy.
You can also select the ECS or the Auto debit option for paying the premium had you initially signed up for the policy.
You can approach the nearest branch office and fill in the required forms, attaching the mandatory documents to get the policy renewed.
4. What is the company’s process to settle claim for IndiaFirst Life pension plans?
INDIAFIRST Life Insurancehas a clear and transparent process for settling claims. You must intimate the company about the incident within one week of it occurrence. There are different options available for intimation such as:
- By couriering the details
- Approaching us via Advisor.
- Contacting us at any of our branch office.
A set of documents as listed in the website needs to be submitted to the company. Upon receipt of the same, the claim is settled within15 days’ time period.
5. What is the policy cancellation process for IndiaFirst Life pension plans?
In order to cancel a policy, you can fill in the required form and submit it to the nearest branch office along with the surrender charges as mentioned in the policy.
For new users, a period of about 15 days is allotted wherein one has the option to surrender the policy in case deemed necessary.
You may also like to read What is NPS Scheme
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IndiaFirst Life Pension Plans Reviews
The IndiaFirst life pension plan i bought is fantastic plan according to me. The policy coverage is 89% and the claims are of Rs.32 L after the policy ends. The investment is low approx. Rs.13 K thrice per year. The services are nice which provided by the company. Nice future savings. Updates are send regularly. I very much like my plan.