IndiaFirst Life Guaranteed Annuity Plan

The India First Life Guaranteed Annuity Plan is designed to assure you regular income throughout your life-time. It helps you cope with your healthcare costs and stay ahead of inflation through your retirement years.

REASONS TO BUY INDIAFIRST LIFE GUARANTEED ANNUITY PLAN

1. Get the assurance of a regular lifetime income as you choose from 12
different annuity options as per your need

2. Avail the Return of Purchase Price facility with options like Life Annuity,
Joint Life Last Survivor Annuity, Deferred Life Annuity, Escalating Life
Annuity and protect your nominee(s) as your loved ones get back the
premium amount

3. Get assurance through the Annuity Certain option! Receive your annuity
amount for a pre-decided period irrespective of an unfortunate event
and life thereafter

4. Delay your annuity instalments in sync with your needs as you choose
the Deferred Life Annuity Option

5. Support your loved ones even in your absence with options like Joint Life
or Family Income

6. Choose the Escalating Life Annuity option and receive an annuity
amount growing at a constant rate

7. Stay protected from Critical Illnesses as you get the amount in the form
of purchase price and utilize it for your treatment

8. Receive a regular monthly/quarterly/half-yearly/yearly income through
your retirement years

WHAT ARE THE ELIGIBILITY CRITERIA?

1. Minimum entry age in the plan is 40 years* and maximum entry age is
80 years

2. Minimum premium (purchase price) in the plan is INR 1,00,000 with no
limit on maximum premium

3. Minimum annuity amount is INR 1,000 monthly and INR 12,500 yearly
with no limit on maximum annuity amount

INDIAFIRST LIFE GUARANTEED ANNUITY PLAN
Designed to meet insurance plus investment needs, the India First Life Guaranteed Annuity Plan assures you that you will earn a regular income throughout your lifetime. Retirement planning refers to more than just putting money aside for when you get older. While most people save for their retirement, not all of them know how to ensure maximum utilization of the resources that they have put aside. Adequate retirement planning includes researching the pension plans in India to find the ones that offer you features and flexibility.
The India First Life Guaranteed Annuity Plan is an annuity pension plan that features a number of options to help you customize your retirement policy for your specific needs. Choose what type of annuity you would like, when you want to start receiving your retirement income, and even protect yourself against critical illnesses. Enjoy the assurance of lifetime income with the India First Life Guaranteed Annuity Plan.

WHY SHOULD YOU USE THE INDIAFIRST LIFE GUARANTEED ANNUITY PLAN FOR YOUR RETIREMENT PLANNING?
The primary motive behind buying pension plans in India is to get a regular influx of money during your retirement days. When you start retirement planning early, you gain better control over what your life will be like in the years to come. Your specific retirement planning goals change depending on your current income, expected standard of living, and risk appetite. However, the prime directive remains the same—financial independence, even when you do not have a professional income.
Planning your retirement with the India First Life Guaranteed Annuity Plan offers you a number of benefits:

Immediate pension payments
With most pension plans in India, you have to make periodic payments for a number of years. Since the India First Life Guaranteed Annuity Plan is a one-time payment policy with immediate annuity payments (unless the deferred annuity options are chosen), you can invest a large corpus in your later years and start getting pension payments immediately afterwards.

Peace of mind
Human beings are planners. We make to-do lists, plan meetings, and create goal checklists. A well-formulated plan is a gift that keeps giving. Not only does it help you see in advance what the potential pitfalls are, but it also lets you enjoy peace of mind today because your tomorrow is taken care of. The India First Life Guaranteed Annuity Plan offers 12 different annuity options to ensure your peace of mind. Along with annuity options such as deferred annuity, escalating life annuity, and annuity certain, you can also stay protected from financial strife owing to critical illnesses.

Protecting your loved ones
The India First Life Guaranteed Annuity Plan is a pension insurance plan that serves the dual purpose of being an investment instrument and providing you with life cover. In case of your untimely demise, your dependents receive a lump sum pay-out in the form of the sum assured in your retirement insurance plan (depending on annuity option). Secure your family's financial future in your absence with an insured retirement plan that caters to every eventuality.

WHAT ARE THE ANNUITY OPTIONS UNDER THE INDIAFIRST LIFE GUARANTEED ANNUITY PLAN?
In India, the typical age of retirement is around 60 years. However, retirement planning has to be done much in advance so that this period of your life goes just as smoothly as the time before it. The India First Life Guaranteed Annuity Plan is a pension insurance plan that can help you meet this goal.
You will find many pension plans in India that differ based on benefits, exclusions, features, or premium payment terms during retirement planning. Finding the right retirement policy in India is a pivotal retirement planning step. As a pension plan or retirement policy, the India First Life Guaranteed Annuity Plan requires you to make a single contribution to create a corpus of funds that safeguards your retirement years. These are the annuity options you can choose from:

Life Annuity
In this option, the annuity amount will be payable in arrears for the life of the annuitant and will cease after the annuitant’s death.

Life Annuity with return of 100% of purchase price
The annuity amount will be payable in arrears for the life of the annuitant and will cease after the annuitant’s death. At this time, 100% of purchase price will be payable to the nominee(s)/legal heir(s) of the annuitant.

Joint Life Last Survivor Annuity for Life
In this option, your spouse or chosen joint life annuitant will continue to receive payments even after the primary annuitant’s demise. The annuity payments cease only upon the death of both annuitants.

Joint Life Last Survivor Annuity for Life with return of 100% of purchase price
In this option, your spouse or chosen joint life annuitant will continue to receive payments even after the primary annuitant’s demise. The annuity payments cease only upon the death of both annuitants. At this time, 100% of purchase price will be payable to the nominee(s)/legal heir(s) of the annuitant.

Annuity Certain for a period of 5,10,15 years and Life thereafter
The annuity will be payable in arrears for the life of the annuitant or until the end of certain period whichever is later. Upon the death of the annuitant or at the end of the certain period whichever is later, the annuity payments will cease and no further amount will be payable. The annuitant has the option to choose a certain period of 5, 10, or 15 years.

Deferred Life Annuity
You can choose a deferment period of 5-10 years at a fixed annuity rate. Annuity payments will be made after the end of the deferment period for the life of the annuitant. In case of the annuitant’s death during the deferment period, 110% of purchase price will be payable to the nominee(s)/legal heir(s) of the annuitant.

Deferred Life Annuity with return of purchase price
In addition to all benefits of the Deferred Life Annuity option, this variant also offers 100% of purchase price payable to the nominee(s)/legal heir(s) of the annuitant, in case of the death of the annuitant after the deferment period.

Life Annuity with return of purchase price on diagnosis of Critical Illness or Death
The annuity will be payable in arrears for the life of the annuitant as per the chosen annuity payment frequency. Upon the annuitant being diagnosed with any of the covered critical illnesses (defined in Annexure I) or death, the annuity payments will cease and 100% of the purchase price will be payable to the annuitant or to the nominee(s) in case of annuitant’s death and policy will be terminated.

Life Annuity with return of purchase price in parts
The annuity will be payable in arrears for the life of the annuitant. At the end of 10th year, 30% of the purchase price will be paid to the annuitant on survival. Upon death of the annuitant beyond 10 years, the annuity payments will cease and 70% of the purchase price will be paid to the nominee(s)/legal heir(s) of the annuitant. Upon death of the annuitant within 10 years, the annuity payment will cease and 100% of purchase price will be payable to the nominee(s)/legal heir(s) of the annuitant.

Escalating Life Annuity
Payable in arrears for the life of the annuitant, the annuity will increase every 3 years at simple rate of 5% on initial annuity.

Escalating Life Annuity with return of purchase price
Payable in arrears for the life of the annuitant, the annuity will increase every 3 years at simple rate of 5% on initial annuity. On the death of the annuitant, the annuity payments will cease and 100% of purchase price will be payable to the nominee(s)/legal heir(s) of the annuitant.

NPS – Family Income
Under this option, the annuity benefit would be payable in accordance with the regulations as prescribed by Pension Fund Regulatory and Development Authority (PFRDA).
The India First Life Guaranteed Annuity Plan does more for you than typical retirement pension schemes. Not only does it provide you financial security and independence during your old age, but it also gives you the benefits of 12 different annuity choices and tax deductions.

IS THE INDIAFIRST LIFE GUARANTEED ANNUITY PLAN THE RIGHT PENSION PLAN FOR YOU?
Retirement planning deals with concrete numbers. It is not guesswork or art but science that factors various variables to address your long-term retirement goals. Consider your current income, projected expenses, inflation, and risk appetite. This will help you arrive at whether the India First Life Guaranteed Annuity Plan can fulfil your short- and long-term needs. Weigh the pension plan against your retirement planning checklist.

Guaranteed income
Most pension plans in India are designed to replace your income after your monthly salary ceases to come in. Choosing an annuity insurance pension plan means that you get the benefits of life cover till the retirement policy is in force.
India First Life Guaranteed Annuity Plan is a single-premium individual annuity policy that offers you 12 different annuity options. The options include Deferred Life Annuity, Deferred Life Annuity with Return of Purchase Price, Annuity Certain, and Joint Life Last Survivor Annuity for Life. Weigh the pros and cons of each type of guaranteed income stream.

Vesting age
In a pension plan, the vesting age is when the policy holder starts to receive a regular pension. As a single-premium retirement policy, the India First Life Guaranteed Annuity Plan accepts a minimum age of 40 years as on the last birthday or 45 years in case of the Deferred Life Annuity with return of purchase price and Deferred Life Annuity options. The maximum age at the time of policy purchase is 80 years.

Plan surrender value
It is recommended not to surrender pension plans before their maturity date as you will inevitably lose all the benefits associated with the retirement policy. However, before you buy a pension plan, all possibilities need to be considered. In case you have to surrender pension plans for some reason, you stand to receive the policy's surrender value (as long as it is paid-up). This feature is a benefit offered by pension insurance policies in India.
Surrendering the India First Life Guaranteed Annuity Plan would net you a Guaranteed Surrender Value (GSV) as outlined in the policy document.

Tax benefits
Most types of pension plans in India are designed to be tax-efficient investment instruments. There are several sections under the Income Tax Act of 1961 that may allow you to claim tax deductions. With the India First Life Guaranteed Annuity Plan, tax benefits (if any) may be available on premiums paid and benefit receivable as per prevailing Income Tax laws.

WHAT ARE THE ADVANTAGES OFFERED BY THE INDIAFIRST LIFE GUARANTEED ANNUITY PLAN?
The India First Life Guaranteed Annuity Plan is a unique plan designed to cater to different needs of people from all walks of life. Choose from 12 different annuity options, depending on what you want your pension plans to do for you. Here are a few factors you need to consider so you can choose the right variant of the India First Life Guaranteed Annuity Plan:

Premium/purchase price
The India First Life Guaranteed Annuity Plan is a one-time payment policy with a minimum purchase price of Rs. 100,000. Pension plans in India come with a minimum investment threshold as well as a maximum investment amount.
Planning your retirement goals will help you understand how much you need to invest in life insurance for retirement so as to enjoy retirement insurance benefits. Choose how much you would like to invest by reverse engineering from the amount you would like to receive from the India First Life Guaranteed Annuity Plan pension plans.

Risk and returns
Your risk appetite dictates the investment instruments you choose. If you have a high-risk appetite, you can invest in equity funds and other market-related instruments that offer high returns. If you are risk-averse and would rather invest in guaranteed returns, opt for the non-linked India First Life insurance guaranteed retirement plan.
Not only are you assured an income from the India First Life Guaranteed Annuity Plan, but you can also choose to receive it in a yearly, half-yearly, quarterly, or monthly frequencies.

Additional advantages
Once you know that your chosen pension plans meet your primary need for income post-retirement, look at the additional benefits that this retirement policy is offering. From life insurance for retirement and tax deductions to preferred annuity options, weigh the pros and cons of the pension plans variants.

A policy to complement your retirement plan
Your retirement planning goal is to create a kitty of investment instruments that complement each other. If you think you have been too conservative or aggressive in your investing, choose pension plans to complement your existing investments. The India First Life Guaranteed Annuity Plan offers a return of purchase price option as well as joint life option so your spouse can continue receiving annuity payments even after your passing.

Option to increase annuity amounts
The India First Life Guaranteed Annuity Plan offers you the option to increase your annuity payments depending on your needs. This can be done through a top-up option with the same annuity option as opted for at the time of purchase.

WHAT ARE THE FEATURES OF THE INDIAFIRST LIFE GUARANTEED ANNUITY PLAN?
The India First Life Guaranteed Annuity Plan is a non-linked, non-participating annuity plan. The primary goal of retirement planning and why people buy a pension plan is to ensure that they have a stream of income once they retire. Your professional income will eventually cease, but day-to-day expenses will not disappear. You will still have to buy groceries and medication, and pay your utility bills. The India First Life Guaranteed Annuity Plan offers you the assurance of a regular income throughout your life.

Key features of the India First Life Guaranteed Annuity Plan

Get the assurance of a regular lifetime income as you choose from 12 different annuity options as per your need.
Avail of the Return of Purchase Price facility with options like Life Annuity, Joint Life Last Survivor Annuity, Deferred Life Annuity, Escalating Life Annuity, and protect your nominee(s) as your loved ones get back the premium amount.
Get assurance through the Annuity Certain option. Receive your annuity amount for a pre-decided period irrespective of an unfortunate event and life after that.
Delay your annuity instalments in sync with your needs as you choose the Deferred Life Annuity Option.
Support your loved ones even in your absence with options like Joint Life or Family Income.
Choose the Escalating Life Annuity option and receive an annuity amount growing at a constant rate.
Stay protected from Critical Illnesses as you get the amount in the form of the purchase price and utilize it for your treatment.
Receive a regular monthly/quarterly/half-yearly/yearly income through your retirement years.
Increase your annuity amount through the top-up option.
Tax benefits may be available on premiums paid and benefit receivable as per prevailing Income Tax laws.

WHAT ARE THE ELIGIBILITY CRITERIA FOR INDIAFIRST LIFE GUARANTEED ANNUITY PLAN?
The minimum entry age in the plan is 40 years as on your last birthday, and the maximum entry age is 80 years in this India First guaranteed retirement plan.
The minimum premium (purchase price) in the plan is Rs. 1,00,000 with no limit on maximum premium in this India First pension plan.
The minimum annuity amount is Rs. 1,000 monthly and Rs. 12,500 yearly with no limit on maximum annuity amount in this pension insurance coverage plan.