IndiaFirst Life Insurance, a fairly new entrant in the insurance sector, has crossed a record Rs. 900 crores in new business premium within just 500 days of its operations.
The company announced that they have generated new business premiums worth Rs. 703 crores in 2010-11, which is a huge jump from the Rs. 200 crores business within 4.5 months in 2009-10.
P Nandagopal, Managing Director and Chief Executive Officer of IndiaFirst Life Insurance said, “This is the fastest run rate by any Life Insurance Company in the country.”
IndiaFirst Life Insurance is a joint venture Andhra Bank, Bank of Baroda and UK’s Legal & General. The company offers a healthy mix of products ranging from Ulips, Term Plans, Endowment Plans, Money Back Plans, Child Plans, Retirement plans etc. The company recently devised a ‘buy-online model’ allowing customers to purchase insurance products instantly.
The insurer is also planning to launch a health insurance plan and a new pension plan subject to new guidelines.