Participating, Limited Pay, Money Back Life Insurance Plan
Mumbai, August 6th, 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.