- 1 Key features of India First Guaranteed Retirement Pension Plan
- 2 India First Annuity Plan Benefits
- 3 India First annuity Product Specifications
- 4 India First annuity Plan-Policy Details
- 5 What are the annuity options and benefits available under this plan?
- 6 How much can you invest?
- 7 What is the term for annuity payments?
- 8 How much annuity will you receive?
- 9 What are the annuity payment frequencies?
- 10 How do you get paid back under this plan?
- 11 Is there death benefit under this plan?
This India First Guaranteed Retirement Plan is a comprehensive plan and the customer can choose between various options. This plan is a traditional non-linked and non-participating plan. After you pay the lump sum amount you will receive the payouts, hence it is called an annuity plan. You can choose your retirement age and retirement income from this plan you can receive monthly payments without fail according to this plan you can transform your lifestyle. Let us briefly discuss the key features of this plan and the variations of this plan
Key features of India First Guaranteed Retirement Pension Plan
Traditional pension plan – In this plan you will receive regular income after retirement using this Retirement Pension Plan plan you can maintain decent standard of living and can be used for long term benefits.
Immediate annuity plan – After the lump sum amount is paid you will receive annuity payment of stated payment
Single premium policy – You can receive this by single payment of premium this plan is a traditional lifetime plan
Monthly annuity plan – After retirement you will receive regular monthly income for your lifetime
Choice of retirement age -You can choose your retirement age according to your needs
Relaxed entry age – The minimum age of application is 40 and maximum age is 80 years you can receive maximum benefit from this annuity
Multiple payment options – The payment can be made by cheque, demand draft or electronic clearing service.
India First Annuity Plan Benefits
The annuity payments are paid on monthly basis through your lifetime, which begins after payment of lump sum amount.
There are 3 options in vesting plan of deferred authority.
- You can take 1/3rd of fund value which is tax free and purchase an annuity with the remaining 2/3rd annuity
- You can purchase the annuity with 100% of lump sum from India first or other life insurance
- According to current income law you can take entire fund
Death benefit and surrender benefit – Because this plan is annuity plan, there is no death benefit and surrender benefit under this plan
India First annuity Product Specifications
|Entry age||40 years||80 years|
|Premium payment term||Single payment|
|Payout frequency||Monthly payment|
India First annuity Plan-Policy Details
Cancellation of plan
You are provided with a free look period of 15 day from the date of receipt for renewal of terms and conditions. If you feel that this is not the right plan for your retirement or you disagree with the terms and conditions along with written reasons you can cancel this policy and the insurance company will refund the amount equal to the premium. The stamp duty will be deducted
You cannot receive loans from this plan
Non participating plan
Since it is a non participating plan it does not take part in surplus earnings or profits of the company. You do not receive bonuses in this plan the benefits are restricted.
The plan does not have surrender value because this plan cannot be surrendered
Prohibition of rebate
According to section 41 of insurance act, 1938 you are not allowed to receive rebates. According do this law
You should not allow or offer to allow either directly or indirectly to continue or renew the insurance policy in spite of risk relating to life, property in India and rebate. And you should not accept any rebate or else it will be published prospectus and you will need to pay penalty of Rs.10lakh
Frequently Asked Questions – FAQ
What are the annuity options and benefits available under this plan?
There are four different types of annuity plan offered by India First. Each annuity plan is unique and is efficient. Annuity is the regular income which you receive after retirement.
- Life annuity
- Life annuity with return of purchase price
- Joint life last survivor annuity for life
- Annuity for a period of 5 years,10years and 15 years
The above plans are annuity option which can be chosen by the individual according to the need of the customer
How much can you invest?
The minimum amount which you can invest is RS.3lakhs but there is no maximum premium for investment
What is the term for annuity payments?
For single life annuity the annuity will be paid for lifetime. For joint life annuity you will receive annuity for your life time and after your demise your spouse and children will receive the annuity
How much annuity will you receive?
You will receive 1000 for 1 month and 12,500 for 1year. If the eligible purchase price is not sufficient the amount will be refunded. You can pay for quarterly, monthly and yearly installements
What are the annuity payment frequencies?
According to your need you can choose quarterly, monthly, half yearly and yearly. Your first annuity payment will be in due for 1 month, 3 months, 6 months or even 1 year after commencement with respect to the annuity plans
How do you get paid back under this plan?
You can receive annuity plans for your lifetime. The annuity payments will be provided monthly, half yearly, quarterly or even on a yearly basis. The minimum monthly purchase price is Rs.3lakhs and minimum instalment should not be less than RS. 1000 per month
Is there death benefit under this plan?
The annuity which you receive will be paid to the second annuity in case of demise only in case of joint life annuity and not in single life annuity. There is no other death benefit available India Firs insurance plan because this plan is exclusively for annuity. The purchase price will be paid back to the nomine till the end of guaranteed period and before the expiry of guaranteed period under annuity with return of purchase price option/ type. This plan cannot be surrendered.