Participating, Limited Pay, Money Back Life Insurance Plan
Mumbai, 9th August 2019: IndiaFirst Life Insurance, promoted by Bank of Baroda and Andhra Bank launched IndiaFirst Life SmartPay Plan, one-of-its-kind participating, limited pay, money back Life Insurance Plan, today.
Vikramaditya Singh Khichi, Executive Director, Bank of Baroda along with RM Vishakha, MD & CEO, IndiaFirst Life Insurance and Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance came together at the launch event, held at Bank of Baroda Head Office.
IndiaFirst Life SmartPay Plan is a significant addition in the existing bancassurance product suite, encouraging disciplined savings along with the benefit of liquidity through life insurance cover. In addition, this plan offers accrued bonus with sum assured on maturity at the end of term, to the policyholder.
Speaking at the launch, Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “We are excited to offer innovative risk management solutions, based on collective learnings and feedback from our valued customers. With the influx of smartphones in our day-to-day life which gives instant access to multiple utilities, this SmartPay plan also offers host of benefits to its customers, one of them being able to continue the plan even after missing out on a premium.”
Commenting on this launch, Rushabh Gandhi Deputy CEO, IndiaFirst Life said, “We are delighted to bring a unique participating policy which not only provides shorter pay commitments but also gives some liquidity within premium paying period. This policy is designed to help the policy holders enjoy uninterrupted life cover benefit despite missing out on premium (if any).and offer money back, during the premium paying period itself, thereby making it the shortest pay limited premium product in the country.”
IndiaFirst Life Smart Pay Plan offers policyholder to add Waiver of Premium Rider to secure one’s dependents from burden of paying future premiums in case of occurrence of death, accidental total permanent disability or any of the defined critical illness with continuous benefits of the plan. Key Features of Smart Pay Plan.It is a policy for, which one have to pay for shorter period with options suiting their time horizon and fulfil long-term goals
The policyholder will continue to enjoy life cover benefit for one full year even if they miss to pay one premium (applicable after you have paid two full years’ premiums)
Enjoy the upside of earnings with an annual bonus (if any)
Get 103% of your one annual premium back as survival benefit
At the end of term, you get Sum Assured at Maturity plus accrued bonuses (if any)
Option to add Waiver of Premium Rider to secure your family from burden of paying future premiums in case of occurrence of death, accidental total permanent disability or any of the defined critical illness while continuing the benefits of the plan.
Tax benefit may be available on the premiums paid and benefits received as per prevailing tax laws.
About IndiaFirst Life Insurance Company Ltd:
Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 625 crores, 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 Andhra Bank, which hold 44 percent sand 30 percent stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC also holds 26 percent stake in IndiaFirst Life.
The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced. The company has garnered over INR 15,000 crore of assets under management (AUM), as on March 31, 2019.