IndiaFirst Life Insurance launches Guaranteed Retirement Plan

MUMBAI: IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), announced the launch of the IndiaFirst Guaranteed Retirement Plan-a non-linked, participating, endowment, deferred pension plan.

The plan offers a guaranteed return of 9% on total premiums paid during the initial years, and the benefit of participating in the company’s profits in the later years.

“The current popular retirement plans available in the market are mostly unit-linked plans. The IndiaFirst plan is designed to address the needs of people who would want to create an assured pool for retirement,” said R M Vishakha MD and CEO IndiaFirst Life Insurance.

Policyholders can select a policy term depending upon their requirement and receive the funds between 40-80 years of age to purchase an annuity. The policyholder gets a tax benefit on the premiums paid, as per section 80(CCC) of Income Tax Act, 1961.

It offers policyholders flexibility in premium payment. A customer can choose to pay one time, under the single premium mode, or pay for a limited period of 5 to 10 years for a plan term of 10 to 35 years, or select a payment and plan term of 10 years to anytime between 15 or 35 years.

Customers also have the option to pay in monthly/ quarterly/ half yearly/ yearly intervals.

“Apart from providing a balance of guaranteed return and an upside through bonuses, this plan also provides customers with a lot of flexibility to plan for retirement irrespective of age.” said Rushabh Gandhi, Director Sales & Marketing, IndiaFirst Life Insurance.