The plan offers guaranteed long term benefits by paying for a shorter period to support the policyholder's financial goals, along with enhanced protection by availing an option of adding IndiaFirst Term Rider and IndiaFirst Life Waiver of Premium Rider.
In ULIPs the transparency is higher but the investment risks are completely borne by the policyholders.
IndiaFirst Life Insurance, promoted by Bank of Baroda and Union Bank of India, today announced the launch of its Long Guaranteed Income Plan. This plan will ensure financial stability and provide guaranteed income to the family to secure the certainties of life.
The company says, with an aim to offer simple and guaranteed solutions, this customer-centric protection plan provides a steady return to ease the fulfilment of financial goals while minimising risk.
This non-linked, non-participating, limited premium, endowment life insurance plan offers guaranteed regular income to ease the fulfilment of financial goals. IndiaFirst Life offers a diversified suite of 42 need-based offerings including products and riders catering to varied customer segments, leveraging multiple distribution capabilities, and augmenting various investment options.
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited says, “It is always exciting to buy a product that offers a lifetime guarantee. With this ethos in mind, we launched the IndiaFirst Life-Long Guaranteed Income Plan, which guarantees a tax-free income till 99 years of age of the life assured. This multi-generation plan provides guaranteed returns for as long as 59 years to take care of both you and your loved ones.”
IndiaFirst Life-Long Guaranteed Income Plan offers protection coverage with two rider options – IndiaFirst Term Rider and IndiaFirst Life Waiver of Premium Rider, with the assurance of guaranteed lifetime income and return of all premiums at the end of the income benefit period. The plan also ensures a continued life cover despite missing the payment of a premium.
The plan also offers guaranteed long term benefits by paying for a shorter period to support the policyholder’s financial goals, definite income option for a fixed 20-year period to provide a boost to lifestyle needs, the whole of life income option by getting guaranteed uninterrupted income till 99 years of age, the return of total premiums paid at the end of the income benefit period, the flexibility of death benefit as a lump sum or as regular income for 5, 10, or 15 years, along with enhanced protection by availing an option of adding IndiaFirst Term Rider and IndiaFirst Life Waiver of Premium Rider.
Purshotam, Chief General Manager – Retail Liabilities, Wealth Management Services, Marketing, NRI Business and Capital Market Division, Bank of Baroda says, “IndiaFirst Life has been on the forefront in bringing about bespoke products and the Life Long Guaranteed Income Plan is a product that provides tax-free guaranteed regular income for a lifetime and beyond. The plan has several best-in-class features that meet customers’ requirements for the long-term.”