IndiaFirst Life Smart Retirement Plan

(A Non-Participating, Unit Linked, Individual, Savings, Pension Plan)

IndiaFirst Life Smart Retirement Plan is a low-cost retirement solution for those looking to boost their retirement corpus with market-linked returns by leveraging the dynamic Indian economy today and securing an independent retirement tomorrow.

Market-linked returns, with 3 new funds!
2 plan options to secure your retirement
ZERO allocation or administration charges.
Guaranteed Additions* of up to 5% in Year 1
Flexibility of single, regular and limited premium payment
Retirement tax benefits under 80CCC

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Overview
Key Features
Eligibility Criteria
FAQ

Key Features

Grow your retirement corpus with market-linked returns!

3 new pension fund options – 1 Equity, 1 Debt & 1 Liquid Fund to choose from
Equity Fund to be launched as an NFO for a limited period only!

2 Plan Options – Smart & Secure

Retire Smart – Get Return of Mortality Charge (ROMC) at Maturity
Retire Secure – Secure your nominee’s future with WOP Benefit

ZERO Charges!

Zero Premium Allocation & Policy Admin charges
ROMC at Maturity^ makes effective charges zero

You pay 100, we invest 105!

Get Guaranteed Addition* of up to 5% in Year 1
Higher premium-paying term, higher Guaranteed Addition

Manage your investment with the ease of SIP

Use Fund Transfer Strategy to create an SIP to boost & safeguard your returns
Manage your investments yourself with unlimited switches & premium redirections

^Under Retire Smart Option

*Guaranteed Additions depends on chosen PPT & payment frequency and will be applicable on the 1st policy year premium only and will be recovered if the policy is cancelled under free look.

Eligibility

Entry Age
Age at Maturity
Premium
Premium Paying Term & Policy Term

Entry Age

Question

Entry Age

Answer

Minimum: 18 years

Maximum: 70 years

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Age at Maturity

Question

Age at Maturity

Answer

Minimum: 40 years

Maximum: 80 years

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Premium

Question

Premium

Answer

Minimum:

Frequency	Premium Amount
Yearly	36,000
Half Yearly	18,000
Quarterly	10,500
Monthly	3,500
Single	1,50,000

Maximum: No limit, subject to Board Approved Underwriting Policy (BAUP).

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Premium Paying Term & Policy Term

Question

Premium Paying Term & Policy Term

Answer

Minimum:

Single Pay – 5 years

5 Pay – 10 years

7, 8, 10, Regular Pay – 15 years

15 Pay – 16 years

Maximum:

Up to Age 80 years

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Note:

Age will be considered as on the last birthday.
For all ages, risk commences from the date of commencement of the policy.

FAQs

View All FAQ

Understanding IndiaFirst Life Smart Retirement Plan

Investment Options, Features, and More

Unit Valuation and Allocation

Returns and Risks

What is the IndiaFirst Life Smart Retirement Plan?

Answer: IndiaFirst Life Smart Retirement Plan is a non-participating, unit-linked, individual savings, pension plan, specially designed to provide a low-cost retirement solution to our customers looking to boost their retirement corpus with market-linked returns. This smart pension plan offers the flexibility of single, regular or limited pay, and long-term coverage till age 80.

What are the plan options available in the IndiaFirst Life Smart Retirement Plan?

Answer

This retirement smart plan offers 2 plan options:

Retire Smart
Retire Secure

The Death Benefit under this retirement smart plan will be determined by the option chosen by you at inception.

Retire Smart

On the death of the Life Assured, before the end of the Policy Term, while the Policy is in force, the Beneficiary/Claimant will receive the Death Benefit, and the Policy will terminate. The Death Benefit shall be higher of the following:

Sum Assured on Death; or
Fund Value as on the date of intimation of death.

Retire Secure

On the death of the life assured, before the end of the policy term, while the policy is in force, the Beneficiary/Claimant will receive the death benefit as follows:

Sum Assured on death is paid immediately as a lump-sum
All future premiums, if any, are paid by Us as and when due & the policy continues

Where,

Sum Assured on Death in this Policy at any time during the Policy Term will be 105% of Total Premiums Paid.
The amount of Sum Assured on Death shall be reduced to the extent of the Partial Withdrawals made during the 2 (Two) years immediately preceding the date of death of the Life Assured.

What is the benefit payable at the end of the policy term in the IndiaFirst Life Smart Retirement Plan?

Answer

At the end of the policy term, the prevailing Fund Value as on the Vesting Date will be payable.

Additionally, one of the major retirement benefits of the Retire Smart Option is that all mortality charges deducted during the Policy Term will be added back to the Fund Value, provided the policy is in force and all due premiums have been paid.

What additional benefits are there in the IndiaFirst Life Smart Retirement Plan?

Answer: Guaranteed Additions¹

On payment of the first-year premium, an additional amount called Guaranteed Additions1 is added to your Fund Value.

The IndiaFirst Life Smart Retirement Plan allocates the Guaranteed Additions1 to the Fund at the time of Premium Allocation for the first Policy Year, resulting in a higher allocation to the Fund than the premium paid by the policyholder. The amount of Guaranteed Additions1 varies based on the chosen premium payment term & premium frequency. For more details on Guaranteed Additions, please refer to the product brochure.

Postponement of Vesting Benefit

On the date of Vesting, the policyholder shall have the option to extend the accumulation period or deferment period within the same policy with the same terms & conditions as the original Policy. For more details on the postponement of the Vesting Benefit, please refer to the product brochure.

Vesting Loyalty Booster

On the Vesting Date, if the IndiaFirst Life Smart Retirement Plan is in force with all due premiums paid and the policyholder utilises 100% of the Vesting Benefit to purchase an annuity from IndiaFirst Life, then the company shall add a Vesting Loyalty Booster of 0.5% of the average of the Fund Values on the last business day of the last eight policy quarters. This will be added to the Fund value in the form of the addition of units.

What are the different Investment Options in the IndiaFirst Life Smart Retirement Plan?

Answer: The retirement smart plan offers three fund options and two fund management strategies:

Self-Managed Strategy:

With this strategy, you can choose to invest your premiums in one, multiple or all of these Funds based on your risk appetite and needs. This option lets you utilise your market acumen and make the most of your retirement funds through market-linked investments.

The existing funds offered are –

Fund Name Fund Objective Returns and Risk Profile
Pension Equity Fund (SFIN: ULIF 029210725PENDEBTFND143

TO generate sustainable long-term capital growth through investments in equity and equity-related instruments of predominantly large-cap companies.

Medium to High

Pension Debit Fund (SFIN: ULIF029210725PENDEBTFND143)

To generate a good level of income and prospects for the capital growth through diversified investments in corporate debt instruments, government securities, and money market instruments

Medium

Pension Liquid Fund (SFIN: ULIF030210725PENLIQFUND143)

To provide capital protection with growth at short-term interest rates and above, whilst providing a high level of liquidity

कम

Fund Transfer Strategy

This strategy systematically transfers your investment from debt to equity funds in order to boost and safeguard your gains. For more details on the Fund Transfer Strategy, please refer to the product brochure.

Fund Name	Fund Objective	Returns and Risk Profile
Pension Equity Fund (SFIN: ULIF 029210725PENDEBTFND143	TO generate sustainable long-term capital growth through investments in equity and equity-related instruments of predominantly large-cap companies.	Medium to High
Pension Debit Fund (SFIN: ULIF029210725PENDEBTFND143)	To generate a good level of income and prospects for the capital growth through diversified investments in corporate debt instruments, government securities, and money market instruments	Medium
Pension Liquid Fund (SFIN: ULIF030210725PENLIQFUND143)	To provide capital protection with growth at short-term interest rates and above, whilst providing a high level of liquidity	कम

What are the main charges under the IndiaFirst Life Smart Retirement Plan?

Answer: Type of Charge Charge Details
Premium Allocation Charge

Nil

Policy Administration Charge

Nil

Fund Management Charge (FMC)

1.35%
(The fund management charge applicable for the discontinuance fund is 0.50% p.a. on the discontinuance fund value).

Mortality Charge

The mortality charges are based on the age and sex of the life assured. The annual mortality charge rates are guaranteed for the entire duration of the policy.

We will levy the mortality charges on the Sum-at-Risk, subject to the Sum-at-Risk being non-negative, i.e., it should not be negative or zero.

For more details on the Sum-at-Risk, please refer to the product policy document.

Partial Withdrawal Charge

There are no partial withdrawal charges applicable.

Revival Charge

There are no revival charges applicable.

Switching Charge

There are no switching charges applicable.

For details on discontinuance charges in the IndiaFirst Life Smart Retirement Plan, please refer to the product brochure.

Type of Charge	Charge Details
Premium Allocation Charge	Nil
Policy Administration Charge	Nil
Fund Management Charge (FMC)	1.35% (The fund management charge applicable for the discontinuance fund is 0.50% p.a. on the discontinuance fund value).
Mortality Charge	The mortality charges are based on the age and sex of the life assured. The annual mortality charge rates are guaranteed for the entire duration of the policy. We will levy the mortality charges on the Sum-at-Risk, subject to the Sum-at-Risk being non-negative, i.e., it should not be negative or zero. For more details on the Sum-at-Risk, please refer to the product policy document.
Partial Withdrawal Charge	There are no partial withdrawal charges applicable.
Revival Charge	There are no revival charges applicable.
Switching Charge	There are no switching charges applicable.

Are partial withdrawals allowed in the IndiaFirst Life Smart Retirement Plan?

Answer

Partial Withdrawals are allowed only after the completion of the lock-in period of the retirement smart plan and only for the following reasons:

Higher education for children, including legally adopted children.
Marriage of children, including legally adopted children.
Purchase or construction of a residential house/ flat in the Life Insured’s own name or in joint name with his/ her legally wedded spouse. However, if the Life Insured already owns a residential house/ flat (other than ancestral property), no Partial Withdrawals shall be permitted.
For treatment of critical illnesses of self, spouse or dependent children, including legally adopted children.
Medical and incidental expenses arising from disability or incapacitation suffered by the Life Insured.
Expenses incurred by the Life Insured for skill development/ reskilling or any other self-development activities.
Expenses incurred by the Life Insured for the establishment of her/ his own venture or any start-ups.
Any other reason as per the IRDAI circulars/ guidelines/ regulations issued from time to time.

For more details on Partial Withdrawals in our retirement plans, please refer to the product brochure.

Is there a grace period for missed premiums in the IndiaFirst Life Smart Retirement Plan?

Answer

We provide you a grace period of 30 days for payment of all premiums under quarterly, half-yearly and yearly modes and 15 days under the monthly mode. This period starts from the due date of each premium payment. Your IndiaFirst Life Smart Retirement Plan will be considered in force, and all your policy benefits will continue during this grace period.

Potential buyers can use a retirement calculator to get a better understanding of their post-retirement needs and plan their purchase accordingly. This may help them stay consistent with their premium payments.

Is there a Free-look period in the IndiaFirst Life Smart Retirement Plan?

Answer

You have a Free Look Period of 30 (Thirty) days from the date of receipt of your policy document, whether received electronically or otherwise, to review terms and conditions. In case you disagree with any of those terms & conditions, you shall have an option to return the Policy to Us for cancellation, stating the reasons for your objection, provided no claim has been made under the Policy. In such an event, irrespective of the reason for cancellation, we shall arrange to refund you the non-allocated premium, the value of units allocated as per the Net Asset Value (NAV) on the date of cancellation along with the Premium Allocation Charges plus charges levied by the cancellation of units, subject to deduction of the proportionate risk premium for the period on cover, stamp duty charges, the expenses incurred by Us on medical examination, if any, and Guaranteed Additions1 infused by the Company at inception.

Such a request received by Us for free-look cancellation of the Policy shall be processed within 7 (Seven) days of receipt of the request, subject to applicable deductions.

What is Switching?

Answer: You can move from one fund to another available within the IndiaFirst Life Smart Retirement Plan by switching your funds any number of times during the policy term. Currently, these switches are free of any charge. The policyholder is allowed to switch funds during the minority of a life assured. Unused free switches cannot be carried forward to the next month/year.

What is Premium Redirection?

Answer: You have the option of redirecting the premium from one Fund to another Fund within the IndiaFirst Life Smart Retirement Plan by giving a written notice to us. Under premium redirection, you can redirect the future premiums towards a different fund or set of funds. However, under the premium redirection option, your past allocation of premium does not change. Premium redirections are free of charge currently.

What are the alterations allowed in the IndiaFirst Life Smart Retirement Plan?

Answer: You are allowed to make the following alterations in your smart pension plan –

You have the option to change the premium frequency (i.e., Premium Payment Mode) during the Premium Paying Term without any charges /fees. The change in premium frequency can happen only within the available frequency options. However, once a death claim has been triggered, the Beneficiary/Claimant cannot change the premium frequency under the Plan Option- Retire Secure.

You have an option to increase the Premium Paying Term or Policy Term during the term of the Premium Paying Term or Policy Term, respectively, in accordance with the BAUP. Once the Premium Paying Term or Policy Term is increased, it cannot be subsequently decreased. The policyholder is required to submit the request for an increase in Premium Paying Term and/or Policy Term at least 1 (One) month prior to the annual Policy Anniversary.

How do we value units in your policy?

Answer

We will value your units in line with the unit-linked guidelines issued by the IRDAI. As per the prevailing guidelines of the Authority, the Unit Price will be calculated as follows:

Market value of the assets, plus: value of current assets, less: value of current liabilities and provisions, if any, divided: by the number of units existing on the valuation date (before creation/redemption of units).

When divided by the total number of units in the fund at the valuation date (before any units are redeemed), we get the unit price of the fund under consideration.

How are premiums allocated to units?

Answer: Every premium (new business or renewal) is allocated into fund options as selected in the proposal form or through subsequent request or as per the investment strategy opted, after deducting allocation charges, if any. For complete details on premium allocation, please refer to the product brochure.

Is your policy prone to risks? If yes, who bears the risk?

Answer: Yes, your smart pension plan does carry risks.

IndiaFirst Life Insurance Company Limited is only the name of the insurance company, and “IndiaFirst Life Smart Retirement Plan” is only the name of this unit-linked fund-based insurance policy and does not in any way indicate the quality of this Policy, its future prospects, or returns.

Unit-linked insurance products are subject to investment risks, which are borne by you.

The premiums paid in the unit-linked insurance policies are subject to investment risks associated with the capital markets, and the NAVs of the units may go up or down based on the performance of the Funds and factors influencing the capital market, and the insured is responsible for his/her decision.

Investments in the Funds are subject to market risks, and the investment risks in the investment portfolio are borne by you.

The Funds or the names of the Funds as shown in this Policy do not in any manner indicate or guarantee the quality of the Funds, future prospects, or returns. The past performance of any of our Funds is not indicative of the future performance of any of these Funds.

We do not guarantee the Fund Value or the NAV. Please note that, depending on the market risk and the performance of the Funds to which the Units are referenced, the Fund Value or the NAV may fall, rise or remain unchanged. We have not given any assurance that the objectives of any of the Funds will be achieved.

The Funds do not offer a guaranteed or assured return except to the extent as guaranteed or assured by us under this Policy.

Do you get guaranteed returns from any of the funds mentioned in your policy?

Answer: No. None of our funds offer a guaranteed or assured return, except to the extent as guaranteed or assured by us under this Policy. The fund names do not indicate the quality of the respective funds, their future prospects, or returns, in any manner.

Does the past performance of your policy guarantee future performance as well?

Answer: The past performance of our other funds does not necessarily indicate the future performance of any of these funds.

What happens in the case of the submission of information which is false or incorrect?

Answer

Provisions regarding life insurance policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 are as follows:

No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
1. the date of issuance of policy or
2. the date of commencement of risk or
3. the date of revival of policy or
4. the date of rider to the policy whichever is later.
On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
1. the date of issuance of policy or
2. the date of commencement of risk or
3. the date of revival of policy or
4. the date of rider to the policy whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.
Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
1. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
2. The active concealment of a fact by the insured having knowledge or belief of the fact;
3. Any other act fitted to deceive; and
4. Any such act or omission as the law specifically declares to be fraudulent.
Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.
No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.
In case repudiation is on grounds of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.
Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.
The insurer can call 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 of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.

[Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 for complete and accurate details.]

Disclaimer

#Higher allocation of up to 5%in the form of Guaranteed Additions on 1st Policy year premium only. Guaranteed Addition will vary basis chosen PPT & payment frequency and will be recovered if the policy is cancelled under free look.

*Zero Policy Administration & Premium Allocation charges

^With our Fund Switch Strategy

Linked Insurance Products are different from the traditional insurance products and are subject to risk factors. The Premium paid in unit-linked life insurance policies are subject to investment risks associated with capital markets and NAVs of the units may go up or down, based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. IndiaFirst Life Insurance Company Limited is only name of the Insurance Company and IndiaFirst Life Smart Retirement Plan (UIN 143L076V01) is only the name of the Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects, or returns. Please know the associated risks and the applicable charges from your Insurance Agent or the Intermediary or policy document issued by the Insurance Company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns. The premiums & funds are subject to certain charges related to the fund or to the premium paid. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. 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. Email id: customer.first@indiafirstlife.com, Website: www.indiafirstlife.com. Fax No.: +912268570600. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License. Purchase of any Insurance product by Bank’s Customer is purely voluntary, and is not linked to availment of any other facility from the Bank.