A recent press report said that the private insurer IndiaFirst Life Insurance has launched Money Balance Plan, a new life insurance plan that provides insurance cover on life and also an additional benefit to earn and secure returns on the invested money.
IndiaFirst Life Insurance is a joint venture between two large public sector banks viz. Bank of Baroda and Andhra Bank along with Legal General, a UK based risk, wealth and investment Company.
In his statement Mr. P. Nandagopal, the Chief Executive officer and Managing Director of IndiaFirst Life Insurance said that the Money Balance Plan would offer an insurance cover on life of the insured as well as the insured could earn and secure returns on the invested money. The idea behind this plan was that the money should not only work for us but should also be kept safe meet the future requirements of the insured.
If the return is 10 per cent or more, the earnings on investment from equity would be transferred to debt on a daily basis so that one could enjoy the advantage of equity market as well as secure the returns on investments.
The plan would also enable the insured to avail loan during the first five years and the insured could also withdraw partial amount after five years in case of financial emergency besides providing tax benefits to the customer.