IndiaFirst Life launches Mahajeevan Plus Plan: A 3-in-1 plan that offers protection, savings and moneyback

IndiaFirst Life Insurance has launched its IndiaFirst Life Mahajeevan Plus Plan backed by the Bank of Baroda and Union Bank of India.

It is a non-linked, participating, individual, limited pay, money back endowment life insurance policy which protects for a longer term of 15 to 20 years just by providing a shorter pay commitment of 12 years. As per the company, it takes care of an individual’s liquidity needs through multiple money backs during the policy term.

With this plan, policyholder gets maturity benefits and accrued simple reversionary bonus declared annually and terminal bonus if declared at the end of the policy term.

The plan also offers customised security by adding waiver of premium rider to ensure continuity of policy benefits even during an unfortunate event or add term rider to enhance overall security.

The Mahajeevan Plus Plan also allows utilising the money-back option to fund the next annual premium, as needed. The policyholder gets maturity benefits and accrued simple reversionary bonus declared annually and terminal bonus if declared, at the end of the policy term.

Under this plan, policyholders will be able to avail cash back of 103 per cent of annualized premium at set intervals (end of 3rd, 7th and 11th policy year), which can be utilised to fund future premiums in the plan or planned financial needs. Policyholders will also be able to get long-term protection for 15 or 20 years, just by paying a premium for 12 years.

Additionally, policyholders get the option of continued protection for an entire year despite missing a premium payment. The plan also offers customized security by adding waiver of premium rider to ensure continuity of policy benefits even during an unfortunate event or add term rider to enhance overall security.

Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance says, “IndiaFirst Life Mahajeevan Plus Plan is an enhanced version of our long-standing best-seller, IndiaFirst Life Mahajeevan Plan. With this new, improved 3-in-1 plan customers can wisely plan for their growing financial needs with the assurance of Protection, Savings and periodic Moneyback.”

IndiaFirst Life offers a diversified suite of 40 need-based offerings (products and riders) catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. The company claims to provide service to customers in over 98 per cent pin-codes across the country.