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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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Purchasing the IndiaFirst Life Immediate Annuity Plan online is quite quick and easy.
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Minimum Age: 40 years as of last birthday
Maximum Age: 80 years as of last birthday
In case of Joint Life, age limits apply to both the lives.
Minimum: INR 1,000 per month or INR 12,500 per annum
Maximum: No limit, subject to underwriting
Minimum: INR 300,000
Maximum: No limit
Yearly
Half-yearly
Quarterly
Monthly
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 is a non participating non linked immediate annuity plan, which can be purchased by paying a lump sum amount. You get the choice to select your retirement age, and we pay you a fixed annuity on a monthly / quarterly / half-yearly / yearly basis as chosen by you for life.
This plan may include the 'Life Assured / First Annuitant', 'Second Annuitant' (in case of joint life annuity), the 'Policyholder', the 'Nominee' and the 'Appointee'. Life assured referred to as First Annuitant hereafter is the person, on whose life the plan depends. On the first annuitant's death (in case of a single life annuity) or on the last survivor's death (in case of a joint life annuity) the annuity payout stops, and the plan ends. Any Indian citizen can be the life assured / first annuitant, as long as –
| Minimum age while applying for the plan (First Annuitant) | Maximum age while applying for the plan (First Annuitant) |
|---|---|
| 40 years (as on last birthday) 0 years (as on last birthday) For existing pension policyholders/ members/ beneficiaries of IndiaFirst Life only | 80 years (as on last birthday) 99 years (as on last birthday) For existing pension policyholders/ members/ beneficiaries of IndiaFirst only |
Second Annuitant is the named legal spouse of the first annuitant in case of joint life annuity option. On last survivor's death (in case of a joint life annuity) the annuity payout stops and the plan ends.
Who is a Policyholder?
A policyholder is the person who holds the plan. The policyholder may or may not be the Life Assured. You must be at least 18 years as on your last birthday at the time of applying for the plan, to be a policyholder.
Who is a Nominee?
A nominee is the person who receives the death benefit in case of the untimely event of Annuitant's death (in case of single life return of purchase price annuity option or annuity certain option before expiry of the certain period). The nominee is appointed by you, the policyholder. The nominee can even be a minor (i.e. below 18 years of age).
Who is an Appointee?
An appointee is the person whom you may nominate in case your nominee is a minor. The appointee receives the plan money on behalf of the nominee in case of the untimely demise of the Life Assured while the nominee is a minor.
The plan has 4 different options to choose from. The benefits and working against each annuity option have been explained below:
i. Life Annuity
ii. Life Annuity with Return of Purchase Price
iii. Joint Life Last Survivor Annuity for Life
iv. Annuity Certain for a period of 5 years or 10 years or 15 years
| Annuity Option | Survival Benefit | Death Benefit | Annuity ceases on |
|---|---|---|---|
| Life Annuity | Annuity is payable at a constant rate throughout the life of the Annuitant | Outstanding annuity installments up to the date of death will be paid and all future annuity payments will cease immediately | Death of the Annuitant |
| Life Annuity with Return of Purchase Price | Annuity is payable at a constant rate throughout the life of the Annuitant | Purchase price will be paid to the nominee on death of Annuitant and all future annuity payments will cease immediately | Death of the Annuitant |
| Joint Life Last Survivor Annuity for Life | Annuity is payable at a constant rate throughout the life of the First Annuitant In case of death of the first Annuitant, the annuity is payable to the surviving spouse i.e. Second Annuitant | Outstanding installments will be paid, up to the date of death of last survivor annuitant and all future annuity payment will cease immediately | Death of the last survivor |
| Annuity certain for a period of 5 years or 10 years or 15 years and life thereafter | Annuity is payable at a constant rate for the certain period as chosen and thereafter throughout the In case of death of the Annuitant during the guaranteed period which is certain period as opted, Annuity is payable to the nominee till the end of the guaranteed period | Before expiry of chosen certain period: Annuity amount as per chosen frequency will be paid to the nominee till the end of the certain period chosen by the Annuitant. After expiry of chosen certain period outstanding annuity installments up to the date of death of the Annuitant will be paid and all future annuity payment ceases immediately | Death of the Annuitant (or) on the expiry of the guaranteed period whichever is late |
The annuity is payable to you (the first annuitant, followed by the second annuitant in case of a joint life) as long as you are alive. The purchase price will be paid back to the nominee in case of death of the annuitant under Annuity with Return of Purchase Price option/type. Under Annuity Certain option nominee will receive annuity till end of the guaranteed period if death of the annuitant occurs before expiry of the guaranteed period. There is no other death benefit payable under this plan for other option/type.
This is a non-participating plan with no bonus payable.
All benefits payable under the policy are subject to tax laws and other financial enactments, as they may exist from time to time. You are recommended to consult your tax advisor. Does the purchase price of the Plan enjoy tax benefits? The purchase amount in itself does not have any tax benefits under the current Income tax laws.
| Minimum Premium | Maximum Premium |
|---|---|
| INR 3,00,000* | No Limit |
*This minimum premium is not applicable to existing individual deferred and group deferred pension policyholders/members/beneficiaries of IndiaFirst Life Insurance Company.
In case of a single life annuity, we will pay you the annuity till as long as you are alive. In case of a joint life annuity, we will pay you the annuity till as long as any one of you are alive i.e. upon your death, your named spouse under the joint life will receive the annuity till as long as he/she is alive.
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 one month, three months, six months or one year after commencement, with respect to the annuity payment mode chosen namely monthly, quarterly, half-yearly and annually.
This is like a single premium policy. You make a single lump sum payment to enter the plan. This payment is called the purchase price can be paid through cheque, DD or NEFT.
The applicable sample Annuity Rates are given in Annexure 1. The annuity rate is level and guaranteed for life in absolute terms at the time of purchasing/vesting. Such guaranteed annuity amount shall become payable as long as the annuitant survives.
| Annuity Mode | Annuity Amount |
|---|---|
| Minimum Annuity | INR 1,000 |
| Minimum Annuity | INR 12,500 installment per Year |
In case the eligible purchase price is not sufficient to buy the prescribed minimum annuity instalment, then we would refund the purchase price. The following instalment frequency factors for monthly, quarterly and half-yearly plans will apply on the yearly annuity rate to get instalment annuity rate as per the instalment frequency chosen by You.
| Annuity Payment Factor to be multiplied | Frequency with yearly annuity rate |
|---|---|
| Yearly | 1 |
| Half-Yearly | 0.49 |
| Quarterly | 0.24 |
| Monthly | 0.08 |
You get a rebate in purchase price if the annuity amount is high or enhancement of annuity rate of the purchase price is high. Details of rebate in purchase price and enhancement of annuity rate is given in the table below:
| Purchase Price band under all options | Enhancement of Annuity Rate |
|---|---|
| Less than Rs. 25 lakhs | Nil |
| Rs.25 Lakhs to less than Rs. 1 Crore | 1% of Annuity Rate under all options |
| Rs. 1 Crore and above | 1.5% of Annuity Rate under all options |
| Annual Annuity Amount band under all options | Rebate in Purchase Price |
|---|---|
| Less than Rs. 1.50 lakhs per annum | Nil |
| Rs. 1.50 Lakhs to less than Rs. 6.5 Lakhs | 1.00% of Purchase Price under all options |
| Rs. 6.5 Lakhs and above | 1.50% of Purchase Price under all options |
Under this plan, you (the annuitant) stand to receive annuity payments of a chosen amount throughout your lifetime. The Annuity will be paid out on a monthly / quarterly / half-yearly / yearly basis through a direct credit into your bank account.
The minimum purchase price is Rs.3,00,000 subject to the minimum annuity instalment not less than Rs. 1,000 per month.
An Illustrative Example of the Benefits payable is as follows:
| Age of Annuitant at time of Purchase | Annuity Option/Type | Purchase Price (Indicative) | Annual Annuity Amount | Death Benefit Payable | Surrender Benefit Payable |
|---|---|---|---|---|---|
| 60 years | Life Annuity | Rs.5,00,000 | Rs.36,185 | Nil | Nil |
| Age of Annuitant at time of Purchase | Annuity Option/Type | Purchase Price exclusive of service tax (Indicative) | Annual Annuity Amount | Death Benefit Payable | Surrender Benefit Payable |
|---|---|---|---|---|---|
| 70 years | Return of Purchase Price | Rs.10,00,000 | Rs. 41,610 | Rs. 10,00,000 | Nil |
Under all types of annuity options (except joint life last survivor and single life return of purchase price option) where the life assured has committed suicide within 12 months from the date of inception of the policy, the company will pay 80% of total premium paid to the nominee. Under joint life last survivor option in case of a claim where both the life assured have committed suicide within 12 months from the date of inception of the policy, the company will pay 80% of total premium paid to the nominee.
Under single life return of purchase price option, in case of a claim where a life assured has committed suicide within 12 months from the date of inception of the policy, the company will pay 100% of total premium paid to the nominee.
Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time. Section 45 of the Insurance Act 1938, as amended from time-to-time states:
No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
Notwithstanding anything contained in subsection (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.
You can return your policy within a free look period if you disagree with any of the terms and have not made any claim, you shall have the option of returning the policy to us for cancellation, stating the reasons for the same, within 30 days from receipt of your policy document, whether received electronically and otherwise. In case you are an existing individual deferred pension policyholder/member/ beneficiary of Compulsory Annuitant Purchased from IndiaFirst Life Insurance Company, the money will not be refunded, if the free look option is availed, however, you can choose to avail another annuity option as available in the product within the free look period.
Yes. We will refund an amount equal to the –
Premium (purchase price) paid, less:
Pro-rata risk premium, if any
Any stamp duty paid
Expenses incurred on medical examination, if any
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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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