Private insurer IndiaFirst Life Insurance on Wednesday launched ‘Simple Benefit Plan’ that offers dual benefits of a life cover and assured savings.
“Simple Benefit Plan offers an insurance cover on your life and additionally helps you earn and secure returns on the money that you invest with us, with premiums as low as Rs 174 per month.
“This plan is customised for people who want to save and at the same time secure their families from uncertainties of life, but do not have large disposable incomes,” IndiaFirst Life Insurance Director Sales Kamalakar Sai said in a statement.
The plan term is between 10 to 20 years and offers a death benefit equal to the sum assured plus five times the annual premium, guaranteed amount and additional earning from bonuses.
It also provides tax benefits. Customers can also access their money easily during any emergency by availing a loan of up to 90 per cent of the surrender value.
IndiaFirst Life Insurance is a joint venture between two public sector banks — Bank of Baroda and Andhra Bank — along with UK’s leading risk, wealth and investment company Legal & General.