IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), announced the launch of the IndiaFirst Guaranteed Retirement Plan, on Wednesday.
IndiaFirst Guaranteed Retirement Plan is a non-linked, participating, endowment, deferred pension plan. The policy term can be chosen according to individual’s requirements.
The plan offers policyholders flexibility in premium payment. A customer can choose to pay one time, under the single premium mode, or pay for a limited period of 5 to 10 years for a plan term of 10 to 35 years, or select a payment and plan term of 10 years to anytime between 15 or 35 years.
Customers also have the option to pay in monthly/ quarterly/ half yearly/ yearly intervals.
The policyholder gets a tax benefit on the premiums paid, as per section 80(CCC) of Income Tax Act, 1961.
The plan offers a return of 9% on total premiums paid during the initial years, and the benefit of participating in the company’s profits in the later years.
Speaking on this, R M Vishakha, MD & CEO, IndiaFirst Life Insurance said, “We have launched the IndiaFirst Guaranteed Retirement Plan which is structured to be market movement agnostic. The current popular retirement plans available in the market are mostly unit-linked plans. The IndiaFirst plan is designed to address the needs of people who would want to create an assured pool for retirement.”
“Apart from providing a balance of guaranteed return and an upside through bonuses, this plan also provides customers with a lot of flexibility to plan for retirement irrespective of age.” said Rushabh Gandhi, Director Sales & Marketing, IndiaFirst Life Insurance.