IndiaFirst Life Insurance, a joint venture between Bank of Baroda and Union Bank of India, has launched its Micro Bachat Plan. It is a non-linked, participation, limited pay micro-life insurance policy meant to provide security as well as disciplined savings to ensure life’s certainties.
This plan has a cheap premium, which ensures protection and savings. The plan offers consistent life insurance benefits despite missing a premium, providing financial help to the insured’s family in the event of any unforeseen occurrence.
In addition, there is a loan facility on the policy that can be used with a shorter pay commitment of 5 years to meet an individual’s liquidity needs. This non-linked, participatory, restricted pay, and economical micro-life insurance policy, according to the firm, will provide an optimal blend of protection, safety, and assured returns to safeguard life’s certainties.
Key highlights of the plan;
- — Pay premiums for only five years to achieve long-term goals of up to 15 years.- The advantage of annual perks to enhance savings with the bonus of bonuses
- — Life insurance coverage was maintained despite a one-year gap in premium payments.
- – Receive earned incentives as well as a maturity benefit after the plan’s duration.
- – The plan includes two options: Life and Extra Life.
- – Option to include a Waiver of Premium Rider in the event of death, accidental total permanent disability, or any defined critical illness while maintaining the plan’s coverage.
- – The death benefit can be received as a lump sum or in instalments over five years.
- – A tax credit is available for premiums paid.
“Intending to offer microinsurance solutions to customers in the hinterlands where the stream of money is irregular and cyclical, we are thrilled to announce IndiaFirst Life Micro Bachat Plan in its new avatar,” says Rushabh Gandhi, Deputy CEO of IndiaFirst Life Insurance.
“A wonderful blend of security, protection and disciplined savings, this simple and reasonable plan is offered through our Regional Rural Banks (RRBs) and Common Service Centers (CSCs),” he continues.
According to the company, the Micro Bachat Plan meets the insured’s liquidity needs through its loan facility. The policy can be acquired online or in person at one’s leisure. This restricted premium paying and participating plan have a 5-year pay commitment while providing savings and protection in a single policy for up to 15 years. The company provides a diverse spectrum of 44 need-based offerings (products and riders) to various consumer segments throughout the country.