IndiaFirst Life Insurance is all set to infuse additional capital of Rs 120 crores for funding the company’s expansion plans as well as to maintain their solvency margin.
The private insurer started operations in March 2010 and is a joint venture between Bank of Baroda, Andhra Bank and UK-based Legal & General. The capital infusion would be from the promoter banks. Comfortably placed as one of the most capital efficient life insurance company, IndiaFirst Life already has a paid-up capital of Rs 430 crores. The additional infusion of funds will take its total capital to Rs 550 crores.
P Nandagopal, MD and CEO of IndiaFirst Life said that they plan to infuse Rs 120 crores in the first quarter to fund their expansion plans which includes setting up of new Financial Planning Centres.
IndiaFirst Life Insurance Company is fairly a new entrant and their focus for the current financial year will be to increase productivity while maintaining costs, in order to break even within five years of its operations. They have already covered around 2 lakh individuals and over 1.2 million customers under group insurance policies.
In a bid to enhance its service levels, the insurer recently announced opening of its first Financial Planning Centre (FPC) in Chennai. The company has plans to open up a total of 12 such FPCs in the major cities of Delhi, Mumbai, Pune, Bangalore, Hyderabad, Ahmedabad, Kolkata, Lucknow, Indore, Kochi and Jaipur.
Currently, IndiaFirst Life offers savings and protection plans. They soon plan to launch investment and health plans within three to six months.
