One of the youngest life insurers in India – India First Life Insurance Company celebrates the success of its 3rd anniversary. The company launched its operations on November 16, 2009.
IndiaFirst Life is a joint venture between the public sector banks – Bank of Baroda, which holds 44 % stake and Andhra Bank, which has 30% stake in the company and Legal and General, a leading risk, wealth and investment company in UK, which holds the remaining 26% of the shares. The company has now expanded its business in over 1000 cities and towns across the country through 5000+ partner bank branches.
Dr. P. Nandagopal, Managing Director and C.E.O. of India First Life Insurance Company said that they have been successful to meet their benchmark performance as well as establish their credibility as a Customer-Focused new player in the insurance sector within a very short span of time. He further added that they have set up new benchmarks in Bancassurance in terms of branch activisation, productivity and customer-friendly sales processes.
The above mentioned distinctive combinations has helped the Company to garner a premium growth of 39% during the financial year 2011-12and cover over 1.6 million lives. The company has also effectively controlled its cost within 19% of new business premium.
Since life insurance is a very important aspect of financial planning, the company offers simple and diversified insurance plans like term plan, savings plan, educational plan, retirement plan, employee’s liability plans (corporate plans). They also plan to introduce pension and wealth accumulation plans.
