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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)
IndiaFirst Life Guaranteed Retirement Plan is a participating, non-linked individual pension savings plan. The plan supports you with a dual benefit - First, where you 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 and second, where you earn bonuses (if declared) by participating in the profits of the company. The total number of years that you can benefit from both these features each, is subject to the premium paying mode opted by you. In addition to these, you also have a defined assured benefit that makes sure that a minimum assurance is set and you can further build upon the same. These layered benefits have been put together in a single plan to ensure that they carve out a financially secure future for you!
Under this plan, you can start by choosing either how much money you would want for your retirement or how much savings you can put in today to secure your retirement. We suggest you make sure this amount is what you and your family will need a few years down the line, to maintain your lifestyle and financial requirements.
As per the regulations, you have the option to take the Death Benefit, Vesting Benefit and the Surrender
Benefit in the following ways
– In case of Death Benefit the nominee shall have the following options:
To utilize the entire proceeds of the policy or part thereof for purchasing an immediate annuity or deferred annuity from IndiaFirst Life at the then prevailing rate. However, the nominee shall be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of 50% of entire proceeds of the policy net of commutation (commutation allowed is 60%), hence amount available for purchase of annuity from other insurer is 20% of entire proceeds ; or
i) To withdraw the entire proceeds of the Policy.
In case of Vesting Benefit the Policyholder shall have the following options:
i) To utilize the entire proceeds to purchase immediate or deferred annuity from IndiaFirst Life at the prevailing annuity rate subject to point no (iii) below; or
ii) To commute up to 60% and utilize the balance amount to purchase immediate or deferred annuity from IndiaFirst Life at the prevailing annuity rate subject to point no (iii) below,
iii) Every policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at then prevailing annuity rate to the extent of 50% of the entire proceeds of the policy net of commutation (commutation allowed is 60%), hence amount available for purchase of annuity from other insurer is 20% of entire proceeds
In case of Surrender Benefit the Policyholder shall have the following options:
i) To utilize the entire proceeds to purchase immediate or deferred annuity from IndiaFirst Life at the prevailing annuity rate subject to point no (iii) below; or
ii) To commute up to 60% and utilize the balance amount to purchase immediate or deferred annuity from IndiaFirst Life at the prevailing annuity rate subject to point no (iii) below; or
iii) Every policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at then prevailing annuity rate to the extent of 50% of the entire proceeds of the policy net of commutation (commutation allowed is 60%), hence amount available for purchase of annuity from other insurer is 20% of entire proceeds
For Single premium: surrender value is payable immediately any time after payment of premium. The policyholder has the option to surrender the policy.
In case the proceeds of the policy either on surrender or vesting are not sufficient to purchase minimum annuity (i.e. 1000 per month), then the proceeds of the policy may be paid to the policyholder or beneficiary as lump sum.
Yes. While we do not encourage you to surrender your policy, you may choose to surrender the same for immediate cash requirement in case of an emergency.
The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Single premium policy shall acquire a Guaranteed Surrender Value any time after payment of premium.
Regular and Limited premium policy shall acquire a Guaranteed Surrender Value on payment of premium for at least two consecutive years.
GSV = GSV factor for premium * total premium paid excluding extra premium,if any + GSV factor guranteed additions/reversionary bonus * (accrued guranteed addition + accured reversioanry bonus,if declared).
Single premium policy can be surrendered any time after payment of premium.
Special Surrender Value for Regular and Limited premium policy shall become payable after completion of first policy year provided one full year premium has been received. It reflects the notional asset share, guaranteed maturity or survival benefits under the policy.
The SSV will be calculated as follows:
{Expected present value of Paid-up Sum Assured on Maturity
plus
Expected present value of Paid-up Sum assured on death
plus
Expected present value of reversionary bonus, if any, accrued till date of surrender
plus
Terminal bonus, if any}
You can return your policy within the Free Look period;
In case you do not agree to the any policy terms and conditions, you have the option of returning the policy to us stating the reasons thereof, within 30 days from the date of receipt of the policy.
Do you get any refund when you cancel your policy?
Yes. We will refund an amount equal to the –
Premium paid
Less: i. Pro-rata risk premium, if any for the time the policy was in force
Less ii. Any stamp duty paid
Less iii. Expenses incurred on medical examination, if any
Policy Loan will be available subject to the following term and conditions:
Loans up to 80% of the available surrender value will be provided.
The minimum loan amount should be Rs.50,000.
For in-force and fully paid-up policies, if the outstanding loan along with interest exceeds 90% of the surrender value, company will send a notice to the policy holder to repay the loan partially or completely. If loan is not repaid subsequent to receipt of the notice, then we will adjust the outstanding loan along with interest before any payment of benefits. After recovering the outstanding loan along with interest, remaining benefit, if any, will be payable.
For other than in-force and fully paid-up policies, as and when the outstanding loan along with interest exceeds the 90% of surrender value for reduced paid-up cases, company will send a notice to the policyholder to repay the loan partially or completely. If loan is not repaid within a stipulated period, the policy will be compulsorily surrendered and the outstanding loan along with interest will be recovered from the surrender proceeds or reduced paid-up value.
The basis used for the calculation of interest rate on loan is 10-year G-Sec rate as at the end of last financial year plus the absolute margin of 250 basis points rounded up to the nearest 50 basis points. The derived interest rate will be applicable in the succeeding financial year. Currently, the interest rate on loan for FY 2024-25 is 10.00% p.a. (simple). It is arrived by adding a margin of 250 basis points on the effective annual 10-year G-Sec and rounding up to the nearest 50 basis points (10.00% ~ 7.18% + 2.50%).
Any change in the methodology of calculating the loan interest rate shall be subject to prior approval from the authority.
| Premium Paying Mode | Premium Paying Frequency | |||
|---|---|---|---|---|
| Monthly | Quarterly | Half Yearly | Yearly | |
| Minimum Regular Premium | Rs. 2,088 | Rs. 6,216 | Rs. 12,286 | Rs. 24,000 |
| Minimum Limited Premium | Rs. 3,132 | Rs. 9,324 | Rs. 18,428 | Rs.36,000 |
| Single Premium | Rs 75,000* | |||
*This minimum is not applicable for existing pension customers of IndiaFirst Life, who opt for single premium by exercising the option through surrender/vesting/death and under such cases it will depend on amount of benefit available respectively.
The following premium frequency factors for monthly, quarterly and half yearly policies will apply on the yearly premium to be paid. The premium for the below frequency
| Premium Frequency | Factor To Be Applied To Yearly Premium |
|---|---|
| Monthly | 0.0870 |
| Quarterly | 0.2590 |
| Half Yearly | 0.5119 |
We provide you a grace period of 15 days for payment of all policies under the monthly mode and a period of 30 days for payment of all policies under the quarterly, half yearly and yearly modes. This period starts from the due date of each instalment premium payment. All your policy benefits continue during this grace period.
You may revive your policy within a specified period by –
Simply paying the pending premium along with interest/Late fees from the due date of first unpaid premium
Begin the payment of premiums
You may revive your policy as long as you do it within five years from the due date of the first unpaid premium but before the maturity/ vesting date. No benefits will be payable during this period other than the paid up value, if any, in the event of death. If the policy is revived, then the policy will accrue all due guaranteed additions, as applicable or due bonus, if declared. The interest may change from time to time.
The basis used for the calculation of interest rate on revival is 10-year G-Sec rate as at the end of last financial year plus the absolute margin of 300 basis points rounded up to the nearest 50 basis points. The derived interest rate will be applicable during the next financial year. Currently, the interest rate on revival for financial year 2024-25 is 10.50% p.a. (simple). It is arrived by adding a margin of 300 basis points on the effective annual 10-year G-Sec rate and rounding up to the nearest 50 basis points (10.50% ~ 7.18% + 3.00%)
Before Acquiring Paid-up Value
Policy will lapse, without acquiring any paid-up value after the expiry of the grace period from the date of first unpaid premium under regular and limited premium payment, if less than one (1) full year premium has been paid and any subsequent premium is not duly paid. If the policy lapses, all the benefits will cease after expiry of the grace period from the date of first unpaid premium. We offer a five-year revival period during which you can revive your policy. No benefits will be payable during this period. The policy will acquire paid-up value immediately after payment of premium under single premium policy.
After Acquiring Paid-up Value
In case of non-payment of the premium within the grace period the policy will be converted to paid-up, provided at least one full years’ premium has been paid.
Bonus (if declared) and Guaranteed Additions# will not be further applicable once the Policy becomes paid up, however it is applicable if you paid all due premiums during the Premium Payment Term.
| Paid up value payable on maturity | Paid up value payable on death |
|---|---|
| Sum Assured X (Total numbers of premiums paid)/(Total Number of premiums payable) plus sum of all guaranteed addition#, as applicable, plus sum of all bonuses, if declared till the date of paid-up. | Higher of
|
For limited premium policies, once all due premiums are paid at the end of premium payment term, the policy becomes fully paid up. Once the policy acquires paid up value the policy could be continued as a paid up policy in case of further non-payment of premiums. The policy stops accruing any bonus (if declared) or any guaranteed addition once it becomes a paid-up policy, however, this is not applicable in case of fully paid-up policies for limited and single premium cases”
The life assured will receive Higher of:
I. Sum Assured along with sum of all Guaranteed Additions#, as applicable, of 9% of Total Premium Paid for the first ‘x’ policy years and a sum of all Simple Reversionary Bonus and Terminal Bonus, if declared, paid in to the policy from ‘x+1’ policy year onwards, as given in the table below or
ii. Defined Assured Benefit which is the total premiums paid accumulated @ 0.15% p.a. compounded annually.
The benefit will be payable at the end of policy term provided the policy is in-force.
| Premium Payment Frequency | Premium Payment Term | Policy Term | Guaranteed Addition of 9% of Total Premium Paid for first (x years) | Bonus (if declared) Earning Period |
|---|---|---|---|---|
| Single Premium | Single Pay | 5 to 40 years | Not Applicable | From first policy year till the end of the policy term |
| Limited Premium | 5 years | 10 to 35 years | First 2 years of the policy | From 3rd policy year onwards till the end of the policy term provided policy is in-force |
| 10 years | 15 to 35 years | First 4 years of the policy | From 5th policy year onwards till the end of the policy term provided policy is in-force | |
| Regular Premium | 10 years | First 4 years of the policy | From 5th policy year onwards till the end of the policy term provided policy is in-force | |
| 15 to 35 years | First 6 years of the policy | From 7th policy year onwards till the end of the policy term provided policy is in-force | ||
# Please note that the Guaranteed Addition will be accrued at the end of every policy year and will be paid either on death or vesting. The period of guaranteed addition depends on the premium payment term opted as shown in above table.
In case of life assured’s unfortunate demise, the death benefit amount can be availed through any of the below given options as chosen by the nominee/ appointee/ legal heir.
The death benefit payable will be higher of,
a. Defined Assured Benefit: Total premiums paid as on date of death accumulating @ 0.15% per annum compounded annually or
b. 105% of the total premiums paid as on date of death along with the sum of all accrued guaranteed additions# and bonuses, if declared.
In case of death during deferment period, the nominee may exercise any of the below options:
i) Utilize the entire proceeds of the Policy or part thereof for purchasing an immediate or deferred annuity from IndiaFirst Life at the then prevailing annuity rate. However, the nominee shall be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of 50% of entire proceeds of the policy net of commutation (commutation allowed is 60%), hence amount available for purchase of annuity from other insurer is 20% of entire proceeds; or
ii) Withdraw the entire proceeds of the Policy.
In case the proceeds of the policy are not sufficient to purchase minimum annuity i.e. 1000 per month, the proceeds of policy may be paid as lumpsum.
In case of policyholder’s untimely demise while the life assured is a minor, the surviving parent or legal guardian or anyone with an insurable interest in the minor’s life will be the policyholder.
Under this plan the policyholder gets at least non-zero positive return at maturity/vesting.
The life assured can be the policyholder provided he/ she is 18 years or more at the time of policyholder’s demise. In case the Life Assured is a minor, the policy will vest on the Life Assured on attainment of age 18 years.
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12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063.
IRDAI Information
IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale.
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