Jaipur, December 17, 2018: Bank of Baroda promoted IndiaFirst Life Insurance launched its Guaranteed Monthly Income plan, a non-linked, participating, limited premium product, recently. This plan is designed to enhance savings, offering a combination of income and financial protection to customers.
The product was unveiled at the Bank of Baroda Head Office in Mumbai, jointly by the top management of Bank of Baroda and IndiaFirst Life Insurance.
Mr. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, said, “Bank of Baroda and IndiaFirst Life have been associated for the last nine years and together offer a host of plans that cater to the diverse needs of our customers. IndiaFirst Life Guaranteed Monthly Income Plan is yet another customer friendly solution launched by IndiaFirst Life Insurance. Financial security being at the core of the life insurance proposition, assured income each month along with life cover is definitely an attractive proposition for consumers at different life stages.”
Commenting on this launch, Deputy CEO, IndiaFirst Life, Rushabh Gandhi said, “Our aspirations are hinged on our financial health. With assured monthly income, we have the flexibility to pursue our dreams and goals. Considering this, IndiaFirst Life has introduced a Guaranteed Monthly Income plan for its customers offering protection to their families with a life cover, while sustaining lifestyle during their lifetime through a definite monthly income.”
IndiaFirst Life Guaranteed Monthly Income plan allows a customer to choose when he wants to start receiving monthly payouts, after making the necessary premium payments. There is a life cover through the term of the policy, whether the customer is paying premiums, availing the unique gap years or receiving payouts. Further, there is the advantage of annual bonus announced that is payable at maturity.
“This plan will help customers meet multiple needs as it provides them with a safety net of guaranteed returns with an upside.”added Rushabh.
Notes to the Editor:
- Value for money through monthly income payouts ranging between 105% to 125% of the annualized premiums, along with the assurance of monthly payouts
- Choice of receiving guaranteed monthly amount upon completion of premium payment years or after waiting for a few years.
- Flexibility to tailor the plan to suit individual needs through a choice of premium payment frequency, policy term options and payment modes
- A customer can also get an upside through an annual bonus declared payable at maturity
- Customers stand to get tax benefits for the premiums they pay and benefits one receives as per applicable tax laws
About IndiaFirst Life Insurance Company Ltd:
Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 625 crore, is one of the country’s youngest life insurance companies. It is promoted by two of India’s largest public sector banks – Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General. Bank of Baroda holds a 44 percent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 percent and 26 percent stake respectively. IndiaFirst believes it can differentiate itself through simple, easy to understand products that are fairly priced and efficiently serviced. Today, IndiaFirst Life is present in over 1,000 cities and towns across the country through 10,000+ points of sale. The company has garnered over INR 12,622 crore of assets under management (AUM), as on March 31, 2018.