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IndiaFirst Life Insurance Company is betting big on its ‘Smart Pay Plan’ product to drive retail business growth. “There has been good response to the Smart Play Plan, which was launched a couple of months ago. By this year-end, we expect the plan to pool in 20 per cent of total new business,” said Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance.
The plan comes with features that include short premium payment terms with longer period of coverage, and return of 103 per cent before the last premium as survival benefits.
The company collected a total premium of ₹1,462 crore in the half year ended September 30, 2019, against ₹1,325 crore in the same period last year. The total premium was ₹3,200 crore for the year ended March 2019.
“We may close this year with almost similar total premium as we are planning to step up focus on retail new business premium rather than on corporate segment,” said Gandhi.
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