IndiaFirst Life Insurance, a well-known general insurance company has announced the launch of IndiaFirst Guaranteed Retirement Plan-a non-linked, participating, endowment, deferred pension plan.
The plan guarantees return of 9% on total premiums paid during the early years, and the advantage 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 India First Life Insurance.
Insured person can choose a policy term depending on their requirement and get the funds between 40-80 years of age to buy an annuity. The insured gets a tax advantage on the premiums paid, as per section 80(CCC) of Income Tax Act, 1961.
It provides insured flexibility in premium payment. A customer can decide to pay one time, under the single premium mode, or pay for a limited time period of 5 to 10 years for a plan term of 10 to 35 years, or select a payment and plan term.