IndiaFirst Life Insurance Company, a joint venture between two of India’s largest public sector banks – Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General announced that it has entered into a tie-up with Vidharbha Kshetriya Gramin Bank- a regional rural bank sponsored by Central Bank of India, to reach out to its customers in the remote regions of Maharashtra.
IndiaFirst Life Insurance already has a presence in Maharashtra through over 455 branches of Bank of Baroda and Andhra Bank. The tie-up with Vidharbha Kshetriya Gramin Bank will allow IndiaFirst to expand its presence in more than 100 branches across 5 districts – Amaravati, Wasim, Buldana, Akola and Yavatmal.
Maharashtra contributes almost 12% of the total business of IndiaFirst Life. The insurable population of the functional area of Maharashtra is around 1 crore, from which the insurer expects to cover close to 1 lakh accounts in 3 years time.
Commenting on the tie-up, Dr. P. Nandagopal, Managing Director & CEO said, “It gives me great pleasure to announce our tie-up with Vidharbha Kshetriya Gramin Bank. We believe that the rural market plays a very instrumental role in the Indian insurance sector and more particularly in our business. Thus insuring the wider populace that lives in the rural sector of the country in a long term business like ours will be a game changer in an emerging economy.”
Vidharbha Kshetriya Gramin Bank Chairman, M A Salam said that they are keen on spreading protection to the 5 districts of Maharashtra through the savings and loan accounts of the Bank. The bank launched Group Term Plan which provides a life cover of Rs 1 lakh for only Rs 264 per year and Group Credit Life Insurance to cover home loan, personal loan and educational loan for its existing and as well as new loan customers.
