IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, on Monday announced the launch of IndiaFirst Life Fortune Plus Plan, a non-linked, participating, individual life, limited premium savings plan.
The policy offers dual benefits of life cover and savings through a regular income. It is available for ages 1 month to 60 years, with the maximum age at maturity being 80 years. Premiums can be paid on a monthly, quarterly, half-yearly, or annual basis and the survival benefit will start right at the end of the premium payment term.
Customers also have the option to add waiver of premium rider to their policy, so that the dependents don’t have to pay future premiums in case of an eventuality. Unlike the traditional reversionary bonuses, which get accumulated in the policy and are usually paid along with maturity/death/surrender benefit, this product allows you to encash your bonuses during the policy term, the company said.
“IndiaFirst Life’s Fortune Plus Plan is the first ‘Cash Bonus’ plan in our innovative product suite. In line with our #CustomerFirst philosophy, the plan gives our customers the flexibility to encash the cash bonuses. Alternatively, the customer can accumulate these bonuses and earn additional interest on them. This product is especially suited for those who want to retain the option of having additional liquidity during the policy term,” said Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited.
Manas Ranjan Biswal, executive director, Union Bank of India added, “With IndiaFirst Life Fortune Plus Plan, our customers will enjoy the benefits of a life cover throughout the policy term, guaranteed survival benefit and cash bonus. They will also have the flexibility to accumulate survival benefits that commences post PPT and earn additional interest on it. IndiaFirst Life Fortune Plus Plan echoes our commitment in catering to the needs of our #CustomerFirst.”