the IndiaFirst Life Micro Bachat Plan. This non-linked, participating, limited-payment micro-life insurance policy is meant to provide both security and disciplined savings in order to assure life certainty. This plan ensures a set amount of life insurance benefits in the event you skip a premium by providing financial assistance to the policy holder’s family. Furthermore, lending facilities with a five-year payment commitment are offered to fulfill liquidity requirements.
Deputy CEO of IndiaFirst Life Insurance Company Limited, Rushabh Gandhi, expressed delight in introducing the new scheme. He said, “Intending to offer microinsurance 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.” He added, “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).”
The IndiaFirst Life Micro Bachat Plan provides a lending opportunity to meet the policy holder’s cash needs. Policies can be acquired at your ease, either online or offline. This premium payment and participation scheme with a 5-year payment commitment provides savings and security with a single insurance policy that lasts up to 15 years.
The main highlights of the new scheme:
- Pay premiums for only five years in order to achieve long-term objectives of up to 15 years.
- The advantage of annual benefits to enhance savings with a bonus.
- Continued life cover despite missing a year’s worth of premiums.
- At the end of the plan period, get earned bonuses and a maturity benefit.
- The plan includes two choices: Life and Extra Life.
- Possibility of adding a Waiver of Premium Rider that waives premiums in the event of death, accidental total permanent disability, or any specified serious illness while keeping the plan’s benefits.
- The death benefit can be received as a one-time payment or in five-year installments.
- Premiums paid are eligible for a tax benefit.
