A relatively new player in the life insurance segment, IndiaFirst Life Insurance was established in the year 2010. A joint venture between the Bank of Baroda, Andhra Bank and the Legal & General Group, the company has distinguished itself through its savings plans that offer policyholders life coverage as well as the chance to secure their dependents’ future in the event of an unfortunate circumstance that could result in their demise. The savings plans offered by the company offer a choice of savings plans, from cash back plans for those looking to earn from their insurance policy to traditional savings plans.
In addition to the various perks and benefits offered by the individual plans, policyholders can also benefit from tax exemptions through investments made in life insurance policies. IndiaFirst offers its customers a choice of 3 savings plans, which are listed below:
The benefits of IndiaFirst Life Savings Plans are listed below:
IndiaFirst Life Cash Back Plan: This plan offers policyholders an opportunity to secure their dependents futures in the event of the unfortunate death. The plan provides regular payouts, enabling the policyholder to meet short-term financial goals or meet any expenses that could arise.
Features and benefits of IndiaFirst Life Cash Back Plan:
IndiaFirst Life Maha Jeevan Plan: This is a non-linked, participating endowment savings plan that provides policyholders a bonus amount in addition to the sum assured payable on maturity. The policy also provides policyholders with a chance to systematically accumulate savings, thereby ensuring the financial security of their dependents in the event of an unfortunate circumstance.
Features and benefits of the IndiaFirst Life Maha Jeevan Plan:
IndiaFirst Life Simple Benefit Plan: This is a non-linked, individual, participating endowment plan that offers policyholders from lower economic groups life cover at a nominal cost. The plan provides basic life cover, with a guaranteed sum assured payable on maturity or in the event of the untimely death of the policyholder. The policy also offers over the counter underwriting for sum assured amounts up to Rs.2 lakh. In addition, the plan also offers policyholders a non-guaranteed annual bonus that is accrued and paid out at the time of policy maturity.
Features and benefits of IndiaFirst Life Simple Benefit Plan:
The below table lists the IndiaFIrst Life Savings Plans at a glance:
|Plan Name||Entry Age||Maturity Age||Premium|
|IndiaFirst Life Cash Back Plan||Plan term||Min age||Max age||70 years||Monthly||Rs.552|
|9 years||15 years||45 years||Quarterly||Rs.1,554|
|12 years||15 years||50 years||Half-yearly||Rs.3,071|
|15 years||15 years||55 years||Yearly||Rs.6,000|
|IndiaFirst Life Maha Jeevan Plan||5 years – 55 years||20 years – 70 years||Monthly||Rs.552|
|IndiaFirst Life Simple Benefit Plan||18 years - 50 years||70 years||Monthly||Rs.174||Rs.2,814|
IndiaFirst Savings Plans enable policyholders to save and earn from their life insurance, resulting in them enjoying twice the benefits. Savings plans provide policyholders with the opportunity to build wealth through structures investments over a period of time, with most IndiaFirst plans offering good returns on the premium amount invested. Additionally, policyholders stand to receive bonuses and add-ons through certain plans, adding to their returns.
Policyholders can also benefit from the tax benefits associated with the plans.