IndiaFirst Life Insurance Company Limited (IndiaFirst Life) introduced the IndiaFirst Life Micro Bachat plan. This non-tied, participatory, limited-pay micro-life insurance policy is designed to offer the dual benefit of security and disciplined savings to guarantee the certainties of life. Providing financial support to the insured’s family, in case of any contingency, the plan provides constant life coverage benefits despite the absence of a premium. In addition, to meet liquidity needs, the policy loan facility can be used with a shorter 5-year pay commitment.
Rushabh Gandhi, Deputy Managing Director of IndiaFirst Life Insurance Company Limited, said: “With the objective of providing microinsurance solutions to clients in the hinterland where income flows are irregular and cyclical, we are delighted to present IndiaFirst Life Micro Bachat Plan in its new avatar, “
IndiaFirst Life Micro Bachat Plan takes care of the liquidity needs of the insured through its loan facility. The policy can be purchased online or offline at its convenience. This limited premium payment and participating plan offer a shorter 5-year payout commitment while providing savings and protection in a single policy for up to 15 years.
- Pay premiums only for five years to achieve long-term goals of up to 15 years.
- The benefit of annual benefits to increase savings with a bonus benefit.
- Continuous life coverage despite no premium for a full year
- Take advantage of accrued premiums and benefits at maturity at the end of the plan term
- The plan includes two options – Life & a; Additional life option
- Possibility of adding the Waiver of Premiums rider in the event of death, accidental total permanent disability or any defined critical illness while continuing to benefit from the plan.
- Obtain comprehensive security by choosing to receive the death benefit in one go or in installments over a period of 5 years
- A tax benefit may be available on premiums paid
Based in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life) is one of the youngest life insurance companies in the country. It is promoted by two of India’s largest public sector banks – Bank of Baroda and Union Bank of India, which hold 44% and 30% of the company’s shares, respectively.
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