IndiaFirst Guaranteed Retirement Plan is a guaranteed financial protection plan for your second innings. It offers you the option to earn guaranteed returns for the initial years in the plan and an opportunity to further build your retirement corpus through bonus, thereon.
Reasons to buy IndiaFirst Guaranteed Retirement Plan
Guaranteed peace of mind – earn assured returns and strengthen your finances
Stay ahead of inflation through your consistently growing retirement corpus with bonuses in the latter years
Multiple options to invest at your own pace – regular, limited or single premiums
Start early and build a corpus for the future
Maximize your retirement pool, by investing up to a policy term of 40 years
Tax benefits may be available on the premiums paid and benefits received as per prevailing tax laws
What are the eligibility criteria?
For Regular Premium, the minimum age for applying is 25 years and the maximum age is 55 years
For Limited Premium, the minimum age for applying is 25 years and the maximum age is 70 years
For Single Premium, the minimum age for applying is 0 and the maximum age is 75 years
The minimum and maximum age at the end of the policy term must be 40 years to 80 years respectively
For Regular and Limited premium, the minimum sum assured is Rs. 5,00,000 and the maximum limit is subject to underwriting
For Single Premium, the minimum sum assured is Rs. 1,00,000 and the maximum limit is subject to underwriting
IndiaFirst Guaranteed Retirement Plan
With pension plans in India, you can save while you earn to secure your future. The IndiaFirst Guaranteed Retirement Plan is an insurance-investment endowment pension plan that enables you to consistently save small amounts of money over an extended period so you can get guaranteed income during your golden years.
Everybody knows that saving for a rainy day is a must. When you already know in advance that a particular period of your life will require more attention, it should be easy to think forward and plan for it. However, we often get so embroiled in meeting day-to-day needs and expenses that planning for our later years gets put on the back-burner. Retirement planning sets your future on the right path by ensuring that you continue to enjoy financial security benefits even after you have stopped working.
With guaranteed financial protection during your second innings, you can rest assured that the financial safety net you have created with the IndiaFirst Guaranteed Retirement Plan will stand between you and money problems in your old age. Retirement should be a time to sit back and enjoy everything you have worked hard for all your life. The right retirement policy can give your dreams the wings that they need.
How does the IndiaFirst Guaranteed Retirement Plan help in retirement planning?
Retirement insurance plans like IndiaFirst Guaranteed Retirement Plan are different from other basic life insurance products. With a pure protection term policy, you get to enjoy life cover during the chosen policy period. At maturity, there are no survival benefits or pay-outs. However, in the case of your passing during the policy period, your dependents stand to receive a lump sum payment as the sum assured of your life insurance policy.
Retirement benefit plans such as the IndiaFirst Guaranteed Retirement Plan offer you the chance to save consistently and invest in an insurance product that offers guaranteed returns in the form of a regular income till the day you die. Furthermore, in case of your untimely demise during the policy period, your dependents receive a death benefit in the form of lump sum payments or regular monthly income, under the IndiaFirst Guaranteed Retirement Plan.
Retirement planning is the process of managing your finances such that your short- and long-term financial security goals are met. Planning your retirement in the right way ensures that your financial stability remains constant while you are working as well as during your retired life. By taking into account your current financial status, your objectives for your future, and the cash influx you hope to receive during your retirement, retirement planning helps you create a smart and sensible roadmap for your future.
In India, retirement planning does not just pertain to planning for an independent retired lifestyle. It also includes preparing for financial responsibilities that are likely to arise in the long-term when you do not have a regular salary to bank on.
With the right pension insurance plans in India such as the IndiaFirst Guaranteed Retirement Plan, you can plan for your financial security in your golden years, set aside money for key life goals that may come up around that time, and plan for unforeseen circumstances and healthcare concerns.
What advantages does the IndiaFirst Guaranteed Retirement Plan offer?
With so many investment instruments out there, you may be wondering why you need to start retirement planning and invest in pension plans in India. Every investment product offers something specific. Pension plans like the IndiaFirst Guaranteed Retirement Plan serve the dual purpose of investment and insurance.
Contingency planning is done to ensure that you are not left wanting for something later on in life. To enjoy a worry-free retirement period, you need to start retirement planning with IndiaFirst Guaranteed Retirement Plan today.
Pension plans offer a variety of benefits. From a guaranteed monthly income to a high vesting age, each pension plan features different advantages for you to make use of.
When choosing pension plans in India, it is essential to understand one's risk appetite. If you have a risk-friendly profile, you can select pension plans that invest in equity. On the other hand, a risk-averse person would do well with retirement insurance plans such as the non-linked IndiaFirst Guaranteed Retirement Plan that invest in safe government bonds and securities. Choose your investment options keeping your risk appetite in mind.
Retirement policies like the IndiaFirst Guaranteed Retirement Plan create annuities that you can choose to invest in further. As a savings instrument, pension plans require you to systematically put aside a certain amount of money over a period of time. If creating a corpus that earns compounded interest over the long term is essential to you, the IndiaFirst Guaranteed Retirement Plan is a good bet.
Get life cover
The IndiaFirst Guaranteed Retirement Plan offers you the opportunity to save and earn interest, invest your money, and enjoy life cover during the policy term. This way, you can ensure that your retirement is safeguarded, and your dependents will receive an influx of money in case of your untimely demise.
While you cannot deny or delete the effects of inflation, pension plans are retirement benefit plans that serve to neutralise inflation's effects to a large extent. With this IndiaFirst pension policy, you earn a fixed benefit of 9% of total premium paid as guaranteed additions for the first 2/4/6 policy years under policy conditions as well as bonuses, if any.
Choose the date
With pension plans, you can choose between a deferred annuity and immediate annuity. In a deferred annuity plan such as the IndiaFirst Guaranteed Retirement Plan, you get to leave the corpus with the insurer so it can continue earning interest till you are ready to receive the monthly income. Choose when you would like to retire and start receiving your pension from the IndiaFirst Guaranteed Retirement Plan.
Does the IndiaFirst Guaranteed Retirement Plan meet your needs?
Buying pension plans in India is not difficult if you know exactly what your needs are. Retirement planning starts with asking yourself some pivotal questions and planning your life around the answers you get. Here is a checklist of questions to help you evaluate the IndiaFirst Guaranteed Retirement Plan.
What are your retirement goals?
The first step is to identify your retirement goals. Are you hoping to travel across the globe or live a peaceful life at home with your loved ones? Do you need funds for significant expenses later on in life? List down your retirement goals, and separate the list into short-, medium-, and long-term financial goals. Decide what kind of financial resources you will require to meet these needs.
What is your current situation?
This step is not about giving yourself grief over having no/little savings. Assess your current financial position with respect to how much you earn, what your standard of living is, how much you can put aside for retirement savings, and what your liabilities are. Even if you have not saved much, there is no time like the present to begin working toward your goals and kick-starting your IndiaFirst Guaranteed Retirement Plan.
What amount would you need to retire?
Depending on your current standard of living and the standard you hope to maintain during your retirement years, you will come to a specific sum of money you need to enjoy a financially secure retired life. Once you arrive at this amount, you can reverse engineer how much you need to invest in pension plans like IndiaFirst Guaranteed Retirement Plan today.
How would you like to receive your pension?
As salaried professionals, most people are used to having a monthly income. With adequate retirement planning and smart options like the IndiaFirst Guaranteed Retirement Plan, you can choose deferred or immediate annuity pension plans that offer guaranteed income at periodic intervals selected by you.
When to start retirement planning with the IndiaFirst Guaranteed Retirement Plan?
The essence of any planning is that it is done in advance. Retirement planning is no different in this regard. It needs to be done beforehand, so there is enough time to invest in the right pension plans, earn interest via compounding, and watch your money grow. Considering that staying invested for an extended period is essential to sound retirement planning, the best time to start is in your 20s.
In India, the typical age of retirement is around 60 years. This means that the average time you will earn an income is between 30-40 years. This period is the window for you to start investing for a comfortable future with the IndiaFirst Guaranteed Retirement Plan. The age you start at makes a significant difference to the corpus you can create in the long-term. Even a small delay of a few years is likely to reduce your retirement policy corpus by a substantial amount.
Retirement planning with IndiaFirst Guaranteed Retirement Plan can be divided into three phases:
The investment phase wherein you begin to actively invest your money in pension plans and retirement pension schemes. This stage generally extends from the time you start up to your 50s. At the start of this period, you are likely to have fewer liabilities and responsibilities, which means you have more money to divert to savings and investments.
As you grow older, your salary will increase but so will your expenses. You will have to factor in other significant costs such as home loans, children's education expenses, etc. Choose the right duration and amount to be contributed to the IndiaFirst Guaranteed Retirement Plan during this phase.
The accumulation phase is where your investments begin to show returns that enhance your corpus. The last stage covered under retirement planning is the withdrawal or distribution phase. This period is when you have reached your retirement age and would like to receive a monthly income from the saved corpus.
As you get closer to retiring, you should begin diverting your corpus from risky investments to safer bets. Upon retirement, choose whether you want to receive one significant lump sum pay-out, several withdrawals, or a source of monthly income.
With guaranteed pension plans like the IndiaFirst Guaranteed Retirement Plan, you dictate when you would like to receive your pension annuity.
What are the factors to consider while buying the IndiaFirst Guaranteed Retirement Plan?
The IndiaFirst Guaranteed Retirement Plan is a pension life cover that provides you the dual benefits of life insurance coverage and investment. Before you choose how much to invest in the IndiaFirst Guaranteed Retirement Plan, there are a few factors you should consider.
For retirement planning, your monthly income and expenses are two of the primary variables that decide how much you need to invest in pension plans and retirement insurance. A general rule of thumb states that you will require approximately 60-80% of your current monthly expenses to come in as income even after retirement. Once your professional salary stops coming in, where will this money for monthly payments come from? If planned correctly, this money will come from the IndiaFirst Guaranteed Retirement Plan retirement annuity plan.
Price rise is a universal certainty. The rate of inflation is continually growing, which means that the purchasing power of Rs. 1 lakh today will be much reduced in a few decades. Inflation has to be factored in before you buy a pension plan. If your retirement planning makes space for inflation, then you will not be blindsided when you retire. Use an online retirement planner to do the math, so you can get the best value from your IndiaFirst Guaranteed Retirement Plan.
Do your research
With so many insurance plans for senior citizens and retirement annuity plans to choose from, you will be spoilt for choice. When it comes to retirement planning, you cannot blindly follow what other family members have done because your needs, income, and expenses are different from theirs. Do your due diligence before you buy a retirement plan online by reading about the types of pension insurance options and looking through IndiaFirst Guaranteed Retirement Plan reviews. This research will help you make an informed choice for your future needs.
Your risk profile indicates your appetite to take on risk while investing. If you are risk-averse, choose the non-linked India First retirement plan that offers you guaranteed income at your retirement. Market-linked financial instruments are a good idea for young investors and those who have a larger risk appetite. It is a sensible idea to diversify your portfolio to include guaranteed pension plans, pension life cover, and other riskier ventures.
Length of retired life
It is a misnomer that one does not have many years to enjoy post-retirement. In today's day and age, medical access and healthcare advancements have significantly increased life expectancy. Even if you retire at the age of 60, consider that you have another two to four decades ahead of you. The amount required to ensure that these decades go by smoothly can be created with the help of different types of pension plans in India such as the IndiaFirst Guaranteed Retirement Plan.
What are the key features of the IndiaFirst Guaranteed Retirement Plan?
The IndiaFirst Guaranteed Retirement Plan is a non-linked, participating, endowment deferred pension plan. This guaranteed pension plan is designed to help you stay ahead of inflation, arrange for steep healthcare costs, have a standby ready in the absence of a regular salary, and maintain your current lifestyle even after retirement.
As a non-linked plan, the IndiaFirst Guaranteed Retirement Plan is not affected by volatile market conditions. This makes this pension guaranteed plan an excellent option for those who are risk-averse. Furthermore, as a participating plan, the IndiaFirst Guaranteed Retirement Plan allows the policy holder to enjoy any bonuses declared from the profit earned by the insurer.
- Earn a fixed benefit of 9% of Total Premium Paid as Guaranteed Additions for the first 2/4/6 policy years under regular and limited premium option depending upon the premium payment term
- Get a defined assured benefit that makes sure that a minimum assurance is set
- Stay ahead of inflation through your consistently growing retirement corpus with bonuses in the latter years
- Choose from multiple options to invest at your own pace—regular, limited, or single premiums
- Maximize your retirement pool by investing up to a policy term of 40 years
- Use the opportunity to start planning your retirement irrespective of your age
- This retirement policy can be purchased as an online plan at your convenience
- Tax benefits may be available on the premiums paid and benefits received as per prevailing tax laws
What are the eligibility criteria for IndiaFirst Guaranteed Retirement Plan?
- For Regular Premium, the minimum age for applying is 25 years, and the maximum age is 55 years in this guaranteed pension plan.
- For Limited Premium, the minimum age for applying is 25 years, and the maximum age is 70 years in this pension insurance plan.
- For Single Premium, the minimum age for applying is 0, and the maximum age is 75 years in the IndiaFirst Guaranteed Retirement Plan pension insurance scheme.
- At the end of the policy term, the minimum and maximum age must be 40 years to 80 years, respectively, in this pension guaranteed plan.
- For Regular and Limited premium, the minimum sum assured is Rs. 5,00,000, and the maximum limit is subject to underwriting in this retirement benefit plan.
- For Single Premium, the minimum sum assured is Rs. 1,00,000, and the maximum limit is subject to underwriting in this retirement annuity plan.
Can I have government pension plans and the IndiaFirst Guaranteed Retirement Plan simultaneously?
Yes. There are a number of retirement pension schemes and pension plans offered by private insurers, commercial pension plans providers, private banks, and government entities in India. You can also choose to buy pension plans online from reputed insurers. While there is no cap on the number or types of pension insurance plans you can purchase from private insurers, you cannot have more than one pension scheme by the Indian government, such as the National Pension Scheme.
What is the pension annuity in the IndiaFirst Guaranteed Retirement Plan?
An annuity is the most pertinent feature of pension plans like the IndiaFirst Guaranteed Retirement Plan. It refers to the periodic payment that you receive from your investment in pension plans. When you buy a retirement plan, you have to pay single or recurring premiums into the retirement policy. Once you retire, an annuity is the regular pay-out that you receive from the pension plans. In this plan, you can choose to pay a single premium, limited premiums (5/10 years), or regular premiums, and receive deferred annuity plus bonuses (if any).
What is the vesting age under the IndiaFirst Guaranteed Retirement Plan?
The typical age of retirement of employees in India is around 60 years. However, you can choose to retire whenever you like. In pension plans, vestment age refers to the pre-determined age at which you will start to receive payments from your pension plans. Under the IndiaFirst Guaranteed Retirement Plan retirement insurance policy, the vestment age could be anywhere between 40 to 80 years of age.
IndiaFirst Guaranteed Retirement Plan is a participating pension plan—what does this mean for me?
IndiaFirst Guaranteed Retirement Plan is one of the participating pension plans in India. In a participating plan, the policy holder receives a share of the profits made by the insurer in the form of bonuses (if any) or dividends. In a non-participating plan, there are no bonuses or dividends paid to the policy holder. However, both types of pension insurance plans offer specific returns that are guaranteed when you buy the pension plan.
Is it a good idea to buy the IndiaFirst Guaranteed Retirement Plan online?
As long as your chosen pension plans are from reputed pension plans service providers and insurers, there is no problem if you buy pension plan online. In today's Internet-friendly world, it is a convenient and quick option. Pension plans can be purchased online without any hassles or delays. IndiaFirst Guaranteed Retirement Plan can be purchased through the online mode at your convenience.
If I have a PF account, do I still need the IndiaFirst Guaranteed Retirement Plan retirement policy?
When you consider growing inflation, rising costs of living, as well as the costs of healthcare and medical assistance, the corpus created by your PF account is unlikely to be enough to meet your financial needs post-retirement. Use an online retirement planner to understand the retirement cover and inflation-adjusted corpus you would need when you retire. Use this IndiaFirst pension plan to help you meet your future financial goals.
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