IndiaFirst Life Insurance Company

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IndiaFirst Life Insurance Company Ltd.
Type Joint venture
Industry Life Insurance
Founded 2009
Headquarters Mumbai, Maharashtra, India
Key people Dr.P. Nandagopal
(MD & CEO)
Products Individual and Group Insurance Plans
Services Life Insurance
Health Insurance
Financial Planning
Savings and Investments
Retirement Planning
Owner(s) 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 Dr. P. Nandagopal.

Products[edit]

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 (gratuity and leave encashment) plans as well. They have recently introduced a range of health, pension and wealth accumulation plans.

Business model[edit]

IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) using the existing customer base of the promoter banks.[5] It has over 4800 promoter bank branches, in 1000 cities and towns in India. As of December, 2011 the company has 1600 plus employees.[6]

References[edit]

  1. ^ a b 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. ^ "IndiaFirst Life Insurance will bank on an in-house distribution network > afaqs! news & features". Afaqs.com. 10 November 2009. Retrieved 13 September 2011. 
  6. ^ http://www.business-standard.com/elections/news/indiafirst-life-to-infuse-rs-120-cr-to-fund-expansion/135244/on

External links[edit]