IndiaFirst Micro Bachat Plan: In the policy, along with the sum assured, bonus and loan facility will also be available. Premium payment only for 5 years for maximum coverage of 15 years
Insurance Plan: The saying of regretting a well in case of fire is old, but even today many people understand the importance of insurance only when it is needed. However, insurance is such a financial product that acts as a safety net for your family. In the era of Kovid-19, the emphasis on health insurance has increased, awareness is also being seen among people about term insurance. Term insurance has often been overlooked for the reason that even after paying premiums for a long period of time, the insured does not earn any profits. Or else, people understand a lot about the insurance given by their employer.
In such a situation, IndiaFirst has launched a new form of Micro Bachat Plan in which the customer will have to pay premium only for 5 years. Also, it is a participating policy i.e. the bonus issued by the insurance company will also benefit.
This is a non-linked plan in which both savings and protection benefits will be available. Along with life insurance, loan facility and cash will also be available in the policy.
Special features of the policy
1 – Premium has to be paid only for 5 years
2- Even if the premium for one year is not paid, the policy will continue to be covered. although. This facility will be available only if you have paid full premium for at least one year.
3 – Being a participating policy, it will also get annual bonuses. However, keep in mind that the bonus is not guaranteed.
4 – At the end of the policy maturity, you will get the sum assured as well as the bonus together.
5 – Policyholders can also opt for Accidental Death Benefit.
6 – Waiver of premium rider can also be purchased in the policy. That is, if the policyholder dies, no further premiums will have to be paid. Premium will be waived even in case of critical illness, disability and the coverage of the policy will continue.
7 – Death benefit can be given to the family of the policyholder as a lump sum amount or in the form of installments over 5 years.
8 – Tax exemption is also available on the premium of insurance.
All people above 9 – 18 years can buy this plan. However, there is definitely an upper limit to buy the policy. The maximum age is 45 years for buying a policy term of 10 years and 50 years for buying a plan of 15 years.
10- You have to choose a minimum sum assured of 50,000 in the policy. The maximum sum assured limit is Rs 2 lakh.
How much premium has to be paid?
According to the company’s website, the annual premium for a policy term of 15 years for a sum assured of Rs 2 lakh for a 30 year old person can be Rs 32,456. This is for life option. On opting for the Extra Life option, the premium can be Rs 33,026 per annum for the same Sum Assured and Term Period.
The extra life option also includes accidental death benefit.
India First Life Insurance is a joint venture between Bank of Baroda and Union Bank of India.
