IndiaFirst launches Money Balance Plan
Mumbai: Private insurer IndiaFirst Life Insurance today launched money balance plan that offers life insurance cover an additional benefit to earn and secure returns on the invested money.
"Our IndiaFirst Money Balance Plan offers an insurance cover on your life and additionally helps you earn and secure returns on the money that you invest with us. The idea is that our money should not only work hard for us; but should also be kept safe for our future needs," company Managing Director and CEO P Nandagopal said in a release issued here.
Under the plan, the earnings on investment from equity are transferred to debt on a daily basis, if the return is 10 per cent or higher, so that one can enjoy the upside of the equity market and also secure the returns on your investments. This is done using the automatic trigger-based investment strategy that helps a healthy balance of equity and debt.
"Our IndiaFirst Money Balance Plan is an initiative in the same direction and we are confident that it will be well received by our customers," he said. The plan offers a life cover in case of unfortunate demise of the customer. It also provides customers of switching their premiums between funds every week with 52 free switches.
Apart from tax benefits, the plan allows easy access to money by providing you a loan facility during the first five years and allows one to withdraw partially (after five years) in case of any financial emergency. IndiaFirst Life Insurance is a joint venture between two of India`s largest public sector banks- Bank of Baroda and Andhra Bank along with UK`s risk, wealth and investment company Legal General.