IndiaFirst Life Guaranteed Annuity Plan

Eligibility Criteria for the IndiaFirst Life Guaranteed Annuity Plan

These eligibility conditions help determine whether an individual can purchase the policy and the amount of annuity they may receive.

Features of the IndiaFirst Life Guaranteed Annuity Plan

Some of the key features of the IndiaFirst Life Guaranteed Annuity Plan include:

• It also provides various annuity options for the policyholder to select the most appropriate payout plan.

• You can receive annuity payments monthly, quarterly, semi-annually, or annually, depending on your preferred frequency.

• Some alternatives include joint life annuities, where the spouse or second annuitant continues to receive income following the death of the primary annuitant.

• Some annuity plans are issued at a purchase price; the invested funds can be returned to the nominee upon the annuitant's demise.

• The annuity rates tend to be constant at the point of purchase, thereby providing some certainty of income during the retirement period.

You can explore different savings and wealth-building options offered by insurers through IndiaFirst Life investment Plans to choose a plan that aligns with your financial goals.

Benefits of the IndiaFirst Life Guaranteed Annuity Plan

The IndiaFirst Life Guarantee Annuity Plan provides guaranteed retirement income, along with other benefits designed to support financial security in later years.

1. Lifetime Income:

   When the policy is matured, the annuitant starts receiving lifetime payments in the form of periodic payments of annuity, as per the amount and frequency that has been chosen.

2. Flexible Annuity Theme:

   The plan has several themes of annuities, which include life annuity, joint life annuity, escalating annuity, and annuity certain. These choices enable people to plan their retirement benefits to suit their requirements.

3. Return of Purchase Price:

   Some annuity provides guarantee that the purchase price that was paid at the commencement of the policy can be refunded to the nominee upon the death of the annuitant.

4. Critical Illness Benefit:

   There are some types of annuities that enable the purchase price to be refunded in case of some critical illnesses diagnosed during the policy term of the annuity.

5. Tax Benefits:

   The amount paid as premiums and benefits earned on the policy may be subject to tax benefits in accordance with the existing income tax laws, as per the existing rules.

Riders Under the IndiaFirst Life Guaranteed Annuity Plan

The IndiaFirst Life Guaranteed Annuity Plan allows the policyholder to increase coverage by adding optional riders.

Two riders are available with specific annuity options under this plan:

• IndiaFirst Life Accidental Death Benefit Rider

• IndiaFirst Life Total and Permanent Disability Rider

These riders offer extra protection by providing financial assistance in the event of accidental death or permanent disability of the annuitant, as outlined in the policy's terms and conditions.

Policy Details of the IndiaFirst Life Guaranteed Annuity Plan

Understanding the policy terms helps individuals make informed decisions before purchasing a retirement annuity plan.

1. Free Look Period:

   The policyholders are granted 30 days free look period, which commences on the date of the policy document. In this case, the policy can be canceled if the terms and conditions are not satisfactory.

2. Surrender:

   You can surrender within the policy term when you have elected, where the original outlay will be returned to your nominees (e.g., Life Annuity with Return of 100% Purchase Price).

If you are looking to grow your savings while maintaining life cover, you can compare some of the best investment plans available in India to find a suitable option for long-term financial planning.

Exclusions Under the IndiaFirst Life Guaranteed Annuity Plan

1. Suicidal Cover:

   Most annuity options are usually exempted of suicide. In certain deferred annuity plans, however, should the life assured commit suicide during 12 months following the date of commencement of the risk, the purchase price can be paid to the nominee.