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IndiaFirst Life Long Guaranteed Income Plan
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IndiaFirst Life Long Guaranteed Income Plan is a non-linked and non-participating limited premium endowment life insurance plan which provides guaranteed income to help you in achieving your financial goals with certainty. The plan is available in 2 variants namely Definite Income Option and Whole of Life Income Option. The plan provides a return of the total premiums paid at the end of the income benefit period.
Moreover, the plan provides the flexibility to receive the death benefit as lump sum or by way of regular income payout. You can further enhance the plan’s coverage with 2 riders options namely Term Rider and Waiver of Premium Rider.
Best Features of IndiaFirst Life Long Guaranteed Income Plan
The key features of IndiaFirst Life Long Guaranteed Income Plan are as follows -
- Plan Options- The plan is available in 2 variants - Definite Income Option and Whole of Life Income Option. While the former option provides a guaranteed income for a fixed period of 20 years, the latter provides a guaranteed income till 99 years of age.
- Return of Total Premiums- At the end of the Income Benefit Period, all the premiums paid towards the policy are returned to you or your nominee.
- Flexible Death Benefit Payout- The plan provides the flexibility to receive the death benefit as a lump sum or as regular income over a period of 5,10, or 15 years.
- Discounts- Discount on renewal premium amount is available if you pay the premium at least 1 month prior to premium due date till 12 months to the due date of the premium payment. The advance premium can be paid for a maximum period of 3 months.
- Paid-up Policy- If you fail to pay the premium within the grace period after the payment of the first 2 years’ premiums, the policy will acquire the status of a paid- up policy and reduced benefits shall be paid.
- Rider Options- The plan offers 2 rider options namely Term Rider and Waiver of Premium Rider to allow you customise the plan as per your preference.
- Policy Loan- The policy allows you to avail a loan of up to 90% of the surrender value of the policy subject to a minimum loan amount of INR 1,000. The loan is available at an interest rate which currently stands at 9% p.a.
Benefits of IndiaFirst Life Long Guaranteed Income Plan
The IndiaFirst Life Long Guaranteed Income Plan offers the following benefits -
1. Income Benefit
The payout of the income benefit depends upon the income benefit option chosen by you -
- Definite Income Option
Under this option, a certain percentage of the annualised premium is payable as regular income, starting from the end of policy term for a fixed income period of 20 years. The percentage of the annualised premium payable depends on your age and the Premium Payment Term (PPT) opted by you.
|Age at Entry/PPT||5 years||6 years||7 years|
|8 to 29 years||39%||43%||51%|
- Whole of Life Income Option
Under this option, a percentage of the annualised premium is payable as the regular income payout, starting from the end of the policy term till the life assured attains 99 years of age. The payout of the income benefit depends on your age and PPT of the policy.
|Age at Entry/PPT||5 years||6 years||7 years|
|30 to 45 years||34%||39%||47%|
|46 to 60 years||30%||34%||43%|
For non-annual Income Benefit frequencies, the payouts are determined by multiplying the annual income payout with the frequency factors mentioned below -
|Income Benefit Frequency||Factor To Be Multiplied With Annual Income Benefit|
2. Maturity Benefit
In case of the survival of the life assured till the end of policy term, a maturity benefit is payable to the life assured in the following manner-
- Guaranteed income benefit starting from the end of the policy term till the end of the income benefit payout period in accordance with the income benefit chosen by the life assured.
- At the end of the income benefit period, all the premiums paid till the policy term are returned back to the life assured.
The life assured also has an option to receive the maturity benefit as a lump sum amount. After the payment of the maturity benefit, the policy terminates.
3. Death Benefit
In case of an unfortunate death of the life assured during the policy term, the death benefit is payable either as a lump sum or in the form of monthly income over the next 5,10, or 15 years as chosen by the life assured or nominee. The death benefit is payable as higher of the following-
- Sum assured equivalent to the product of the death benefit multiple and the annualised premium)
- 105% of all the premiums paid till the date of the death.
IndiaFirst Life Long Guaranteed Income Plan Eligibility
The eligibility criteria for IndiaFirst Life Long Guaranteed Income Plan is as follows:
|Eligibility Criteria For IndiaFirst Life Long Guaranteed Income Plan||Definite Income Option||Whole of Life Income Option|
|Minimum Age at Entry||8 years||30 years|
|Maximum Age at Entry||29 years||60 years|
|Minimum Age at Maturity||18 years||40 years|
|Maximum Age at Maturity||39 years||70 years|
|Policy Term||10 years|
|Premium Payment Term||5/6/7 years|
|Premium Payment Option||Limited Pay|
|Income Benefit Period||20 years||Till 99 years of age|
|Minimum Premium Amount|
Yearly- INR 24,000
Half-yearly- INR 12,286
Quarterly- INR 6,216
Monthly- INR 2,088
|Maximum Premium Amount||No Limit, subject to underwriting|
|Minimum Sum Assured||INR 2.4 Lakh|
|Maximum Sum Assured||No Limit, subject to underwriting|
|Premium Payment Frequency||Yearly, Half-yearly, Quarterly, Monthly|
IndiaFirst Life Long Guaranteed Income Plan Review
IndiaFirst Life Long Guaranteed Income Plan is an endowment cum life insurance plan which provides the benefit of guaranteed income along with life cover benefit. One of the noteworthy benefits of the plan is the return of premiums at the end of income benefit period.
The plan takes care of your liquidity requirements by way of policy loans which can be availed up to 90% of the surrender value. The plan also provides you with attractive discounts on payment of premium in advance. IndiaFirst Life Long Guaranteed Income Plan can be shortlisted by individuals looking for long-term income benefits along with comprehensive life cover benefits.
IndiaFirst Life Long Guaranteed Income Plan FAQs
1. What is the grace period under the plan?
The plan offers you a grace period of 30 days for modes other than monthly mode and 15 days for the monthly mode of premium payment from the date of the first unpaid premium. During this grace period, the life cover continues without any interruption and the benefit payouts are still accrued.
2. Under which situation premiums are waived off under the Waiver of Premium rider?
The premium can be waived on an unfortunate death of the life assured or if the life assured suffers from a total permanent disability or any of the listed critical Illnesses.
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