Mumbai, 18 June 2020: IndiaFirst Life Insurance, a joint venture of Bank of Baroda and Union Bank of India, has launched IndiaFirst Life Guaranteed Benefit Plan – a non-linked, non-participating, limited premium, endowment life insurance plan.
Commenting on the launch of the plan, Mr. Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited said, “At IndiaFirst Life we help you secure the favourable certainties in your life. IndiaFirst Life Guaranteed Benefit Plan backs your dreams with the comfort of guaranteed benefits, giving you the freedom to write your own future. Be it regular monthly cash flow or need for an annual or one-time requirement of funds – this plan comes with multitude of benefits. IndiaFirst Life Guaranteed Benefit Plan can be modified to suit the needs of the customer whilst also securing them with a life cover. It is a customised, one-stop insurance solution to help individuals achieve their financial goals towards a more fulfilled life. IndiaFirst Life Guaranteed Benefit Plan guarantees paybacks, which secures your tomorrow with the investments you make today.”
Mr. Purshotam, CGM (Designate) – Retail Liabilities, Wealth Management, De-mat & NRI Business, Bank of Baroda said, “To cater to the specific needs of our ever-increasing customer base, we are proud to add the ‘IndiaFirst Life Guaranteed Benefit Plan’ to our bouquet of insurance offerings. Through this product from IndiaFirst Life Insurance, where Bank of Baroda has a 44% stake, we wish to further strengthen our ties with our customers with this plan, which offers guaranteed asset creation, secures the aspirations of loved ones, guarantees fulfilment of life’s milestones, and safeguards financial freedom after retirement.”
IndiaFirst Life Guaranteed Benefit Plan offers dual benefit of guaranteed savings and protection in a single policy with a shorter pay commitment of 5, 6 or 7 years. Depending on the need of the individuals, the policy has something to offer for everyone. For supplementary future income requirement, the individuals can opt for Income Benefit option. If the individual wishes to accrue savings for specific goals, Lumpsum Option can be opted. And, the Life Cover Continuance offers protection to families via continued life cover even when a premium is missed. The policyholder also has an option to add waiver of premium rider that will ensure continuity of the policy benefits in case of unfortunate events with a death benefit that can be taken as a one-time payment or in instalments over a period of 5, 10 or 15 years.
The individuals may also avail tax benefits, on the premiums paid and benefits received, as per prevailing Income Tax Laws. The policy is also equipped to take care of the liquidity needs through its loan facility.
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