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 of IndiaFirst Annuity Plan

§         It is a traditional non-participating Immediate Annuity plan

§         It is a single Premium policy

§         Monthly annuity is paid to the policyholder

 

COMPARE THIS PLAN WITH OTHER PENSION PLANS

Amt. you want to invest per month?

Investment Period

Select City

I authorize MyInsuranceClub & its partners to Call/SMS & agree to the Terms of Use.

Show premiums

 

Benefits you get from IndiaFirst Annuity Plan

Death Benefit – This being an Immediate Annuity Plan, there is no death benefit that is paid under this plan.

Vesting Benefit – 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.

Income Tax Benefit - 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)

 

 Eligibility conditions and other restrictions in IndiaFirst Annuity Plan

	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

 

 

Sample illustration of premium amount in IndiaFirst Annuity Plan

The below illustration is for a healthy Male (non-tobacco user) opting for

Single Premium=Rs 5,00,000

 

 

  

Additional Features and Benefits of IndiaFirst Annuity Plan

Riders – No riders are available in this policy

 

What happens if?

You stop paying the premium – This being a single premium policy, there is no question of stop paying premium.

You want to surrender the policy – There are no surrender benefits under this term plan.

You want a loan against your policy – Loan facility is not available under this policy.