IndiaFirst Life Insurance, a joint venture of the Bank of Baroda, Andhra Bank, and UK’s Legal and General, claims to have launched India´s cheapest e-term insurance plan on Policybazaar.com. The IndiaFirst Life e-term insurance plan is a non-linked and non-participating offering, aimed at financial risk management, at among the most reasonable price points in the Indian life insurance space.
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Ltd, said, “We are pleased to partner with Policybazaar.com to offer IndiaFirst Life e-term Plan, which is the most ‘paisa vasool’ term plan available in the online space, today. Policybazaar.com has a proven track record in the online insurance space and is a provider of choice for customers looking to purchase well priced Insurance covers. The Online Term Plan by IndiaFirst Life is a complete ‘paisa vasool’ product and ensures a cost-benefit ratio that is favorable to its customers.”
The plan offers eight different coverage options with the flexibility to offer a lump sum in the form of death benefit or as monthly income for the family. The plan will also provide financial support through pay-outs in scenarios such as accidental total permanent disability, critical illness, death or accidental death, aside of allowing for enhancement to the sum assured during crucial stages in life, such as marriage, application of a home loan, childbirth etc.
Co-founder and CEO, Policybazaar.com Group of Companies, Yashish Dahiya, said, “IndiaFirst Life has always been at the forefront in creating consumer-centric products for the industry. The introduction of new e-term insurance plan is now India’s most affordable e-term plan and adds to their existing reputation of being consumer-first in their approach. The new plan is very promising and exciting, as it provides ‘extra’ benefits for consumers at extremely good price points.”
The plan claims to have the lowest premium amongst all term plans available. It also falls in the top-three most affordable e-term plan bucket when taking financial security at an affordable cost, for other age-groups as well. Tax benefits are also a plus for the paid premiums, as per prevailing tax laws.
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