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IndiaFirst Pension Plans

For most us, saving for retirement is our primary financial goal. And, why not? After all, we save today so that we can have a comfortable future, right? But, that's not it. For most people, the retirement period is as a time when they plan of doing things they do not get to do in their earning years, such as living in a mountainous or beachside location or going on long vacations. And, all these things need proper investment today so that you can reap the benefits later.

Investing in a pension plan is one of the many ways you can save for your retirement. In a pension plan, you are required to make monthly contributions of a certain amount over a long term. Starting your pension plan at the right age, generally in your 30s, will ensure that you will have enough money saved by the time you retire. It is easier to invest small sums monthly and that is possible if you start investing early. Most pension plans also offer the option to withdraw a fixed sum every month after retirement, so that you are not tempted to splurge too much too early, except in the case of an emergency.

And, when it comes to pension plans, IndiaFirst Pension Plan offers great benefits. Let us look at some of the benefits of their pension plans.

  • You can save tax when you invest in a pension plan since it is considered as a saving.
  • Your employer matches your investment in the pension plan which means more savings.
  • You can add whatever amount you want on a monthly basis within the minimum and maximum limit, so that too big an investment doesn't burn a hole in your pockets.

Types of Retirement Plans offered by Indiafirstlife

IndiaFirst Life offers pension plans that will help you meet your financial goals and ensure that you have a stress-free life after you retire.

There are two types of plans offered by IndiaFirst Life, IndiaFirst Guranteed Retirement Plan and IndiaFirst Immediate Annuity Plan. Let's discuss both these pension plans in detail.

IndiaFirst Guaranteed Retirement Plan

This is a Participating, Endowment Deferred Pension plan for you to enjoy your retirement. In this plan, you will earn guaranteed returns in the beginning and you will also get an opportunity to increase your retirement funds with a bonus.

Here are some of the advantages of this plan:

  1. You can beat the effects of inflation if you start investing early since this plan offers bonuses later in your investment cycle.
  2. The premiums paid under this plan are eligible for tax deduction under section 80 C.
  3. Also, up to 1/3 of the maturity amount and the death benefits payable are exempted from tax.
  4. You can invest through regular, limited, or singular premium payment mode as per your convenience and financial goal.
  5. The earlier you start investing, the more corpus you can build for your retirement.

Do you like the benefits of this plan? Then let's see if you are eligible for the plan.

For Regular Premium:

  1. The minimum age to start investing is 25 years and the maximum age is 55 years.
  2. The minimum sum assured is Rs. 5,00,000 while the maximum sum is the amount that is decided upon at the time of the agreement.

For Limited Premium:

  1. The minimum age to start investing is 25 years and the maximum age is 70 years.
  2. The minimum sum assured is Rs. 5,00,000 while the maximum sum is the amount that is decided upon at the time of the agreement.

For Single Premium:

  1. There is no minimum age to start investing and the maximum age is 75 years.
  2. The sum assured for this option is Rs. 1,00,000.

Let us now discuss a bit more about how the plan works.

There are three payment options you can choose under this plan, namely Regular, Limited, or Single Premium plan. In the Single Premium plan, you can pay the premium in one go whereas in the Regular and Limited Premium plans you can pay the premium either monthly, quarterly, half-yearly, or yearly. Your age and the term you want to invest for plays a major role in selecting which plan you choose. In case of life assured's unfortunate demise, total premiums are paid as on date of death accumulating @ 0.15% per annum compounded annually. On Maturity, Sum Assured along with sum of all Guaranteed Additions, if any, of 9% of Total Premium Paid for the first 'x' plan years and a sum of all Simple Reversionary Bonus and Terminal Bonus, if any, are paid in to the plan from 'x+1' plan year onwards

IndiaFirst Immediate Annuity Plan

This retirement plan helps you maintain a secure post-retirement life. It also helps you to take care of your living expenses and having a worry free retirement.

Here are some of the benefits of this plan

  1. You can choose your retirement age. Under this plan, you can start reaping the benefits of your investment from the age of 40.
  2. You can choose how you want your retirement savings. You can receive money monthly, quarterly, half-yearly, or yearly.
  3. Under the joint life annuity plan, you can also support your spouse in your absence.
  4. Your nominees can get the investment amount back under the return of purchase price option.
  5. A comfortable retirement is guaranteed under the annuity certain option for a period and life thereafter.

Annuity Options available in this plan:

  1. Life Annuity
  2. Life Annuity with Return of Purchase Price
  3. Joint Life Last Survivor Annuity for Life
  4. Annuity Certain for a period of 5 years or 10 years or 15 years

If you've decided that this is the plan for you, then let's look at its eligibility criteria.

  1. For first annuitants, the minimum entry age for investment is 40 years while there is no minimum age for existing members or beneficiaries of IndiaFirst Life Insurance Plans. The maximum entry age is 80 years.
  2. For second annuitants, the minimum eligibility age is 18 years. The maximum age is 80 years.
  3. The minimum monthly annuity instalment is Rs. 1000 while the yearly limit is Rs. 12,500.
  4. The minimum premium is Rs. 3,00,000 while there is no maximum limit.

Now, let's discuss how the plan works in a bit more detail.

The IndiaFirst Annuity plan is a traditional annuity plan that can be purchased by paying a lump sum amount in the form of Single Premium. Once you choose your retirement age, you will get a fixed income under this plan on a monthly, quarterly, half-yearly, and yearly basis. This is a non-participating Immediate Annuity plan, which means it's not eligible for any bonus.

How to Apply for IndiaFirst Pension Plans

Once you know your financial goals and have selected the best IndiaFirst Pension plan according to your requirements, it's time to apply for the pension plan you have chosen. The application process is pretty straightforward. You need to check your eligibility, and if you're eligible, contact IndiaFirst to get an in-depth knowledge of your chosen plan and get your documents verified by our professional advisers. You will get a reference/quote number if all your documents are in order. Once you have the quote/reference number, you can buy your preferred plan online at the IndiaFirst website. Simply enter your quote/reference number and the date of birth of the person insured to begin.

FAQs on Indiafirst Pension Plans

Which is the best pension plan in IndiaFirst Pension Plans?

The best plan depends on your personal preference and financial goals. The Guaranteed Retirement plan gives you an option to pay premium on a monthly, quarterly, half-yearly, or yearly basis while under the annuity plan, you have to pay a lump sum amount as a Single Premium.

Which is the best pension plan of IndiaFirst Pension Plans 2018?

IndiaFirst Guaranteed Retirement Plan is the best IndiaFirst Pension plan of 2018, mostly because of the flexibility it offers in paying the premiums which is either monthly, quarterly, half-yearly, or yearly.

Which is the best IndiaFirst Pension Plans for long term?

The IndiaFirst Guaranteed Retirement plan is the better option when it comes to investing for a longer term since you can choose how long you want to invest your money, whether it's on a monthly, quarterly, half-yearly, or yearly basis.

Why should I buy IndiaFirst Pension Plans?

The retirement plans offered by IndiaFirst have a variety of benefits. The primary benefit is that you will get an assured sum through your life. If you start investing early, you can build a bigger corpus, and hence can choose to retire early. It also includes a flexibility option in the payment of premium.

How to pay premium? What are the modes of payment available?

The IndiaFirst Guaranteed Retirement plan has three payment options: single, regular, and limited premium where you can choose the payment terms and sum assured depending on your age and policy terms. Under the IndiaFirst Immediate Annuity plan, you need to invest a lump sum amount and then withdraw your corpus on a monthly, quarterly, half-yearly, or yearly basis.

How can I check policy status for IndiaFirst Pension Plans?

You can track the status of your policy online at the IndiaFirst website. All you will need is your application number, the date of birth of the person assured, and the registered mobile number or email address.