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Home / Insurance / News /  IndiaFirst Life Introduces endowment plan, ‘Saral Bachat Bima’
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NEW DELHI: IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, on Monday introduced IndiaFirst Life Saral Bachat Bima Plan, a savings and protection cover for the entire family. This non-linked, non-participating, individual, limited premium policy provides a shorter pay commitment of five or seven years while keeping the entire family protected for 12-15 years.

“IndiaFirst Life Saral Bachat Bima Plan is a competitively priced plan that helps in saving for your future financial needs. It secures your family’s future in case of an unfortunate event. Furthermore, it offers yearly guaranteed additions, additional accidental death benefit in 1st year, funeral cover along with no medical tests, and quick processing all under one roof. Safeguarding the family’s investment needs wisely, the plan provides Sum Assured on Maturity plus accrued guaranteed additions on the date of maturity. Tax benefits can be availed as per prevailing Income Tax Laws," the insurer said in a statement.

Rushabh Gandhi, deputy chief executive, IndiaFirst Life Insurance, said, “This bespoke simplified product offers dual benefit of protection and savings. It is primarily designed for customers of the Regional Rural Banks (RRBs) and rural branches who prefer simple and easy to comprehend products that can be availed through a “Saral" hassle-free process."

Rural/RRB customers can buy the product through a simplified OTC process.

Key highlights:

Pay for a shorter period and enjoy long-term benefits

Constant protection through insurance cover

Additional sum assured, in case of accidental death during the 1st policy year

In case of death of the life assured, an advanced payout through funeral cover

Boost savings with Guaranteed Additional Benefits of 4.75% to 6% annually

Flexibility to receive death benefit as a lump sum or regular income for 5 years

Option to opt for waiver of premium rider

No medical tests and shortened application form 

IndiaFirst Life also offers a diversified suite of 45 need-based offerings catering to varied customer segments, leveraging multiple distribution capabilities, and augmenting various investment options.

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