Retirement is a phase of life that should be peaceful, secure, and fulfilling. But for many, the fear of financial instability overshadows what should be a time of relaxation. Let’s explore how the IndiaFirst Life Guaranteed Pension Plan works to make your retirement years comfortable, predictable, and truly worry-free.
Designed for a Lifetime of Financial Security
The IndiaFirst Life Guaranteed Pension Plan is a non-linked, non-participating, individual deferred annuity plan. In simple terms, it allows you to pay premiums for a limited period (5 to 10 years) and then receive a guaranteed annuity—a fixed income for life—after the deferment period.
This design ensures that even as you stop working, your income doesn’t. The policy is structured to give you regular payouts, so you continue to meet daily expenses and lifestyle needs without dipping into your savings.
Multiple Annuity Options to Choose From
The IndiaFirst life insurance guaranteed retirement plan stands out from other retirement plans due to the five flexible annuity options tailored to different retirement needs:
1. Life Annuity (Single/Joint Life)
Regular payouts for life. In the joint option, payouts continue till the last surviving annuitant.
2. Life Increasing Annuity (Single Life Only)
Annuity increases by 5% per year from the 21st year onward, which is ideal for coping with inflation.
3. Life Annuity with Return of Purchase Price on Death
Annuity for life. On death, 100% of premiums paid are returned to the nominee/legal heir.
4. Life Annuity with Return of Purchase Price on Death or Critical Illness
Annuity continues until either death or diagnosis of a listed critical illness. The purchase price is then paid out.
5. Life Annuity with Return of Purchase Price in Instalments
Annuity for life, plus 20% of premiums paid every 5th year post 20 years until the total equals 100%.
Protection Against 20 Critical Illnesses
What makes the IndiaFirst Life Guaranteed Pension Plan work beyond just being a retirement income solution is its critical illness protection.
Under the relevant annuity option, if you are diagnosed with any of the 20 listed critical illnesses, you receive 100% of the purchase price as a lump sum to help manage medical costs. This includes major conditions such as cancer, heart attack, stroke, kidney failure, and more.
It’s not just about income—it’s about health security, too.
Short-Term Investment for Long-Term Benefit
You don’t need to pay premiums forever. The plan offers limited premium payment terms—choose from 5, 6, 7, 8, 9, or 10 years. After this, you simply wait out the deferment period (which is the same as your premium term) and then enjoy income for life. This makes the IndiaFirst Life Guaranteed Pension Plan ideal for those in their late 40s to 60s, who are preparing for retirement within a decade.
Flexible Payout Options
Whether you prefer monthly, quarterly, half-yearly, or annual income, the plan adapts to your needs. You start receiving annuity payouts right after the deferment period, ensuring smooth transition from earning to retirement. This flexibility helps you align payouts with your budgeting style, making planning expense effortless. You can use a retirement calculator to understand your investment and then compare it to your return.
Built-In Financial Continuity for Loved Ones
In case of the annuitant’s death, the policy continues to offer financial benefits based on the option selected:
- Joint Life options ensure the surviving annuitant continues to receive payouts.
- Options with Return of Purchase Price provide a lump sum to the nominee/legal heirs.
This ensures your spouse or dependents aren’t left unprotected.
Other Benefits That Add Peace of Mind
If you are looking for a solution that offers guaranteed income, long-term security, and protection against critical uncertainties, the IndiaFirst Life Guaranteed Pension Plan could be the answer.
1. Loan Facility
Need funds during the deferment period? The plan allows you to take a loan up to 80% of the surrender value, so your investment remains accessible.
2. Tax Benefits
You may be eligible for tax deductions on premiums paid and tax-free benefits on annuity income, as per prevailing laws.
3. Policy Revival and Paid-Up Option
If a premium is missed, you have a 5-year window to revive the policy. If not revived, the policy becomes paid-up and offers reduced but guaranteed benefits.
4. Surrender Value
If you must exit the policy, you’ll receive either a Guaranteed Surrender Value or Special Surrender Value, whichever is higher.
Who Can Buy the Plan?
Anyone who needs a plan that fits their life goals—whether they want a growing income, want to protect a spouse, or ensure their legacy through return of premiums.
Parameter
| Criteria
|
Entry Age
| 45 – 80 years
|
Minimum Premium
| ₹50,000
|
Maximum Premium
| No limit
|
Policy Term
| Whole Life
|
The plan is also open to NPS subscribers and those using funds from other pension plans to buy an annuity.
If you’re nearing retirement and want to lock in financial certainty for the rest of your life, the IndiaFirst Life Guaranteed Pension Plan offers a compelling solution. With multiple annuity options, critical illness coverage, guaranteed returns, and flexibility in payment and payout modes, this is one of the most practical and protective retirement tools in the Indian market. So, when you ask how the IndiaFirst Life Guaranteed Pension Plan works to make retirement worry-free, the answer is simple: By guaranteeing income, offering health protection, and ensuring family security for life.
Disclaimer:
IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North Tower, Building 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll free No – 18002098700. IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and IndiaFirst Life Guaranteed Pension Plan UIN 143N066V04 is only the name of the Life Insurance Product and does not in any way indicate the quality of the contract, its future 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 M/S Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License.
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