Age at Entry
- Question
- Age at Entry
- Answer
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- Minimum: 45 years on last birthday under all options
- Maximum: 80 years as on last birthday under all options
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Whole Life Plan
Limited Premium: 5/ 6/ 7/ 8/ 9/ 10 years
How people have benefitted from IndiaFirst Life
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
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
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)
This a Non-Linked, Non-Participating, Individual, Savings Deferred Annuity Plan which provides a shorter pay commitment (5, 6,7,8,9 or 10 years), but also gives you the benefit of a lifetime of assured annuity income. You get to choose from 5 different annuity options as you safeguard your retirement years with yearly, half yearly, quarterly or monthly annuity. The return of purchase price options ensure that you and your loved ones are taken care of in case of death or even in diagnosis of critical illnesses. You can choose to buy the annuity just for your retirement years under the single life or even choose to protect your loved ones with the joint life option in the policy.
You may revive the lapsed Policy within the revival period of 5 years from the due date of first unpaid premium by:
A lapsed Policy will only be revived along with all its benefits in accordance with our Board Approved Underwriting Policy.
If the policy is revived, then all benefits as per policy T&C will be restored as for an in-force policy.
Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before buying this policy.
You may avail a loan amount up to 80% of the available surrender value. The minimum loan amount should be Rs. 25,000.
Mode of Annuity payment | Minimum Installment | Maximum Installment |
---|---|---|
Yearly | 12000 | No limit, subject to Board approved Underwriting policy |
Half-Yearly | 6000 | |
Quarterly | 3000 | |
Monthly | 1000 |
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 payable at the end of every year after the completion of Premium Paying Term provided all due premiums have been paid and the policy is in-force
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 Frequency | Factor to be multiplied with yearly annuity Rate |
---|---|
Yearly | 1 |
Half-Yearly | 0.49 |
Quarterly | 0.24 |
Monthly | 0.08 |
The annuity rates will be level and guaranteed for life in absolute terms at the time of purchasing except the Life Increasing Annuity. Such annuity amount shall become payable for as long as the annuitant survives.
The following enhancement factors will be applicable on annuity rate based on the different bands of purchase price:
Premium Bands | Enhancement Factors |
---|---|
50,000 to 99000 | - |
1,00,000 to 1,99,000 | 2.30% |
2,00,000 to 2,99,000 | 3.10% |
3,00,000 to 4,99,000 | 3.60% |
5,00,000 & above | 3.80 |
You can pay your premiums for a limited time in this policy. You may pay your premiums Yearly, Half Yearly, Quarterly or Monthly
Deferment Period is equal to the Premium Paying Term under this policy. The period in years from the date of commencement of the policy during which no Annuity Amount is payable to the Annuitant is the deferment period.
You may pay limited premiums in the policy based on your need.
Minimum Premium | Maximum Premium |
---|---|
INR 50,000/- | No limit. The maximum premium depends on Annuity Amount |
S. No | Annuity Option | Survival Benefit | Death Benefit* |
---|---|---|---|
A | Life Annuity | SINGLE LIFE The annuity amount will be payable in arrears for the life of the annuitant, as per the annuity frequency chosen. JOINT LIFE The annuity amount will be payable in arrears for the life of the last surviving annuitant, as per the annuity frequency chosen. | SINGLE LIFE No death benefit shall be payable and the policy will terminate. JOINT LIFE On Death of First Annuitant: No death benefit will be payable. Policy will continue with full benefits for second annuitant .On Death of Second Annuitant:No death benefit shall be payable and Policy will terminate. |
B | Life Increasing Annuity | SINGLE LIFE The annuity will be payable in arrears for the life of the annuitant as per the annuity frequency chosen. The annuity amount will increase every year by 5% per annum at simple rate, after completion of 20 years of annuity. JOINT LIFE Not applicable | SINGLE LIFE No death benefit shall be payable and the policy will terminate JOINT LIFE Not applicable |
C | Life Annuity with Return of Purchase Price on Death | SINGLE LIFE The annuity amount will be payable in arrears for the life of the annuitant, as per the annuity frequency chosen. JOINT LIFE The annuity amount will be payable in arrears for the life of the last surviving annuitant, as per the annuity frequency chosen. | SINGLE LIFE 100% of the Purchase Price will be payable to nominee(s)/ legal heirs and the policy will terminate. JOINT LIFE On Death of First Annuitant: No death benefit will be payable. Policy will continue with full benefits for Second Annuitant. On Death of Second Annuitant: 100% of total premiums paid shall be payable to the nominee(s)/ legal heirs and policy will terminate. |
D | Life Annuity with Return of Purchase Price on Death or on Critical Illness (CI) | SINGLE LIFE The annuity amount will be payable in arrears forthe life ofthe annuitant, as per the annuity frequency chosen till diagnosis of CI or death (Death or CI whichever is earlier). JOINT LIFE Not applicable | SINGLE LIFE 100% of the Purchase Price will be payable to the nominee(s)/ legal heirs in case of Death (Death or CI whichever is earlier) and Policy will terminate. JOINT LIFE Not applicable |
E | Life Annuity with Return of Purchase Price on Death or in instalment on survival | SINGLE LIFE The annuity amount will be payable in arrears forthe life ofthe annuitant, aspertheannuityfrequencychosen. In addition a fixed sum (20% of Total Premiums Paid) will be payable at the end of every 5th year starting from the completion of 20 years of annuity; subject to a total of 100% of TPP, post which annuity payouts will no longer be payable. JOINT LIFE Not applicable | SINGLE LIFE 100% of the Purchase Price will be payable to the nominee(s)/ legal heirs, less sum total of additional amount paid (20% of Total Premiums Paid at the end of every 5 t h year starting from the completion of 20 years of annuity) and Policy will terminate. JOINT LIFE Not applicable |
i. Annuity Option A and C are available for single life and joint life whereas other plan options will be available only for Single Life.
ii. The annuity payouts will start after the completion of Premium Paying Term provided all due premiums have been paid and the policy is in-force.
iii. *Death Benefit after the Deferment Period/ Premium Paying Term will be paid out provided all due premiums have been paid and policy is in force.
iv. In case of Death during the Deferment Period/ Premium Paying Term, provided all due premiums have been paid and policy is in-force:
o On Death of First Life – No death benefit payable. Policy will continue with full benefit on second life.
o On Death of Second Life – 105% of total premiums paid shall be payable to the nominee(s)/ legal heirs and policy will terminate
v. The First Annuitant will be the primary personen titled to receive the annuity payments ,while the Second Annuitant will been titled to receive the annuity payments in the event of the death of the First Annuitant, if applicable.
vi. A Joint life annuity would be available to all relationships wherein there is an insurable interest between the annuitants.
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