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IndiaFirst Life Insurance Company Limited on Thursday (September 14) launched the Guaranteed Single Premium Plan aiming to offer financial protection with savings to customers.

The non-linked, non-participating, individual, single premium savings plan, offers guaranteed returns to the customer over a long policy term. With a one-time premium payment at policy inception, customers can benefit from both financial protection and savings within a single policy.

The plan offers flexibility to customers in choosing their desired life cover option, ranging from 1.25 times to 10 times against the single premium.

Rushabh Gandhi, Deputy CEO of IndiaFirst Life Insurance, said, "Our view is that the interest rates will remain stable in the near future and start softening over the medium to long term. In such a scenario, it is beneficial for customers to take advantage of the prevailing high interest rates and lock in guaranteed returns for the long term."

"The IndiaFirst Life Guaranteed Single Premium Plan guarantees up to 7x returns for a 30-year policy term making it an ideal product for both retirement planning and legacy planning. Given this pull, we intend marketing this product extensively through our Bancassurance partners, Bank of Baroda and Union Bank of India and support their efforts with a 360-degree marketing campaign including print, outdoor, and digital media," he added.