IndiaFirst Life Insurance Company

profile of the company

India India
Headquarters Mumbai, Maharashtra, India
Key people
 Ms.R.M.Vishakha
(MD & CEO)
Products Individual and Group Insurance Plans
Services Life Insurance
Health Insurance
Financial Planning
Savings and Investments
Retirement Planning
Owner Bank of Baroda (44%)
Andhra Bank (30%)
Legal & General (26%)
Website IndiaFirst Life Insurance Co. Ltd.

IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India's public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and investment company Legal & General(26%).[1] . It was incorporated in November, 2009. It has its headquarters in Mumbai.[1] IndiaFirst Life made more than Rs. 2 billion in turnover in just four and half months since the insurance company became operational.[2][3][4] IndiaFirst Life insurance company is headquartered in Mumbai. The company is headed by the MD & CEO Ms.R.M.Vishakha.

Products

IndiaFirst Life Insurance sells insurance plans, including life insurance, investment funds, and group policies. The company's product range covers protection (term insurance), savings, education and retirement. It has a range of group insurance products in forms of credit, life, term and employee liability.

It launched an unique micro-insurance plan ‘insurance khata’ targeted at those in the informal sector and agricultural labourers with seasonal incomes.This micro-insurance plan will be distributed exclusively through the 2.4 lakh common service centres [5]

Business model

IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) using the existing customer base of the promoter banks.[6] It has over 4800 promoter bank branches, in 1000 cities and towns in India. As of December, 2011 the company has 1600 plus employees.[7]

References

  1. 1 2 anurag. "IndiaFirst Life Insurance becomes the 23rd life insurer in India". Banknet India. Retrieved 13 September 2011.
  2. ↑ "IndiaFirst new business premium crosses Rs 200 crore-Finance-Banking/Finance-News By Industry-News-". The Economic Times. 5 April 2010. Retrieved 28 April 2010. IndiaFirst Life today said it has collected first year premium of over Rs 2 billion in just four and half months since the insurance company became operational.
  3. ↑ "IndiaFirst Life Insurance to begin operations by Dec". The Hindu BusinessLine. 10 November 2009. Retrieved 28 April 2010.
  4. ↑ "IndiaFirst Life eyes Rs 100 crore". dnaindia.com. 26 December 2009. Retrieved 28 April 2010.
  5. ↑ https://www.indiafirstlife.com/individual-insurance-plan/micro-insurance/insurance-khata-plan
  6. ↑ "IndiaFirst Life Insurance will bank on an in-house distribution network > afaqs! news & features". Afaqs.com. 10 November 2009. Retrieved 13 September 2011.
  7. ↑ http://www.business-standard.com/elections/news/indiafirst-life-to-infuse-rs-120-cr-to-fund-expansion/135244/on


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