IndiaFirst Life Long Guaranteed Income Plan

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IndiaFirst Life Long Guaranteed Income Plan

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/PPT5 years6 years7 years
8 to 29 years39%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/PPT5 years6 years7 years
30 to 45 years34%39%47%
46 to 60 years30%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 FrequencyFactor To Be Multiplied With Annual Income Benefit
Yearly1
Half-yearly0.49
Quarterly0.24
Monthly0.08

     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
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