IndiaFirst Life Insurance Company Limited (IndiaFirst Life), unveiled a new product -- IndiaFirst Life Guarantee of Life Dreams (G.O.L.D.) plan. The non-linked, non-participating, individual life insurance plan is designed to provide policyholders with a regular long-term income option, IndiaFirst Life said.

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IndiaFirst Life Guarantee of Life Dreams Plan is an extended-term insurance-based savings product, which offers flexible Premium Paying Terms (PPT) of 6 years, 8 years, and 10 years for a policy term of 30 years and 40 years. With premium starting from Rs 4,176 per month and with monthly, quarterly, half-yearly and yearly premium paying options, the plan is a convenient option for customers to create a second/additional income, it said.

Commenting on the launch, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited, said, "Going beyond traditional insurance, G.O.L.D. will empower our customers to plan a long-term income as per their need. Unlike most other plans where returns are received after a few years, the highlight of this product is that one can plan to receive future income from the end of first month itself."

IndiaFirst Life Guarantee of Life Dreams Plan offers three distinct income options:

Immediate Income Option: This option provides regular increasing income starting as early as the end of first policy month, with monthly income payout frequency.

Intermediate Income Option: With this option, policyholders enjoy regular increasing income starting from the end of the fifth policy year.

Deferred Income Option: The Deferred Income Option provides regular increasing income starting from the end of the tenth policy year. Additionally, the plan offers two lump-sum cashback instalments, equal to 50 percent of the Annualized Premium, at the end of the 3rd policy year and the end of the Premium Paying Term (PPT).

Under all the income options, in addition to income benefits, the plan also provides a lumpsum benefit equal to at least the sum of all premiums payable, as maturity benefit at the end of policy term.

(Edited by : Anshul)