IndiaFirst Life Introduces Micro Bachat Plan in a New Avatar to Provide Enhanced Security & Savings
India:IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, hasintroducedIndiaFirst Life Micro Bachat Plan. This non-linked, participating, limited pay, micro-life insurance policy is designed to offerdual benefits of security and disciplined savings to secure life’s certainties. The competitively priced, low premium size makes this plan an ideal choice for ensuring security and savings.Providing financial support to the insured’s family,in case of any eventuality, the plan ensures constant life cover benefitsdespite 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 micro insurance 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. A perfect combination of security, protection, and disciplined savings, this simple and affordable plan is available through our Regional Rural Banks (RRBs) and the Common Service Centers (CSCs). We service customers across 98% pin-codes in the country through our diversified distribution network and this new plan will help us get closer to our stated objective of 'Insurance for All'.”
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 as per one’s convenience. This limited premium paying, and participating planprovides a shorter pay commitment of 5 years while offering savings and protection in a single policy up to 15 years.
The company offers a diversified suite of 44 need-based offerings (products & riders) catering to varied customer segments across the country.