Mumbai, September, 2023.
IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has introduced a novel offering– IndiaFirst Life Guaranteed Single Premium Plan. This unique plan is designed to provide individuals with a seamless blend of financial protection and savings. It caters to their long-term security needs while helping them with legacy and wealth planning for future generations.
IndiaFirst Life Guaranteed Single Premium Plan (GSPP) is a non-linked, non-participating, individual, single premium savings plan, which offers guaranteed return to the customer over long policy term. With a one-time premium payment prior to policy inception, customers can avail dual benefits of financial protection and savings from a single policy.
Customers have the flexibility to select their desired life cover option from a range of choices, including a life cover of 1.25x times or 10x against the single premium. This unique customization empowers individuals to align their coverage with their long-term financial goals.
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|Guaranteed Maturity Multiples (GMM)
Commenting on the launch, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance, said “Our view is that the interest rates will remain stable in the near future and start softening over the medium to long term. In such a scenario, it is beneficial for customers to take advantage of the prevailing high interest rates and lock in guaranteed returns for the long term. The IndiaFirst Life Guaranteed Single Premium Plan guarantees up to 7x returns for a 30-year policy term making it an ideal product for both retirement planning and legacy planning. Given this pull, we intend marketing this product extensively through our Bancassurance partners, Bank of Baroda and Union Bank of India and support their efforts with a 360-degree marketing campaign including print, outdoor, and digital media.”
IndiaFirst Life Guaranteed Single Premium Plan is another addition to IndiaFirst Life’s dynamic portfolio of 50 need-based product offerings (31 Retail, 13 Group, and 06 Riders across retail and group portfolios) catering to varied customer segments. The products complement the company’s wide and deep distribution capabilities across the country.