IndiaFirst Guaranteed Retirement Plan

• Guaranteed return on total premiums paid
• Build retirement corpus through bonus
• Avail vesting benefit
• Longer policy tenure to maximize retirement pool
• Single, limited or regular premiums
• High sum assured discount
• Tax benefits

Death Benefit

In the event of the demise of the life insured, the Death Benefit payable is higher of Defined Assured Benefit or 105% of the total premiums paid plus sum guaranteed additions and bonuses. Defined Assured Benefit is the total premiums paid as on the date of death accumulating @0.15% per annum compounded annually.

In case of death during deferment period, the nominee can utilize this benefit proceeds through any of the following manner:

• Utilize the entire proceeds or part thereof for purchasing an annuity at the prevailing annuity rate.
• Withdraw the entire death benefit.

Vesting/Maturity Benefit

In case of survival till vesting or maturity of the policy, the life insured will receive the higher of sum assured plus sum of all guaranteed additions plus Simple Reversionary Bonus and Terminal Bonus OR Defined Assured Benefit.

Here, Defined Assured Benefit is equal to the total premiums paid accumulated @0.15% p.a compounded annually.

Maturity/Vesting benefit cannot be less than the defined assured benefit.

The policyholder can use the vesting benefit through the following 3 ways.

• Commuting the maturity proceeds as allowed under the Income Tax Act and utilize the remaining amount to purchase an immediate annuity at the then prevailing annuity rate.
• Utilizing the entire proceeds to purchase a Single Premium Deferred Pension product.
• Extending the deferment period

Commutation Benefit

You have the option to take up to 1/3^rd of the total vesting benefit, as per the current tax regulations.

Deferment of Vesting Benefit

You can exercise an option to extend the deferment period, provided you are aged below 55 years.

Guaranteed Addition

Guaranteed Addition as 9% on your total premiums paid during first 2/4/6 plan years depending on the premium payment term chosen. It is accrued at the end of every policy year and is payable either on death or vesting.

Bonus

Simple Reversionary Bonus and Terminal Bonus is payable (as applicable) under this plan.

Loan Benefit

No loan facility is available under this policy.

Surrender Value

Surrender Value can be acquired after payment of at least 2 full policy years’ premium, when premium paying term is less than 10 years. This policy acquires the surrender value after payment of at least 3 full policy years’ premium, when premium paying term is equal to or more than 10 years.

The amount payable on surrender is higher of Guaranteed Surrender Value and Special Surrender Value.

No rider is available for this plan.

The premiums paid are eligible for tax benefit under section 80(CCC) and commuted amount up to one-third of the vesting benefit is also eligible for tax benefit under section 10(10A) of Income Tax Act, 1961. Proceeds available on demise of the life insured are tax-free under section 10(10D) of Income Tax Act.

Chirag aged at 30 years is seeking for a plan that can ensure financial protection after his retirement. He decides to buy IndiaFirst Guaranteed Retirement Plan with the policy term of 35 years, regular premium payment of Rs 50,000.

Scenario A: On survival of Chirag till Vesting

In case of survival till vesting or maturity of the policy, Chirag will receive the higher of sum assured plus sum of all guaranteed additions plus Simple Reversionary Bonus and Terminal Bonus OR Defined Assured Benefit.

Scenario B: On demise of Chirag within the policy term

On the unfortunate death of Chirag, the Death Benefit payable is higher of Defined Assured Benefit or 105% of the total premiums paid plus sum guaranteed additions and bonuses.