IndiaFirst Life’s Micro Bachat Plan to provide enhanced security and savings

By: |
June 15, 2021 4:39 PM

This plan comes with a low premium, ensuring security and savings. Providing financial support to the insured’s family, in case of any eventuality, the plan ensures constant life cover benefits despite missing a premium.

Life Insurance, nominees, Death Claim Settlement, COVID-19, death claim, IRDAI, original policy document, death certificate, police FIR, post mortem report, KYC, bank details of nominee, claimant's statementOne can receive the death benefit as a one-time payment or in instalments over a period of 5 years

IndiaFirst Life Insurance, promoted by Bank of Baroda and Union Bank of India, has introduced its Micro Bachat Plan. It is a non-linked, participating, limited pay, a micro-life insurance policy designed to offer dual benefits of security and disciplined savings to secure life’s certainties.

This plan comes with a low premium, ensuring security and savings. Providing financial support to the insured’s family, in case of any eventuality, the plan ensures constant life cover benefits despite missing a premium.

Additionally, there is a loan facility on the policy that can be availed with a shorter pay commitment of 5 years, to take care of the liquidity needs of an individual. The company claims that this non-linked, participating, limited pay and affordable micro-life insurance policy will offer an optimum mix of protection, safety, and guaranteed returns to secure life’s certainties.

Key highlights of the plan;
– Pay premiums only for five years to fulfil long-term goals of up to 15 years
– The benefit of annual perks to boost savings with an upside of bonuses
– Continued life cover despite missing premium for one full year
– Avail accrued bonuses and maturity benefit at the end of the plan term
– The plan comes with two options – Life and Extra Life Option
– Option of adding Waiver of Premium Rider in case of death, accidental total permanent disability, or any defined critical illness while continuing the benefits of the plan
– One can receive the death benefit as a one-time payment or in instalments over a period of 5 years
– Tax benefit available on premiums paid

Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance says, “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 further adds, “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 company says, the Micro Bachat Plan takes care of the insured’s liquidity needs through its loan facility. The policy can be purchased online or offline at one’s convenience. This limited premium paying and the participating plan provides a shorter pay commitment of 5 years while offering savings and protection in a single policy up to 15 years.

The company offers a diversified suite of 44 need-based offerings (products and riders) catering to varied customer segments across the country.

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