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IndiaFirst enters pension space with Guaranteed Retirement Plan

IndiaFirst enters pension space with Guaranteed Retirement Plan
Private sector insurer IndiaFirst Life Insurance, a joint venture between Andhra Bank, Bank of Baroda, and Legal and General (UK), has entered the pension space with the launch of IndiaFirst Guaranteed Retirement Plan.

IndiaFirst Guaranteed Retirement Plan which pays 9 percent returns on total premiums, is a non-linked, participating, endowment, deferred pension plan.

“Guaranteed Retirement Plan 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,” said R M Vishakha, MD & CEO, IndiaFirst Life Insurance. 

The term of the plan is flexible can select a policy term and policyholders can receive the funds between 40-80 years of age to purchase an annuity.

A plan offers limited premium payment options: single premium, limited period payment of 5 to 10 years for a plan term of 10 to 35 years, payment and plan term of 10 years to anytime between 15 or 35 years.

The premium can be paid 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.

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