IndiaFirst Immediate Annuity Plan

What is the Plan all About?

IndiaFirst Immediate Annuity Plan is a non-linked, non-participating annuity plan which provides a steady retirement income as long as you survive. Under this plan, you can purchase the immediate annuity by paying a lump sum amount. This annuity plan helps you to enjoy the golden days of your life.

What are the Key Features?

Receive a regular income through your years of retirement
Immediate annuity after paying a lump sum amount
Multiple annuity options
Joint Life option to support your spouse financially
Choose retirement age as per your need
Rebate in purchase price for higher annuity amount
Get tax benefits

What are the Plan Benefits?

Annuity Options

Following are the annuity options available under this plan:

Life Annuity
Life Annuity with Return of Purchase Price
Joint Life Last Survivor Annuity for Life
Annuity Certain for a period of 5, 10 or 15 years

Death Benefit

For life annuity option, all the future annuity proceeds cease on the death of the annuitant.

For Life Annuity with Return of Purchase Price option, the annuity payouts will stop on the demise of the annuitant and the purchase price is payable to the nominee.

For Joint Life Last Survivor Annuity for Life option, the outstanding annuity proceeds will be payable till death of the last survivor and after death, no annuity is payable.

For Annuity Certain for a period of 5, 10 or 15 years option, the annuity amount is payable till death of the annuitant or expiry of the guaranteed period, whichever is later.

Survival Benefit

For life annuity option, the annuity is payable through the entire life of the annuitant.

For Life Annuity with Return of Purchase Price option, the annuity is payable throughout the life of the annuitant.

For Joint Life Last Survivor Annuity for Life option, the annuity is payable through the entire life of the first annuitant and on his/her death, the annuity is payable to the surviving annuitant.

For Annuity Certain for a period of 5, 10 or 15 years option, the annuity is payable through the entire life of the first annuitant. On the death of the annuitant, the annuity is payable to the nominee till the end of the guaranteed period.

Bonus

No bonuses are payable, as it is a non-participating annuity plan.

Loan Benefit

No loan facility is available under this policy.

Surrender Value

Surrender Value is not acquired under this plan.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)*	40 Years (first Annuitant), 18 Years (second Annuitant)	80 Years (first/second Annuitant)
Premium Payment Term	Single	-
Premium Paying Mode	Single Pay	-
Single Premium Amount/Purchase Price	Rs 3,00,000	No Limit
Annuity Payout Frequency	Annually, Semi Annually, Quarterly & Monthly	-
Annuity Installment	Rs 1000 Per Month	-
Freelook Period	15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	Nil	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No rider is available for this plan.

Is the Plan, eligible for Tax Benefit?

The benefits payable under the policy can avail tax benefits under the Income Tax Act, subject to applicable tax laws.

How the Plan Works?

Anurag is seeking for a plan that can ensure a regular income through the years of retirement. He, at 70 years of age decides to buy IndiaFirst Immediate Annuity Plan with the purchase price of Rs 10 Lacs along with the ‘Life Annuity with Return of Purchase Price option chosen.

Scenario A: On survival of Anurag

The annuity at a constant rate i.e., Rs 41,610 (annually) is payable till he survives.

Scenario B: On demise of Anurag

On the unfortunate demise of Anurag, purchase price i.e., Rs 10 Lacs is payable to the nominee and no annuity proceeds are payable thereafter.