IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has introduced IndiaFirst Life Micro Bachat Plan. This non-linked, participating, limited pay, micro-life insurance policy is designed to offer dual benefits of security and disciplined savings to secure life’s certainties. Providing financial support to the insured’s family, in case of any eventuality, the plan ensures constant life cover benefits despite missing a premium. Additionally, to take care of the liquidity needs, the loan facility on the policy can be availed with a shorter pay commitment of 5 years.
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited said, “With the objective of offering microinsurance solutions to customers in the hinterlands where the inflow of income is erratic and cyclical, we are delighted to introduce IndiaFirst Life Micro Bachat Plan in its new avatar,”
IndiaFirst Life Micro Bachat Plan takes care of the insured’s liquidity needs through its loan facility. The policy can be purchased online or offline at one’s convenience. This limited premium paying and the participating plan provide a shorter pay commitment of 5 years while offering savings and protection in a single policy up to 15 years.
Pay premiums only for five years to fulfil long-term goals of up to 15 years.The benefit of annual perks to boost savings with an upside of bonuses.Continued life cover despite missing premium for one full yearAvail accrued bonuses and maturity benefit at the end of the plan termThe plan comes with two options – Life &a; Extra Life OptionOption of adding Waiver of Premium Rider in case of death, accidental total permanent disability, or any defined critical illness while continuing the benefits of the plan.Get holistic safety by choosing to receive the death benefit as a one-time payment or in installments over a period of 5 yearsTax benefit may be available on premiums paidHeadquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life) is one of the country’s youngest life insurance companies. 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% stakes in the company, respectively.
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