IndiaFirst Life Saral Pension Plan

(Non-Linked, Non-Participating, Individual Savings Immediate Annuity Plan)

Introducing the IndiaFirst Life Saral Pension Plan, a direct annuity based scheme designed to ensure a steady income throughout your retirement. Safeguard your later years with our policy today!

Guaranteed Lifetime Income
Flexible Annuity Options
Loan Facility
Tax Benefits as per prevailing tax laws
Easy Enrollment
Nominee Security
Customisable Payout Frequency

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Overview
Key features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

Key features

Lifetime Income

Guaranteed income throughout retirement.

Choice Flexibility

Choose the annuity plan that fits you.

Shared Shield

Protects your spouse financially.

Health Haven

Get 95% back for critical illness diagnosis.

Assured Returns

Receive income monthly, quarterly, half-yearly, or yearly.

Tax Benefit

Eligible for tax benefits on premiums and benefits, as per prevailing tax laws

Process of buying Saral Pension Plan?

Step 1

Provide Information

Share essential details such as your name, contact number, and date of birth.

Step 2

Choose plan details

Choose your annuity amount, premium paying terms with a minimum premium of ₹1,00,000.

Step 3

Plan Summary

A detailed plan summary will be prepared for you to review and assess your chosen pension scheme.

Step 4

Consult Advisors

Our dedicated pension advisors will assist you with any queries and help finalise your plan.

Eligibility Criteria

Age
Policy Term
Premium Payment Term (PPT)
Annuity Amount
Premium (purchase price)

Age at Entry

Question: Age at Entry
Answer: Minimum: 40 years
Maximum: 80 years (70 years for policies sourced through POSP-LI & CPSC-SPV channels)
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Policy Term

Question: Policy Term
Answer: This is a whole life product
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Premium Payment Term (PPT)

Question: Premium Payment Term (PPT)
Answer: Single premium, one-time payment
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Annuity Amount

Question: Annuity Amount
Answer: Monthly: ₹1,000
Quarterly: ₹3,000
Half-yearly: ₹6,000
Yearly: ₹12,000
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Premium (purchase price)

Question: Premium (purchase price)
Answer: Minimum: ₹1,00,000 (subject to conditions)
Maximum: No limit, subject to Board approved underwriting policy
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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

General
Premiums and Payments
Claim and Beneficiary

Can you cancel this policy (Free-look)?

Answer

You can return your policy within the Free Look period.

In case you do not agree to any of the policy terms and conditions, you have the option to review the terms and conditions of the policy and if you disagree to any of those terms or conditions, you have the option of returning the policy to the insurer for cancellation, stating the reasons for your objection within 30 days from the date of receipt of the policy.

Do you get any refund when you cancel your policy?

Yes, On cancellation, the Company will refund an amount equal to the:

Premium paid

Less i. stamp duty charges

Less ii. annuity paid, if any

If the policy is a standalone immediate annuity policy, then the proceeds from cancellation shall be returned to the policyholder.

If the policy is purchased 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), then proceeds from freelook will be transferred back to the respective account from where purchase price was received.

If this policy is purchased out of proceeds of a deferred pension plan of any other insurance company, then the proceeds from cancellation will be transferred back to that insurance company.

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

Answer: We provide you with 2 different options to purchase an annuity as per your requirements. The annuity amount in these options will be payable in arrears, immediately after the commencement of the policy as per annuity payment frequency chosen by you, the annuitant. The details of each are as given below –

S. No Annuity Option Benefits
1. Life Annuity with Return of 100% of Purchase Price (ROP)
The annuity will be payable in arrears for the life of the annuitant immediately after the commencement of the policy as per annuity payment frequency chosen by the annuitant.
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. Policy ceases on payment of the death benefit.

2. Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price (ROP) on death of the last survivor
The annuity will be payable in arrears for the life of the annuitant immediately after the commencement of the policy as per annuity payment frequency chosen by the annuitant.
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 last surviving annuitant, the annuity payments will cease and 100% of the purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. Policy ceases on payment of death benefit.

S. No	Annuity Option	Benefits
1.	Life Annuity with Return of 100% of Purchase Price (ROP)	The annuity will be payable in arrears for the life of the annuitant immediately after the commencement of the policy as per annuity payment frequency chosen by the annuitant. 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. Policy ceases on payment of the death benefit.
2.	Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price (ROP) on death of the last survivor	The annuity will be payable in arrears for the life of the annuitant immediately after the commencement of the policy as per annuity payment frequency chosen by the annuitant. 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 last surviving annuitant, the annuity payments will cease and 100% of the purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. Policy ceases on payment of death benefit.

What are your options to revive the policy?

Answer: Revival is not applicable under this policy.

What is the IndiaFirst Life Saral Pension Plan?

Answer: IndiaFirst Life Saral Pension Plan is a non – linked, non - participating, individual savings immediate annuity policy. The plan provides you with 2 different options to choose from, to get a - regular income on a Monthly / Quarterly / Half-yearly / Yearly basis as chosen. This policy is designed to ensure the financial well-being of your retirement years.

What is the Suicide Exclusion in the policy?

Answer: Suicide exclusion is not applicable under this policy

What is maturity benefit in this policy?

Answer: There is no maturity benefit applicable in this policy as this is an immediate annuity policy..

What is the annuity amount receivable in the policy?

Answer

We have provided below some sample annual annuity amounts for a purchase price of Rs. 5,00,000 (without taxes) for your ready reference –

Age	Annual Annuity Amount* (Rs.)
Age	Life Annuity with Return of 100% of Purchase Price (ROP)	Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of last survivor
40	24,325	24,350
50	24,925	25,035
60	25,555	25,975
70	25,950	27,250

What happens in case of demise of the life assured in this policy?

Answer: On death of the Annuitant/s, the Death Benefit payable is as follows:-

S. No. Annuity Option Death Benefit
1. Life Annuity with Return of 100% of Purchase Price (ROP) 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. Policy ceases on payment of the death benefit.
2. Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price (ROP) on death of the last survivor
On the death of the either annuitant, the annuity payment continues for the other annuitant.
On the death of the last surviving annuitant, the annuity payments will cease and 100% of the purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. Policy ceases on payment of death benefit.

S. No.	Annuity Option	Death Benefit
1.	Life Annuity with Return of 100% of Purchase Price (ROP)	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. Policy ceases on payment of the death benefit.
2.	Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price (ROP) on death of the last survivor	On the death of the either annuitant, the annuity payment continues for the other annuitant. On the death of the last surviving annuitant, the annuity payments will cease and 100% of the purchase price will be payable to the nominee(s) / legal heir(s) of the annuitant. Policy ceases on payment of death benefit.

Who are the people involved in the policy?

Answer

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

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 Age	Maximum Age
First Annuitant	40 years as on last birthday	80 years as on last birthday 70 years (for policies sourced through POSP-LI & CPSC-SPV channels)

In case of Joint life annuities, the age limits apply to both the lives.

Who is a nominee(s)?

Nominee(s) is the person entitled to receive the purchase price under Return of Purchase Price option when the life assured has died.

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