IndiaFirst Annuity Plan
IndiaFirst Annuity Plan
India First Annuity Plan is a traditional Immediate Annuity plan, which can be purchased by paying a lump sum amount as a Single Premium. This is a non-participating plan which means it is not eligible for bonuses. In this plan, the policyholder gets to choose the retirement age, and he/she would receive a fixed annuity on a monthly basis for life from that selected age.
Key Features
Benefits
This being an Immediate Annuity Plan, there is no death benefit that is paid under this plan.
There are 3 options available to the policyholder:
- He can choose to take 1/3rd of the Fund Value, which is tax free and purchase an annuity with the remaining 2/3rd either from IndiaFirst Life Insurance or from any other life insurance company according to open market option
- He can purchase an annuity with 100% of the lump sum either from IndiaFirst Life Insurance or from any other life insurance company, or
- He can withdraw the entire Fund Value and be taxed on it according to tax laws.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amounts you receive from this plan are exempt from tax under section 10(10D)
No riders are available in this policy
Eligibility
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
NA |
NA |
Policy Term (in years) |
Annuity starts immediately |
|
Premium Payment Term (in years) |
Single |
|
Entry Age of Policyholder |
40 |
80 |
Age at Maturity |
- |
80 |
Single premium (in Rs.) |
Not Specified |
NA |
Payment modes |
Only Single |
FAQs
This being a single premium policy, there is no question of stop paying premium.
There are no surrender benefits under this term plan.
Loan facility is not available under this policy.