InsureNearby, the insurance arm of PayNearby, has partnered with IndiaFirst Life Insurance Company to endorse a unique insurance product called ‘Insurance Khata Plan’.

The plan is designed to serve the low-income bracket, and secures the insured and their family’s needs in case of an untimely demise. In addition, it offers a flexible deposit plan to enable customers to save and provides entire money back at the maturity of the policy.

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It is also said to allow buyers to choose the frequency and tenure and provides them with the option to pay the premiums as per their convenience.

As part of the partnership, InsureNearby will utilise its network of 8.5+ lakh retail agents, registered under its sister organisation PayNearby, and upscale them as credible POS agents.

Commenting on the association, PayNearbyfounder, MD & CEOAnand Kumar Bajaj has been quoted by Indianweb2 as saying: “In accordance with our motto, ZiddSurakshitAageBadhne Ki, this partnership with IndiaFirst allows us to provide a unique life insurance policy to our customers, that not only protects their families in case of a demise, but also provides them the flexibility to gradually plan and build their savings to meet their evolving life goals.”

India First Life Insurance deputy CEO Rushabh Gandhi said: “Our alliance, with a like-minded and dynamic institution as, InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to provide life insurance cover at affordable rates to last mile customers in India.

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“Technology and micro products have enabled IndiaFirst Life to reach out to the unorganised, underserved and the under penetrated regions in the country. We have 45,000 qualified retail agents of PayNearby who are certified as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan.”