IndiaFirst Life Insurance Company is eyeing new business premiums to the tune of Rs 1200 crore this financial year. A joint venture between India’s two large public sector banks – Bank of Baroda and Andhra Bank and UK’s leading financial and investment company Legal & General, it is one of the youngest players in the life insurance space. The company started its operations on November 16th, 2009, through a soft launch across 3,028 branches of its promoter – Bank of Baroda.
Since its launch, the insurance company has shown a tremendous growth and launched several products to cater to different needs of its customers. They also launched online policies which can be purchased without intervention from any intermediary agent. The company recently made its foray into the health space by launching a unit-linked health insurance plan – IndiaFirst Money Back Health Insurance Plan. Designed to take into account the investment needs of a customer while providing the benefits of a health cover, the company has already sold 5000 policies. P Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance said that they are expecting to sell 30,000 IndiaFirst Money Back Health Insurance Plans by the end of FY12.
Commenting on the targets for this financial year, he said, “We are already on track for achieving the Rs 1,200-crore new business premium target by the end of the fiscal.”
“We have one group savings product, one unique offering for high networth individuals and a pension plan in the pipeline for this fiscal. The pension plan will be launched when the regulatory guidelines are out,” he added.
In addition to the already extensive basket of products, IndiaFirst Life Insurance is also working on 4 new product offerings for its customers.
