IndiaFirst Life Long Guaranteed Income Plan

(A Non-Linked, Non-Participating, Limited Premium, Individual Savings Life Insurance Plan)

An endowment life insurance plan which guarantees regular income, making it an excellent guaranteed savings plan. It is designed to help you reach financial goals and protect your family's future, combining savings and insurance. You decide investment, payment, and income terms with guaranteed returns.

Short-Term Payments, Long-Term Gains
Guaranteed Income to fulfill Financial Goals
Lifetime Income Till 99 years of age
Premium Payback Assurance
Continuous Life Cover without any interruption
Enhance your coverage with optional riders

Download Brochure

Overview
Key Features
How to Buy
Sample Illustration
Eligibility Criteria
Customer Feedback
FAQ

Key features of IndiaFirst Life Long Guaranteed Income Plan

Short-Term Payments, Long-Term Gains

Pay for a shorter period and unlock enduring benefits with IndiaFirst Life Long Guaranteed Income Plan.

Definite Income for 20 or 30 years

With Definite Income Option, elevate your lifestyle with the money savings plan, receiving guaranteed income for a fixed period of 20 or 30 years.

Lifetime Income Till 99

Opt for the Whole Life Income Option and ensure an assured income benefit until the age of 99.

Premium Payback Assurance

Receive 100/115% of all premiums paid at the end of the income period, based on the annual premium payable.

Continuous Life Cover

Experience uninterrupted full life cover benefits, even if you miss one premium payment (applicable after the initial two full years’ premium).

Enhance your coverage with optional riders

Customise your insurance savings plan by adding WOP Rider, Term Rider, ADB Rider and TPD Rider.

Tax Advantages

Explore potential tax benefits on both the premiums paid and benefits received in accordance with prevailing tax laws.

How to Buy IndiaFirst Life Long Guaranteed Income Plan?

Step 1

Enter Your Basic Details:

Begin by providing essential information like your name, mobile number, DOB and gender.

Step 2

Choose Your Income Option:

Tailor the plan to your needs by selecting between the Definite Income Option and Whole of Life Income.

Step 3

You can choose from the following premium payment term options:

You can choose premium paying term out of 3 options - 5, 6, 7, 8, 10 or 12 years.

Step 4

Choose your Policy Term :

Choose your Policy Term of 10, 12 or 15 years, depending on chosen Premium payment option

Step 5

Review Your Customized Quote:

A personalised quote will be generated, giving you a clear overview of your selected plan.

Step 6

Consult with Our Experts:

Our knowledgeable sales representatives are here to assist you and guide you through the process.

Step 7

Make Secure Payments:

Finalise your application seamlessly by making the required payment.

Visualize your Plan

Mr. Sinha

At Age 40

Mr. Sinha aged 40 years bought the IndiaFirst Life Long Guaranteed Income Plan, with plan option - Definite Income Option. He pays an annual premium of INR 5,00,00,1 (exclusive of taxes) for the premium payment term of 7 years and a policy term of 10 years.

From Age 40-47

He opts to receive an annual income benefit which shall be INR 2,70,000 (65% of annualized premium) during the income benefit period starting from the end of the Policy Term for 20 years. He will also receive a lumpsum amount of INR 40,25,008 at the end of the income benefit period.

At Age 46

In case of his death during the policy term, his loved ones are safeguarded with the life cover of INR 58,45,012 (Sum Assured on Death). He/ his nominee can opt to receive this death benefit in the policy as a lump sum or an installment benefit over a period of 5 years. In case of his death during the income benefit period, his nominee shall continue receiving the future income benefit till the end of income benefit period. At the end of income benefit period, 115% of sum of premiums paid under the policy shall be paid to the nominee.

Sinha's Wife

The nominee shall have an option to receive the future benefit as a lump sum, which shall be the present value of remaining future income benefits & 115% of of sum of premiums paid under the policy, discounted at the rate of 9% p.a. This interest rate is not guaranteed. However, any change in the interest rate will be subject to prior approval of IRDAI and will be applicable to the policies sold after date of change.

Eligibility Criteria

Age Criteria
Policy Term & Premium
Premium Amounts
Premium Paying Frequency
Additional Information

Minimum Entry Age

Question: Minimum Entry Age:
Sequence
Answer: 8 years (For Definite Income Option) / 30 years (For Whole of Life Income Option)
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Maximum Entry Age

Question: Maximum Entry Age:
Sequence
Answer: 50 years (For Definite Income Option) / 60 years (For Whole of Life Income Option)
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Minimum Maturity Age

Question: Minimum Maturity Age:
Sequence
Answer: 18 years (For Definite Income Option) / 40 years (For Whole of Life Income Option)
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Maximum Maturity Age

Question: Maximum Maturity Age:
Sequence
Answer: 65 years (For Definite Income Option) / (For 75 years (For Whole of Life Income Option)
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Minimum Policy Term

Question: Minimum Policy Term:
Sequence
Answer: 10 years
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Premium Payment Term

Question: Premium Payment Term
Sequence
Answer: Premium Paying Term Policy Term
5 / 6 / 7 10
7 / 8 /10 12
8 /10 / 12 15
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Minimum Premium

Question: Minimum Premium:
Sequence
Answer: Yearly - ₹48,000, / Half-yearly- Rs. 24,571 / Quarterly- Rs. 12,432 / Monthly- Rs. 4,176
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Maximum Premium

Question: Maximum Premium:
Sequence
Answer: No limit (subject to board-approved underwriting policy)
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Minimum Sum Assured on Death

Question: Minimum Sum Assured on Death:
Sequence
Answer: ₹4,80,000
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Maximum Sum Assured on Death

Question: Maximum Sum Assured on Death:
Sequence
Answer: No limit (subject to board-approved underwriting policy)
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Premium Paying Frequency

Question: Premium Paying Frequency:
Sequence
Answer: Yearly

Half-Yearly

Quarterly

Monthly
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Additional Information

Question: Additional Information:
Sequence
Answer: Risk cover starts immediately for minor life assured.

Policy vests on the life assured upon reaching the age of 18.

In case of the policyholder's demise during the minority of the life assured, the surviving parent or legal guardian becomes the policyholder.
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Who Should Buy Guaranteed Income Plans?

A guaranteed income plan like the IndiaFirst Life Long Guaranteed Income Plan is well-suited for individuals seeking both financial protection and

predictable income. Here's who may benefit most from such a plan:

Salaried Professionals

They may want to build an additional income stream post-retirement or during key life phases.
They often prefer fixed returns and are uncomfortable with the volatility of market-linked products.
They typically seek disciplined savings options that also offer life cover benefits.

Retirees or Pre-Retirees

They want to secure a steady monthly or annual income to meet daily expenses without dipping into their savings.
They appreciate the Whole of Life income option, which ensures income up to the age of 99.
They can use the plan to create a pension-like structure with a return of premiums at the end.

Self-Employed or Business Owners

They may not have access to formal pension schemes.
They require long-term income stability while still maintaining insurance protection.
This plan helps them balance risk in their overall investment portfolio.

Parents Planning for Future Milestones

They want to ensure guaranteed funds are available for their children’s higher education or wedding.
They prefer a safe investment tool that also provides life insurance coverage.

Risk-Averse Investors

They prefer assured income over the uncertainties of equity or mutual fund investments.
They want to lock in a future income stream that is unaffected by interest rate changes or market volatility.

Anyone Seeking Long-Term Financial Discipline

This plan encourages regular and consistent savings habits.
It provides the dual benefit of life cover and assured returns, making it ideal for long-term financial planning.

If you fall into any of these categories, a Guaranteed Income Plan could be a smart way to combine security with steady returns.

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

Benefits

Riders

What is IndiaFirst Life Long Guaranteed Income Plan?

Answer: IndiaFirst Life Long Guaranteed Income Plan is a great way to save money while having life insurance coverage. It guarantees regular income, making it an excellent savings plan. Plus, it's eligible for income tax saving schemes, providing additional financial benefits. With the convenience of online purchases, it's a straightforward solution for achieving your financial goals and securing your family's future.

What are the income benefit plan options that are offered under this policy?

Answer: IndiaFirst Life Long Guaranteed Income Plan presents two Income Benefit options. A Definite Income Option and a Whole Life Income Option. Under the Definite Income Option, a percentage (X%) of the annualized premium is paid as income for 20 years, supplemented by a percentage (Y%) of the return of premium at the end of the income benefit period, contingent on premium payments and the survival of the life assured. The Whole of Life Income Option ensures X% of the annualized premium as income until the age of 99 years, coupled with Y% of the return of premium at the end of the income benefit period, subject to premium payments and the survival of the life assured. These options provide flexibility for individuals to tailor their income benefits to align with their financial objectives. To check in detail, please go through the plan brochure.

Can I get a loan in this policy?

Answer

Yes, you may benefit from a loan facility under this plan.

The amount of the loan that you may avail at any point of time will depend on the surrender value. You may avail of a loan amount up to 90% of the available surrender value. The minimum loan amount should be Rs.1,000. We will charge interest at a rate of 9% per annum which may be revised by us from time to time subject to prior IRDAI approval.

At the end of the policy term loan outstanding together with the interest thereon, if any will be deducted from the present value of future guaranteed income as well as Y% of all premiums paid, discounted at the rate of 9% p.a. and the balance amount, if any will be payable immediately and policy will be terminated.

We will recover any unpaid loan amount along with interest before paying the death benefit to the Nominee(s) / Appointee/ legal heir(s) or the maturity benefit to the Life Assured. As and when the loan principal along with interest exceeds the surrender value for paid-up policies, the policy will be compulsorily surrendered by us and the outstanding loan amount along with the interest will be recovered from the Surrender Value or paid-up benefit. Compulsory surrender will not apply to inforce policies.

Is there a grace period for missed premiums?

Answer: We provide you with a grace period which is the time provided for payment of premium from the premium due date during which the policy is considered to be in-force with the risk cover. This policy has a grace period of 30 days for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency from the premium due date. In case of death of the life assured during this period, death benefit after deducting due premiums till date of occurrence of de a th, wi l l be pa id to the nomine e ( s )/ appointee/legal heir. During this period the policy will be considered to be in-force.

Can you surrender your policy?

Answer

It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand that in certain circumstances you may want to surrender your policy. The policy will acquire surrender value after first full years’ premiums have been paid.

At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. The GSV factors are dependent upon policy year of surrender and policy term. The GSV factors will be applicable on total premiums paid till date of surrender.

GSV will acquire on payment of first 2 full year’s premiums

GSV = GSV factor for premium x total premium paid excluding applicable taxes and extra premium and rider premium, if any

SSV will acquire on payment of first 1 full year’s premiums

For more details on SSV please refer the product brochure

Note: GSV factors are mentioned in Annexure I

What is the Free Look Period available in your policy?

Answer

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 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. We will refund an amount equal to the –

Premium paid

Less: i. Pro-rata risk premium and rider 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

What happens in case the life assured commits suicide (suicide clause)?

Answer: In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

What will be the amount that I will receive at the end of my policy term as maturity benefit?

Answer

At the end of the policy term (maturity), IndiaFirst Life Long Guaranteed Income Plan offers the following benefits:

Definite Income Option:

Maturity Benefit comprises Guaranteed Income for 20 or 30 years.
Y% of the return of premium is provided at the end of the income benefit period.
Option to receive a lump sum, representing the present value of future guaranteed income and Y% of return of premium, discounted at 9% p.a. (interest rate not guaranteed, subject to IRDAI approval).

Whole of Life Income Option:

Maturity Benefit includes Guaranteed Income until Age 99.
Y% of the return of premium is disbursed at the end of the income benefit period.
Choice to receive a lump sum, reflecting the present value of future guaranteed income and Y% of return of premium, discounted at 9% p.a. (interest rate not guaranteed, subject to IRDAI approval).

During the income benefit period, an alternative option allows policyholders to receive future income as a lump sum, representing the present value of future income benefits and Y% of return of premiums, discounted at 9% p.a. (interest rate not guaranteed, subject to IRDAI approval). The "Return of Premium" is defined as the sum total of annualised premium. To check in detail, please go through the plan brochure.

What happens in case you miss paying the premiums?

Answer

In case of missed premium payments, the following scenarios unfold:

Lapse Before Surrender Value is acquired:

Lapse occurs if premium isn't paid within the grace period.
Risk cover ceases, and no further benefits are payable.
Lapse happens if less than one full years' premiums are paid.

Revival Procedure:

Policy revival within five years requires payment of all due premiums with interest
Successful revival reinstates all benefits as per the original policy.

Paid-Up Value:

Non-payment before grace period expiry results in a policy with paid-up value.

Death Benefit:

Within one year of the first unpaid premium: Full death benefit.
After one year: Reduced paid-up Sum Assured on death.

Maturity Benefit:

Survival till the end of the policy term yields a Reduced paid-up Sum Assured on Maturity.

Calculation of Reduced Paid-Up Sum Assured:

Death Benefit: Sum Assured on Death x (Total premiums paid / Total premiums payable).
Maturity Benefit: Present value of income payments and Y% of premiums paid discounted at 9% p.a. x (Total premiums paid / Total premiums payable).

Revival Procedure:

Policy revival within five years requires payment of all due premiums with interest (currently 9% p.a.).
Successful revival reinstates all benefits as per the original policy.

Continuation in Reduced Paid-Up Mode:

If not revived during the revival period, the policy persists in the reduced paid-up mode until maturity, death, or surrender. To check in detail, please go through the plan brochure.

In all scenarios, the Reduced Paid-Up Sum Assured on death or maturity will not be less than the total premiums paid under the policy. Revival is subject to the Board Approved Underwriting Policy.

What happens in case of life assured’s demise in this policy (death benefit)?

Answer

In the unfortunate event of the life assured's demise, the policy provides comprehensive death benefits.

Death During Policy Term:

Lump sum or monthly income options for the nominee.
Payout calculated as the higher of Sum Assured on Death or 105% of total premiums.
Policy terminates post the payout.

Death During Income Benefit Period:

Continuation of income benefit to the nominee till the period concludes.
Return of premium provided at the end of the income benefit period.
Nominee has the option to receive future benefits as a lump sum, discounted at a non- guaranteed rate.
Any changes in the interest rate require IRDAI approval.

Return of Premium Definition:

Defined as the total of annualized premium.
Specific Death Benefit Multiples detailed in Annexure II.

This streamlined approach offers a clear understanding of the death benefits under the IndiaFirst Life Long Guaranteed Income Plan. To check in detail, please go through the plan brochure.

What is the Life Cover Continuance benefit in this plan?

Answer

Your policy will have Life Cover Continuance benefit if at least 2 full year’s premiums have been paid.

Full death benefit will remain in force for a period of one year (Life Cover Continuance period) from the date of First Unpaid Premium (FUP).

You will have an option to further extend the “Life Cover Continuance benefit” if you pay due premium with interest @9% p.a. within one year from the FUP date. On such payment, Life cover continuance benefit will be applicable, for one year from the revised “Unpaid Premium” date.

If you do not pay premium within 12 months from the FUP date, then the policy will get converted to reduced paid up policy.

At the end of life cover continuance period, you will have the following options to exercise:

Pay all the due premiums with interest/late fees as applicable and revive the policy
Pay one due annual premium with interest/late fees and extend the Life Cover Continuance benefit for one year from first unpaid premium date
Not pay due premium and hence continue the policy with reduced paid up benefits

Do I get a discount on renewal premiums, if paid in advance?

Answer: We will offer discount on renewal premium amount if you pay the premium at least one month prior to premium due date till 12 months prior to premium due date, provided this period falls within the same financial year as the premium due date.

The premium due in one financial year may be collected in advance in earlier financial year for a maximum period of three months in advance of the due date of the premium to be eligible for discount.

No discount will be offered if premium is paid within one month prior to premium due date. The renewal premium so collected in advance shall only be adjusted on due date of premium.

What are the tax benefits in this policy?

Answer: 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 investing.

Are there any Riders available in this policy?

Answer

You can avail 4 riders by paying additional premium under this plan for more comprehensive coverage -

IndiaFirst Life Waiver of Premium Rider (UIN: 143B017V01).
IndiaFirst Life Term Rider (UIN: 143B001V02)
IndiaFirst Life Accidental Death Benefit Rider (UIN: 143B019V01)
IndiaFirst Life Total and Permanent Disability Rider (UIN: 143B021V01)

For more details on rider benefits please refer the rider brochure.

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