IndiaFirst Life insurance has launched IndiaFirst Money Balance Plan

By | September 10, 2011

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.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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