IndiaFirst Life Pension Plans

What are Pension Plans?

After retirement, an individual loses the source of regular income and requires a plan that will provide a stream of income at that time. Pension plans prove useful in that scenario because they provide annuity payments which help to take care of post retirement expenses.

Some common trends of the plans are listed hereunder:

• The plans are of two types – Deferred and Immediate Annuity

• Under Deferred annuity plans, the annuity payments are delayed for some years as chosen by the policyholder. During those years, premiums are required to be paid and if there is death of the policyholder, the death benefit will become payable to the nominee. There is a Vesting concept which signifies the date when the deferment period terminates and the annuity payouts commence

• Under Immediate Annuity plans, there is no waiting concept. Annuity starts after the payment of the single premium called the Purchase Price. Death benefit is not applicable under the plans because the payments stop once the policyholder dies.

Why Pension Plans

Retirement is the age when the income flow stops but the daily expenses continue. Moreover, medical expenses are seen to increase. As such, to depend on our children for taking care of us in retirement is not prudent and one should plan for retirement. These plans are an effective retirement planning tool because they provide cash at the time when it is required the most.

You may also like to read: Annuity Formula | Annuity Meaning

IndiaFirst Pension Plans

IndiaFirst Life Insurance Company is offering only one type of pension plan called the IndiaFirst Annuity Plan which is an immediate annuity plan. Let us take a look at the plan in details along with its features and benefits.

IndiaFirst Annuity Plan

A traditional immediate annuity plan with regular cash-flows post maturity for the entire lifetime. The features of the plan are as follows:

• Under the plan, the annuity payments will start immediately from the next month after the payment of the single premium.

• The annuity payouts are payable for the entire lifetime of the annuitant

• The premium paid to buy the plan is exempt from taxation under Section 80CCC of the Income Tax Act.

Eligibility Details

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Applying For Pension Plans through PolicyBazaar

• On the PolicyBazaar homepage, click on Retirement under the Personal tab.

• Click New Quotes to compare and choose from top insurance providers.

• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

• Fill in your name, email address, city, country code, and mobile number. Click Continue.

• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

• This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

To know more about other life insurance plans check at IndiaFirst Life Insurance

IndiaFirst Life Pension Plans - FAQs