Private insurer unveils money-back policy

IndiaFirst Life Insurance is upbeat about SmartPay Plan, a money-back policy it launched recently, garnering good customer response and making a smart, 20% contribution to the company’s total new retail business premium this fiscal.

Deputy CEO Rushabh Gandhi said its features include uninterrupted life cover benefit despite missing out on premium. Elaborating on the policy, he said the policyholder would continue to enjoy life cover benefit for one full year even if he/she miss paying one premium (only applicable after they have paid two full year’s premiums).

The plan offered accrued bonus with the certainty of a sum assured on maturity at the end of term to the policyholder. Among the options available is a Waiver of Premium Rider that secures the policyholder’s dependents from the burden of paying future premiums in case of death, accidental total permanent disability or any of the defined critical illness with continuous benefits of the plan.

“We saw extremely promising uptake with our soft launch and are confident of this plan contributing 20% to our sales,” Mr. Gandhi said during a media interaction here on Wednesday. The company, he added, was eyeing a ₹1,000 crore retail new business premium this fiscal as against the ₹681 crore it did in 2018-19.

The company, Mr. Gandhi said, has decided to continue its focus on growing the retail (individual) insurance business since the corporate insurance business such as group term and employee benefit policies required more capital and the margins were “very, very thin”.

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Printable version | May 13, 2021 3:55:22 PM | https://www.thehindu.com/news/cities/Hyderabad/private-insurer-unveils-money-back-policy/article29845802.ece

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