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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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Key features

Short-Term Payments, Long-Term Gains

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

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Definite Income for 20 Years

With Definite Income Option, elevate your lifestyle with the money savings plan, receiving guaranteed income for a fixed 20-year period. 

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Lifetime Income Till 99

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

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Premium Payback Assurance

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

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Continuous Life Cover

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

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Enhance with Optional Riders

Customise your insurance savings plan by adding IndiaFirst Term Rider and IndiaFirst Life Waiver of Premium Rider for enhanced benefits and coverage.

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Tax Advantages

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

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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.

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Step 2

Choose Your Income Option:

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

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Step 3

Choose Premium payment term options :

You can choose premium paying term out of 3 options - 5,6, and 7 years.

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Step 4

Review Your Customized Quote:

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

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Step 5

Consult with Our Experts:

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

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Step 6

Make Secure Payments:

Finalise your application seamlessly by making the required payment.

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Visualize your Plan

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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.

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From Age 40-47

He opts to receive an annual income benefit which shall be INR 3,24,001 (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.

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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, 10 or 15 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.

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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.

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Eligibility Criteria

Minimum Entry Age

Answer

8 years (For Definite Income Option) / 30 years (For Whole of Life Income Option)

Maximum Entry Age

Answer

50 years (For Definite Income Option) / 60 years (For Whole of Life Income Option)

Minimum Maturity Age

Answer

18 years (For Definite Income Option) / 40 years (For Whole of Life Income Option)

Maximum Maturity Age

Answer

60 years (For Definite Income Option) / (For 70 years (For Whole of Life Income Option)

Minimum Policy Term

Answer

10 years

Premium Payment Term

Answer

5/6/7 years

Minimum Premium

Answer

Yearly - ₹48,000, / Half-yearly- Rs. 24,571 / Quarterly- Rs. 12,432 / Monthly- Rs. 4,176

Maximum Premium

Answer

No limit (subject to board-approved underwriting policy)

Minimum Sum Assured on Death

Answer

₹4,80,000

Maximum Sum Assured on Death

Answer

No limit (subject to board-approved underwriting policy)

Premium Paying Frequency

Answer
  • Yearly

  • Half-Yearly

  • Quarterly

  • Monthly

Additional Information

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.

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

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

SSV = {(Total Number of premiums paid/Total Number of premiums payable during the policy term) x (Present Value of Income Benefit & Y% of all premiums paid, discounted at 9% p.a.)} multiplied by the SSV factor prevailing at the time of surrender. The SSV factor will be determined by us from time to time subject to prior IRDAI approval.

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 15 days from the date of receipt of the policy. The free-look period for policies purchased through distance marketing or electronic mode will be 30 days. 
 

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

Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone calling; (ii) Short Messaging service (SMS); (iii) Electronic mode which includes e-mail, internet and interactive television (DTH); (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts; and, (v) Solicitation through any means of communication other than in person.

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 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 Guaranteed Surrender Value:
 

  • 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 two full years' premiums are paid.

     

Revival Option:

  • Policy can be revived during the revival period.

  • Lapsed policy without revival within this period forecloses without benefits.

     

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.
     

Installment Payout Option:
 

  • Monthly payments determined by an annuity factor and SBI savings bank interest rate.

  • Level payments throughout the installment period.

  • Annual review of SBI savings bank interest rate.
     

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 the policy has acquired paid up value.

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 instalment 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

Yes, you have an option to add IndiaFirst Life Waiver of Premium Rider (UIN: 143B017V01) and IndiaFirst Term Rider (UIN: 143B001V02) to this policy. 
 

IndiaFirst Life Waiver of Premium Rider when opted, supports you, by waiving off the future premiums of your base policy in case the policyholder/ life assured suffers from death, accidental total permanent disability or critical illnesses as defined under the rider basis the rider option as chosen. The options for policyholder/ life assured are as mentioned below. You can select only one option at policy inception and the option once selected cannot be changed during the term of the policy.

 

OPTIONBENEFIT 
Waiver of Premium on Death This option provides benefit of waving all future premiums due and payable under the base policy on Death of the Policyholder (only when life assured and Policy Holder are different individuals under base policy), subject to rider and base policy being in force. 
In case you select this option, premium under this rider shall not exceed 30% of premium under the base policy. 
Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness This option provides the benefit of waving all future premiums due and payable under the base policy on eitheror simultaneous happening of the following events; Accidental Total Permanent Disability of the rider life assured or on the confirmed diagnosis ofthe rider Life Assured suffering from any one of the critical illnesses covered under the rider, subject to rider and base policy being in force. 
In case you select this option, premium under this rider shall not exceed 100% of premium under the base policy. 
Waiver of Premium on Death or Accidental Total Permanent Disability or Critical IllnessThis option provides the benefit of waving all future premiums due and payable under the base policy on earlier happening of either of the following events - Death ofthe rider life assured or Accidental Total Permanent Disability of rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the Critical Illnesses covered under the rider, subject to rider and base policy beinginforce.
To opt for this option, life assured and Policy Holder should be different individuals under base policy. In case you select this option, premium under this rider shall not exceed 100% of premium under the base policy. 

 

IndiaFirst Term Rider is a pure term insurance rider, which when opted enhances the life cover of the life assured over and above the cover offered under the base policy to provide additional protection to your family. In case of the life assured’s unfortunate demise, the nominee will receive the sum assured under the rider along with the death benefit amount under your base policy. In case you opt for this rider, premium under this rider shall not exceed 30% of premium under the base policy.

Riders will not be offered if the term of the rider exceeds outstanding term under the base policy. Please refer the respective rider brochures available on our website for more details on rider terms and conditions.

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Why IndiaFirst life

1.6 Crores

Lives secured since Inception

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Available in 16,500+

BOB & UBI Branches

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26,796 Crore

AUM as of Feb'2024

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1 Day

claim settlement assurance

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1800 209 8700

Customer Care Number

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8828840199

For online policy purchase

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+91 22 6274 9898

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