IndiaFirst Life Smart Retirement Plan is a non-participating, unit-linked, individual savings, pension plan, specially designed to provide a low-cost retirement solution to our customers looking to boost their retirement corpus with market-linked returns. This smart pension plan offers the flexibility of single, regular or limited pay, and long-term coverage till age 80.

This retirement smart plan offers 2 plan options:

• Retire Smart
• Retire Secure

The Death Benefit under this retirement smart plan will be determined by the option chosen by you at inception.

Retire Smart

On the death of the Life Assured, before the end of the Policy Term, while the Policy is in force, the Beneficiary/Claimant will receive the Death Benefit, and the Policy will terminate. The Death Benefit shall be higher of the following:

• Sum Assured on Death; or
• Fund Value as on the date of intimation of death.

Retire Secure

On the death of the life assured, before the end of the policy term, while the policy is in force, the Beneficiary/Claimant will receive the death benefit as follows:

• Sum Assured on death is paid immediately as a lump-sum
• All future premiums, if any, are paid by Us as and when due & the policy continues

Where,

1. Sum Assured on Death in this Policy at any time during the Policy Term will be 105% of Total Premiums Paid.

2. The amount of Sum Assured on Death shall be reduced to the extent of the Partial Withdrawals made during the 2 (Two) years immediately preceding the date of death of the Life Assured.

At the end of the policy term, the prevailing Fund Value as on the Vesting Date will be payable.

Additionally, one of the major retirement benefits of the Retire Smart Option is that all mortality charges deducted during the Policy Term will be added back to the Fund Value, provided the policy is in force and all due premiums have been paid.

1. Guaranteed Additions¹

On payment of the first-year premium, an additional amount called Guaranteed Additions1 is added to your Fund Value.

The IndiaFirst Life Smart Retirement Plan allocates the Guaranteed Additions1 to the Fund at the time of Premium Allocation for the first Policy Year, resulting in a higher allocation to the Fund than the premium paid by the policyholder. The amount of Guaranteed Additions1 varies based on the chosen premium payment term & premium frequency. For more details on Guaranteed Additions, please refer to the product brochure.

2. Postponement of Vesting Benefit

On the date of Vesting, the policyholder shall have the option to extend the accumulation period or deferment period within the same policy with the same terms & conditions as the original Policy. For more details on the postponement of the Vesting Benefit, please refer to the product brochure.

3. Vesting Loyalty Booster

On the Vesting Date, if the IndiaFirst Life Smart Retirement Plan is in force with all due premiums paid and the policyholder utilises 100% of the Vesting Benefit to purchase an annuity from IndiaFirst Life, then the company shall add a Vesting Loyalty Booster of 0.5% of the average of the Fund Values on the last business day of the last eight policy quarters. This will be added to the Fund value in the form of the addition of units.

The retirement smart plan offers three fund options and two fund management strategies:

1. Self-Managed Strategy:

With this strategy, you can choose to invest your premiums in one, multiple or all of these Funds based on your risk appetite and needs. This option lets you utilise your market acumen and make the most of your retirement funds through market-linked investments.

The existing funds offered are –

2. Fund Transfer Strategy

This strategy systematically transfers your investment from debt to equity funds in order to boost and safeguard your gains. For more details on the Fund Transfer Strategy, please refer to the product brochure.

For details on discontinuance charges in the IndiaFirst Life Smart Retirement Plan, please refer to the product brochure.

Partial Withdrawals are allowed only after the completion of the lock-in period of the retirement smart plan and only for the following reasons:

• Higher education for children, including legally adopted children.
• Marriage of children, including legally adopted children.
• Purchase or construction of a residential house/ flat in the Life Insured’s own name or in joint name with his/ her legally wedded spouse. However, if the Life Insured already owns a residential house/ flat (other than ancestral property), no Partial Withdrawals shall be permitted.
• For treatment of critical illnesses of self, spouse or dependent children, including legally adopted children.
• Medical and incidental expenses arising from disability or incapacitation suffered by the Life Insured.
• Expenses incurred by the Life Insured for skill development/ reskilling or any other self-development activities.
• Expenses incurred by the Life Insured for the establishment of her/ his own venture or any start-ups.
• Any other reason as per the IRDAI circulars/ guidelines/ regulations issued from time to time.

For more details on Partial Withdrawals in our retirement plans , please refer to the product brochure.

We provide you a grace period of 30 days for payment of all premiums under quarterly, half-yearly and yearly modes and 15 days under the monthly mode. This period starts from the due date of each premium payment. Your IndiaFirst Life Smart Retirement Plan will be considered in force, and all your policy benefits will continue during this grace period.

Potential buyers can use a retirement calculator to get a better understanding of their post-retirement needs and plan their purchase accordingly. This may help them stay consistent with their premium payments.

You have a Free Look Period of 30 (Thirty) days from the date of receipt of your policy document, whether received electronically or otherwise, to review terms and conditions. In case you disagree with any of those terms & conditions, you shall have an option to return the Policy to Us for cancellation, stating the reasons for your objection, provided no claim has been made under the Policy. In such an event, irrespective of the reason for cancellation, we shall arrange to refund you the non-allocated premium, the value of units allocated as per the Net Asset Value (NAV) on the date of cancellation along with the Premium Allocation Charges plus charges levied by the cancellation of units, subject to deduction of the proportionate risk premium for the period on cover, stamp duty charges, the expenses incurred by Us on medical examination, if any, and Guaranteed Additions1 infused by the Company at inception.

Such a request received by Us for free-look cancellation of the Policy shall be processed within 7 (Seven) days of receipt of the request, subject to applicable deductions.

You can move from one fund to another available within the IndiaFirst Life Smart Retirement Plan by switching your funds any number of times during the policy term. Currently, these switches are free of any charge. The policyholder is allowed to switch funds during the minority of a life assured. Unused free switches cannot be carried forward to the next month/year.

You have the option of redirecting the premium from one Fund to another Fund within the IndiaFirst Life Smart Retirement Plan by giving a written notice to us. Under premium redirection, you can redirect the future premiums towards a different fund or set of funds. However, under the premium redirection option, your past allocation of premium does not change. Premium redirections are free of charge currently.

You are allowed to make the following alterations in your smart pension plan –

• You have the option to change the premium frequency (i.e., Premium Payment Mode) during the Premium Paying Term without any charges /fees. The change in premium frequency can happen only within the available frequency options. However, once a death claim has been triggered, the Beneficiary/Claimant cannot change the premium frequency under the Plan Option- Retire Secure.
• You have an option to increase the Premium Paying Term or Policy Term during the term of the Premium Paying Term or Policy Term, respectively, in accordance with the BAUP. Once the Premium Paying Term or Policy Term is increased, it cannot be subsequently decreased. The policyholder is required to submit the request for an increase in Premium Paying Term and/or Policy Term at least 1 (One) month prior to the annual Policy Anniversary.

We will value your units in line with the unit-linked guidelines issued by the IRDAI. As per the prevailing guidelines of the Authority, the Unit Price will be calculated as follows:

Market value of the assets, plus: value of current assets, less: value of current liabilities and provisions, if any, divided: by the number of units existing on the valuation date (before creation/redemption of units).

When divided by the total number of units in the fund at the valuation date (before any units are redeemed), we get the unit price of the fund under consideration.

Every premium (new business or renewal) is allocated into fund options as selected in the proposal form or through subsequent request or as per the investment strategy opted, after deducting allocation charges, if any. For complete details on premium allocation, please refer to the product brochure.

Yes, your smart pension plan does carry risks.

1. IndiaFirst Life Insurance Company Limited is only the name of the insurance company, and “IndiaFirst Life Smart Retirement Plan” is only the name of this unit-linked fund-based insurance policy and does not in any way indicate the quality of this Policy, its future prospects, or returns.

2. Unit-linked insurance products are subject to investment risks, which are borne by you.

3. The premiums paid in the unit-linked insurance policies are subject to investment risks associated with the capital markets, and the NAVs of the units may go up or down based on the performance of the Funds and factors influencing the capital market, and the insured is responsible for his/her decision.

4. Investments in the Funds are subject to market risks, and the investment risks in the investment portfolio are borne by you.

5. The Funds or the names of the Funds as shown in this Policy do not in any manner indicate or guarantee the quality of the Funds, future prospects, or returns. The past performance of any of our Funds is not indicative of the future performance of any of these Funds.

6. We do not guarantee the Fund Value or the NAV . Please note that, depending on the market risk and the performance of the Funds to which the Units are referenced, the Fund Value or the NAV may fall, rise or remain unchanged. We have not given any assurance that the objectives of any of the Funds will be achieved.

7. The Funds do not offer a guaranteed or assured return except to the extent as guaranteed or assured by us under this Policy.

No. None of our funds offer a guaranteed or assured return, except to the extent as guaranteed or assured by us under this Policy. The fund names do not indicate the quality of the respective funds, their future prospects, or returns, in any manner.

The past performance of our other funds does not necessarily indicate the future performance of any of these funds.

Provisions regarding life insurance policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 are as follows:

1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from

1. the date of issuance of policy or

2. the date of commencement of risk or

3. the date of revival of policy or

4. the date of rider to the policy whichever is later.

2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from

1. the date of issuance of policy or

2. the date of commencement of risk or

3. the date of revival of policy or

4. the date of rider to the policy whichever is later.

For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.

3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:

1. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;

2. The active concealment of a fact by the insured having knowledge or belief of the fact;

3. Any other act fitted to deceive; and

4. Any such act or omission as the law specifically declares to be fraudulent.

4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.

5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.

6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.

7. In case repudiation is on grounds of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.

8. act shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.

9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.

[Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 for complete and accurate details.]