Starting your retirement planning is an important decision to make during your working years. To maintain your lifestyle and stay financially secure, it is essential to start early and choose the right retirement solution. The IndiaFirst Life Smart Retirement Plan can help you create a reliable income stream for your post-retirement years. It supports smart retirement planning by offering flexible options, guaranteed benefits, and long-term financial security.
Why Buy the IndiaFirst Life Smart Retirement Plan
The Smart Retirement Plan from IndiaFirst Life offers features that make it stand out from generic pension products.
Here are the specific benefits of buying IndiaFirst Life’s smart retirement plan:
Market-Linked Growth with Flexibility
The plan helps you grow your retirement savings. It gives you the option to invest in three new pension funds: an equity fund, a debt fund, and a liquid fund. You can make a choice between these or opt for a mix, depending on your risk appetite and financial goals.
Choice of Two Plan Options
One of the key benefits of the Smart Retirement Plan from IndiaFirst Life is that you can pick between two types of plans:
Retire Smart
Here, you get the Return of Mortality Charges (ROMC) feature, meaning the mortality charges you have paid throughout the tenure will be paid back to you at maturity.
Retire Secure
This option provides a Waiver of Premium (WOP) benefit, which means the plan’s premiums will be waived off in case of an unfortunate situation. The nominee can receive financial security even in your absence.
Zero Allocation and Administration Charges
This smart retirement plan has no premium allocation or policy administration charges. Such benefits lead to more of your money being invested in wealth creation and towards your goals.
Guaranteed Additions in the First Year
When you pay the plan’s premium for the first year, you get Guaranteed Additions. These are credited to your fund value at the time of premium allocation. So, your investment is getting a boost right from the start. By opting for this kind of smart retirement planning, you are ensuring that your fund receives more allocation than the premium you actually pay.
SIP-Style Investment Strategy
The plan offers a feature called the Fund Transfer Strategy. You can create a Systematic Investment Plan (SIP)-like approach within your retirement savings to help you boost and safeguard returns gradually. Plus, you get unlimited switches and premium redirections to manage investments more actively.
Flexible Premium Payments
You can choose your premium payment term based on your income flow. Alongside, you also have the option to change the premium payment frequency as per your changing circumstances. The flexibility allows you to pay during your working years, while building a corpus for retirement without undue pressure.
Tax Benefits**
Contributions to life insurance-oriented retirement plans are eligible for tax deductions under Section 80C. The death benefit payout also offers tax benefits as per prevailing laws. This makes the plan efficient for tax savings as well as retirement security.
Once you receive the payouts at the vesting stage, you can use the maturity benefit to purchase a Guaranteed Annuity Plan or a Guaranteed Pension Plan from IndiaFirst Life. This can help you ensure a lifelong income through steady annuity payouts.
Who Should Opt for the IndiaFirst Life Smart Retirement Plan?
This plan is ideal for anyone looking for smart retirement planning. Here’s a look at who can benefit most from it:
Salaried Professionals
Employees who want to build a financial safety net beyond their company provident fund can use this plan to ensure a steady income after retirement.
Self-Employed Individuals
Business owners and freelancers often lack pension benefits usually provided by the employer. This plan can fill that gap by acting as a personalised pension solution.
Early Planners
Young earners who start early in their careers can maximise the benefits of a smart retirement plan by giving their money more time to grow.
Near-Retirement Individuals
Those approaching retirement age can use the plan to convert savings into a reliable income stream through annuities or pensions.
Families Seeking Security
Individuals who want to ensure their family’s financial protection along with retirement income can benefit from this plan’s combination of guaranteed payouts and optional life cover.
The IndiaFirst Life Smart Retirement Plan is an ideal choice for anyone seeking guaranteed income, tax savings, and peace of mind. With features like guaranteed additions and zero allocation or administration charges, it supports effective smart retirement planning. To maximise its benefits and plan your golden years with care, use a retirement calculator.
** Tax exemptions are as per applicable tax laws from time to time.
Disclaimer
IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and Linked Insurance Products are different from the traditional insurance products and are subject to risk factors. The Premium paid in unit-linked life insurance policies are subject to investment risks associated with capital markets and Publicly vailable index. NAVs of the units may go up or down, based on the performance of fund and factors influencing the capital market/Publicly available index and the insured is responsible for his/her decisions. IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and IndiaFirst Life Smart Retirement Plan (UIN 143L076V01) is only the name of the Life Insurance Product and does not in any way indicate the quality of the contract, its prospects, or returns. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoter’s M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License.
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