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Ask an Expert to Buy Life Insurance

We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

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Key Features of IndiaFirst Life Guaranteed Annuity Plan

Lifetime Income Assurance

Secure lifelong income tailored to your needs.

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Annuity Options

Choose from 12 options to match your goals.

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Family Protection with Return of Purchase Price

 Protect loved ones with premium return options.

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Flexible Deferred Life Annuity

Flexible payments to suit your retirement planning needs.

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Escalating Life Annuity for Growth

Receive growing annuity payments.

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Critical Illness Protection

Stay financially secure during illnesses.

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How to buy IndiaFirst Life Guaranteed Annuity Plan?

Step 1

Set Your Budget

Decide how much you'll invest and use online tools to plan payments and returns.

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Step 2

Personalise Your Plan

Choose policy and premium payment terms along with annuity options online

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Step 3

Review Your Plan

Review the plan summary on chosen coverage and premium options

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Step 4

Make Payment

Securely pay online and review your insurance retirement plan..

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Visualize your Plan

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60 years

Rakesh aged 60 years starts his Guaranteed Annuity Plan with a retirement policy corpus of ₹20,00,000, ensuring financial security for his future.

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60 - 70 years

Rakesh receives an annuity amount of ₹33,618 once every 3 months, providing a steady income stream to support his lifestyle during his insured retirement plan.

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72 years

In the event of Rakesh's demise during the policy term, his wife becomes the primary beneficiary and continues to receive the annuity payments to maintain financial stability.

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Rakesh’s Wife

Continues to receive the annuity of ₹33618 once every 3 months, ensuring ongoing financial support even after Rakesh's passing. 

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Eligibility Criteria

Age at Entry

Answer

Minimum: 40 years as on last birthday

Maximum: 80 Years as on last birthday

Annuity Amount

Answer
  • Minimum: ₹1,000 p.m and ₹12,500 p.a.
  • Maximum: No limit subject to underwriting

Premium (Purchase Price)

Answer
  • Minimum: ₹100,000
  • Maximum: No limit

Annuity Payment Frequency

Answer
  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

How can we help?

View All FAQ

Can you cancel this policy (Free-look)?

Answer

You can return your policy document if you disagree with any of the terms and conditions within the first 15 (fifteen) days of receipt of your Policy document. In case you have bought this Policy through Distance Marketing or electronic mode, then, you may return the Policy within 30 (thirty) days from the date of receipt of your Policy document.

You will need to send us the original Policy document and a written request stating your reasons for cancellation, post which we will cancel the policy and refund your Premium within 15 days of receipt of the request after deducting annuity paid, if any and stamp duty paid.

In case of a contract of compulsory annuity purchase from IndiaFirst Life Insurance Company, the money will not be refunded if the free look option is availed with in free look period however, you can choose to avail another annuity option as available in the product within the free look period.

In case you have purchased this policy out of Transfer proceeds (QROPS) or out of corpus from vesting of your pension policy from any other company, insurer, or institution (including NPS); we will refund the monies directly to the respective account from where purchase price was received. We will not pay you any interest on the monies held by us during this interim period.

What are the annuity rates under this policy?

Answer

The annuity rates will be level and guaranteed for life in absolute terms at the time of purchasing except the Escalating Life Annuity and Escalating Life Annuity with Return of Purchase Price option. Such annuity amount shall become payable as long as the annuitant survives.

The following enhancement factors will be applicable on annuity rate based on the different bands of purchase price:

 

Purchase Price BandEnhancement Factor
1,00,000 to less than 2,50,0000.00%
2,50,000 to less than 5,00,0001.50%
5,00,000 to less than 10,00,0001.75%
10,00,000 and above2.50%

What are the benefits/payout if this policy is purchased as QROPS (Qualifying Recognized Overseas Pension Scheme), through transfer of UK tax relieved assets?

Answer
  • Cancellation in the Freelook Period: If the policy is purchased as QROPS through transfer of UK tax relieved assets, the freelook cancelation amount, as per product, shall only be transferred back to the fund house from where the money was received.
  • No-Forfeiture Benefit: If the policy is purchased as QROPS through transfer of UK tax relieved assets, access to benefits/annuity payout from this policy starts at least when policyholder attains 55 years of age.
  • Oversees Transfer Charge: In the event of applicable tax charge arising as result of an overseas transfer [HMRC (Her Majesty Revenue & Customs) policy paper: The overseas transfer charge- guidance, published 8th March 2017] for which IndiaFirst Life, as scheme Manager may become liable and shall deduct an amount only to the extent of the applicable tax charge from the policy value and remit the same to HMRC.

What are the tax benefits under this policy?

Answer

Tax benefits (if any) may be available on premiums paid and benefit receivable as per prevailing Income Tax Laws. Tax benefits are subject to change from time to time as per the Income Tax Act, 1961. Please consult your tax consultant before purchasing an annuity.

What are your options to revive the policy?

Answer

Revival is not applicable under this policy.

What is the Grace Period applicable under this policy?

Answer

Since this is a single pay plan, all premiums are payable in a Lump sum at the start of the Policy. Hence, no grace period is applicable under this plan.

What is the IndiaFirst Life Guaranteed Annuity Plan?

Answer

This is a non linked, non participating, annuity plan. The plan provides you 12 different options to choose from, to get a - regular income on a Monthly / Quarterly / Half-yearly / Yearly basis as chosen. This policy is available for both, our existing as well as new customers.
 

Product Snapshot
Age at entry (First Annuitant)

Minimum: 40 years as on last birthday

Maximum: 80 years as on last birthday

Premium (Purchase Price)

Minimum: INR 100,000

Maximum: No limit

Annuity Amount

Minimum: INR 1,000 per month
                 INR 12,500 per annum

Maximum: No limit subject to underwriting

 

Who are the people involved in the policy?

Answer

This policy may include the ‘Annuitant’, the ‘Nominee(s)’ and the ‘Appointee’.

 

Who is an Annuitant?
 

An Annuitant is person entitled to receive the payouts. In case of Joint Life, the Primary Annuitant will initially receive the annuities, while the Secondary Annuitant will receive the annuities, in the event of death of the Primary Annuitant, as opted.

An annuitant has to be – 

 

 Minimum AgeMaximum Age
First Annuitant40 years as on last birthday (45 years in case of Deferred Life Annuity with return of Purchase Price and Deferred Life Annuity)80 years as on last birthday

 

  • In case of Joint life annuities, the age limits apply to both the lives. 
  • Annuitant(s) below the minimum age will only be accepted where the proceeds are from a contract issued or administered by IndiaFirst Life where compulsory purchase of annuity is required.
  • Policy is purchased as QROPS (Qualifying Recognized Oversees Pension Scheme) through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC (Her Majesty Revenue & Customs) from time to time.
  • Higher ages at entry may be allowed to cater to the needs of NPS subscribers as per extant PFRDA guidelines.

 

Who is a nominee(s)?

Nominee(s) is the person entitled to receive the purchase price under Return of Purchase Price option or Annuities under Annuity Certain option when the life assured has died before the end of chosen certain period.

Who is an appointee?

Appointee is the person to whom the proceeds/benefits secured under the Policy are payable if the benefit becomes payable to the nominee(s) and nominee(s) is minor as on the date of annuity payment.  

What are the annuity options and benefits available under this policy?

Answer

We provide you with 12 different options to purchase an annuity as per your requirements. The annuity amount in these options (except for Deferred Annuity options i.e. Option 6 & 7), will be payable in arrears, immediately after the commencement of the policy as per annuity payment frequency chosen by you, the annuitant. For Option 6 & 7, annuity is payable in arrears immediately after the completion of deferment period The details of each are as given below – 

 

S.No.Annuity Option Benefits
1.

Life Annuity

  • The annuity amount will be payable in arrears for the life of the annuitant.
  • The annuity will be paid as long as the annuitant is alive and ceases only on death of the annuitant. 
  • This option is applicable for a single life only
2.Life Annuity with return of 100% of purchase price
  • The annuity amount will be payable in arrears for the life of the annuitant.
  • The annuity will be paid as long as the annuitant is alive and ceases only on death of the annuitant.
  • This option is applicable for a single life only
3.Joint Life Last Survivor Annuity for Life
  • The annuity will be payable in arrears for the life of the last surviving annuitant.
  • On the death of the either annuitant, the annuity payment continues for the other annuitant.
  • On the death of the both annuitants, the annuity payments will cease and no further amount will be payable.
  • This option is applicable for joint life only, spouse, brother, sister, parents, parents-in-law, (implying relationships where insurable interest can be established) are allowed to buy this option.
4.Joint Life Last Survivor Annuity for Life with return of 100% of purchase price
  • The annuity will be payable in arrears for the life of the last surviving annuitant.
  • On the death of the either annuitant, the annuity payment continues for the other annuitant. 
  • On the death of the both annuitants, the annuity payments will cease and 100% of purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant.
  • This option is applicable for joint life only, spouse, brother, sister, parents, parents-in-law, (implying relationships where insurable interest can be established) are allowed to buy this option.
5.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.
  • On 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 or 10 or 15 years
  • This option is applicable for single life only
6.Deferred Life Annuity where deferment period is 5 to 10 years
  • The deferment period in this option is of 5-10 years.
  • The annuity rate shall be set at the inception of the policy.
  • After the end of the deferment period; the annuity will be payable immediately in arrears as per annuity payment frequency chosen for the life of the annuitant.
  • On the death of the annuitant during deferment period; 110% of purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. 
  • On the death of the annuitant after deferment period; the annuity payments will cease and no further amount will be payable.
  • This option is applicable for single life only
7.Deferred Life Annuity with Return of Purchase Price where deferment period is 5 to 10 years
  • The deferment period in this option is of 5-10 years
  • The annuity rate shall be set at the inception of the policy
  • After the end of the deferment period; the annuity will be payable immediately in arrears as per annuity payment frequency chosen for the life of the annuitant.
  • On the death of the annuitant during deferment period; 110% of purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. 
  • On the death of the annuitant after deferment period; the annuity payments will cease and 100% of purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. 
  • This option is applicable for single life only
8.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
  • This option is applicable for single life only
9.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.
  • On 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.
  • On 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.
10.Escalating Life Annuity
  • The annuity will be payable in arrears for the life of the annuitan
  • 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 no further amount will be payable
11.Escalating Life Annuity with Return of Purchase price
  • The annuity will be 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
12.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).
  • As per current regulations, the annuity benefit will be payable for life of the annuitant and his/her spouse as per the annuity option “Joint Life Last Survivor with Return of Purchase Price”. In case, the annuitant does not have a spouse, the annuity benefit will be payable for life of the annuitant as per the annuity option “Life Annuity with Return of 100% of Purchase Price”.
  • In case of demise of the annuitant before the vesting of the annuity, the annuity benefits will be payable for life of the spouse as per the annuity option “Life Annuity with Return of 100% of Purchase Price”.
  • On death of the annuitant (s), the annuity payment would cease and refund of the purchase price shall be utilized to purchase an annuity contract afresh for living dependent parents (if any) as per the order specified below.
       (a) Living dependent mother of the deceased annuitant
       (b) Living dependent father of the deceased annuitant
  • However, the annuity amount would be revised and determined as per the annuity option “Life Annuity with Return of 100% of Purchase Price” using the annuity rate prevalent at the time of purchase of such annuity by utilizing the Purchase Price required to be refunded to the nominee(s) under the annuity contract.
  • The annuity would continue until all such family members in the order specified above are covered. After the coverage of all such family members, the Purchase Price shall be returned to the surviving children of the annuitant and in the absence of the children, the legal heirs of the annuitant, as may be applicable.  
  • In case no such family members exist upon the death of the last survivor, there would be a refund of the Purchase Price to the nominee(s).

 

Let’s take an example:

 

Rakesh, 60 years, took a voluntary retirement from his reputed job to take time off and follow his dream of writing. He wants to buy an annuity from his retirement corpus. He has invested in the IndiaFirst Life Guaranteed Annuity Plan to:

 

  • He decides to utilize his retirement corpus of INR 20,00,000 (inclusive of taxes) under the Joint Life Return of Purchase Price option with his wife (aged 60) as the second annuitant.
  • He opted for a quarterly annuity frequency, which means that he will receive an annuity amount of INR 33,618 once every three months.
  • In case of Rakesh’s death, the Annuity will continue to be paid to his wife.
  • On death of the last surviving annuitant, their nominee will receive the purchase price, excluding taxes.

Note :-  The Purchase Price is paid at the beginning of the policy year and all the policy benefits are paid at the end of the chosen benefit frequency.

How much can you receive as an annuity payment?

Answer

 

Annuity ModeAnnuity Mode
Minimum Annuity installment per monthINR 1,000
Minimum Annuity installment per annumINR 12,500
Maximum Annuity installmentNo limit subject to Board approved Underwriting criteria, if any.

 

  • The minimum annuity payouts shall be in accordance with IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time except subscribers of the NPS regulated by PFRDA.
     

Can you increase your annuity payments?

Yes; you can increase your annuity amount through top-up option.

  • The annuity option will be same as opted at the time of purchase
  • The additional annuity amount will be based on the top-up amount.
  • The annuity rate will be based on the age at the time of availing top-up option.
  • The annuity rate prevailing at the time of top-up will be applicable.

What are the annuity payment frequencies available?

Answer

You may choose to receive your annuity payments in Monthly, Quarterly, Half-yearly or Yearly frequencies as per your need. The first annuity payment will be due on monthly, quarterly, half-yearly, yearly, in arrear, with respect to the annuity payment mode chosen. Annuity instalment amount will be determined by multiplying the yearly annuity rate with the factors as per annuity frequency chosen as per below table:
 

Annuity Payment FrequencyFactor to be multiplied with yearly annuity Rate
Yearly1
Half-Yearly0.49
Quarterly0.24
Monthly0.08

What is the premium in this policy?

Answer

The premium (purchase price) in this policy is a one-time payment, as per below given limits. 
 

Minimum PremiumMaximum Premium 
Rs 100,000No limit

 

  • This minimum premium is not applicable for the proceeds from the contract issued or administered by IndiaFirst Life, where compulsory purchase of annuity is required and to the subscribers of the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA). 
  • The minimum premium should be such that minimum annuity installment criteria is fulfilled under any of the available annuity option from IndiaFirst Life. 
  • Tax benefit may be available on premium (purchase price) paid as per prevailing tax laws. These are subject to change from time to time.

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