IndiaFirst Life Insurance Company
|Headquarters||Mumbai, Maharashtra, India|
(MD & CEO)
|Products||Individual and Group Insurance Plans|
Savings and Investments
|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 headquartered in Mumbai, 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%). . It was incorporated in November, 2009.The company has presence in over 1000 cities and towns across the country, with over 8,500 partner bank branches. It had recently concluded its fifth year of operations with a profit of INR 6.9 Crore. It has touched upon over 10.3 million lives and has INR 8,250 crore of AUM as on 30 September 2015. The company is headed by the MD & CEO Ms.R.M.Vishakha.
2007 – 2010
In 2007, two leading Indian Banks – Bank of Baroda, Andhra Bank and UK’s leading financial company – Legal & General came together to sign a MoU, to share a common vision and objective of giving benefits of insurance to Indian people. In 2009, IndiaFirst got its first office in the UTI towers, Bandra Kurla Complex and launched their first product in 11 regional languages. On November 17, 2009, it sold its first policy.
In 2010, IndiaFirst launched it operations by the then finance minister and later the President of India Mr. Pranab Mukherjee
2011 – 2015
In 2012, IndiaFirst launched the ‘Instant Mediclaim’ and ‘On-the-spot policy insurance in 30 minutes’ with Magic Board. In 2013, IndiaFirst made insurance personal with Happy Family Picture Policy Pack.
In November 2014, IndiaFirst initiated a nationwide campaign called the Happy India which encouraged the young minds to come with ideas to make a change. With over 15,000 students participating from all over India, this initiative was a huge success.
In 2014, IndiaFirst launched an eKYC-mass insurance plan. By 2014, their Gross premium was 1681 crore, with an annual growth of 28%. They had gained the trust of over 2.7 Million Customers. It also became the fastest life insurance company to break-even within 5 Years of operation.
Board of Directors
- Shri, P.S. Jaykumar, CEO & Managing Director of Bank of Baroda
- Shri S.K Kalra, MD & CEO, Andhra Bank
- Shri Bhuwanchandra B. Joshi, Executive Director, Bank of Baroda
- Mr. Mark Gregory, Chief Financial Officer, Legal & General, U.K.
- Shri U.C Singhvi, CFO, Bank of Baroda
- R.Padhmanabhan, General Manager, Inspection & Audit at Andhra Bank
- Mr. Simon Burke, L&G Managing Director Emerging Markets
- Shri Ajay Mathur, G.S. Mathur & Co., Chartered Accountants
- Shri Kamalji Sahay, Advisor (Life) to GIC Re.
- Shri Uday Shankar Roy, Retd. Deputy Managing Director of State Bank of India.
- Shri Krishna Angara, Ex. Advisor (Communications, Media and Technology) at Accenture India Pvt. Ltd.
Managing Director & CEO - Ms. R.M. Vishakha
Alternate director – Dr. Michael Smith
IndiaFirst Life Insurance sells Protection, Pension, Savings, Investment, Health and Group Plans
IndiaFirst Anytime Plan IndiaFirst Anytime Plan is an online pure term insurance plan that takes care of the customer’s family by providing a guaranteed sum assured in case of any the life assured’s death.
IndiaFirst Cash Back Plan
IndiaFirst Cash Back Plan guarantees payouts at regular intervals to meet the customer’s specific needs and an assured maturity payout to secure their future.
IndiaFirst Mediclaim Plan
IndiaFirst Mediclaim Plan provides health insurance coverage to the customer and their family under a single plan.
IndiaFirst Smart Save Plan
This plan is a Unit Linked Insurance Plan (ULIP) which offers the twin benefit of protection as well as savings
IndiaFirst Annuity Plan
IndiaFirst Annuity Plan helps a customer with investing their proceeds towards a steady retirement income for as long as one lives
IndiaFirst Maha Jeevan Plan
IndiaFirst Maha Jeevan Plan offers you an assured amount but also additional returns in the form of bonus declared by the company
Pradhanmantri Bima Yogna
IndiaFirst Pradhanmantri Bima Yogna aims at providing insurance coverage to all your bank customers who have a savings bank account. This yearly renewable plan will provide these customers with a life cover through a simple and quick process and will make sure that your customers are insured within no time.
IndiaFirst Group Term plan
IndiaFirst Group Term plan is a yearly renewable plan that helps the customer protect his family from the burden of his loan in case of his death. This is a group product and can be offered by any organization/ NGO to its customers/ employees
IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) using the existing customer base of the promoter banks. It has over 8500 promoter bank branches, in 1000 cities and towns in India. As of December, 2011 the company has 1600 plus employees.
|Best CSR Campaign of the Year- Asia Customer Engagement Forum & Awards- Individual & Team Category||2015|
|Best CSR Campaign of the Year- Asia Customer Engagement Forum & Awards- Grand Prix Award||2015|
|Best Media Campaign- Asia Customer Engagement Forum & Awards- CSR Award Categories||2015|
|Best CSR Impact Initiative- National awards for CSR & Sustainability||2015|
|Best Education Improvement Awards- National awards for CSR & Sustainability||2015|
|Best Community Program leadership awards- National awards for CSR & Sustainability||2015|
|Great place to work award in Fairness in Performance Management System||2014|
|Bronze Award at 8th Global PR Conclave 2014 for an audio-visual on Mass Market Insurance made simple.||2014|
|Innovative Organization of the Year and - ET Now Talent & HR Leadership Conference and Awards||2013|
|Best Employer Brand - ET Now Talent & HR Leadership Conference and Awards||2013|
|Company of the year award in 'Technology Innovation' for Magic Board at the Indian Insurance Awards||2013|
|Asia's Training & Development Award For Best Sales Development Program||2013|
|Asia's Training & Development Award For The Most Innovative Use Of Training & Development as an HR Initiative For Organizational Development||2013|
|Asia's Training & Development Award For Best Custom Built Content||2013|
|Asia's Training & Development Award For Best Training Initiative For Insurances||2013|
|Dream Companies to Work for Awards, Powered by Bloomberg UTV||2012|
|HR Excellence Award for Innovation at 2nd Star News HR & Leadership Awards||2012|
|Best Employee Referral Program: 7th Rasbic Awards (Recruitment and Staffing best in class awards)||2012|
|Best HR strategy award in line with business at the 6th Employer Branding Awards (Regional)||2012|
|Indy's Media Innovation of the year Award||2012|
|Indy's Best in Communication Award||2012|
|Indy's Community & Social Welfare Award||2012|
|The 3rd Asia's Best Employer Brand Award||2012|
|Company of the Year Award - Life Insurance at The Indian Insurance Awards||2012|
|Award for Continous innovation in HR strategy at Work 3rd Asia Best Employer Brand Awards||2012|
|The 3rd Asia's Best Employer Brand Award||2012|
|Silver award for Tabloid Newsletter at Global PR Conclave||2012|
|Golden award for Public Service Campaign at Global PR Conclave||2012|
|Celent's Model Insurer Award||2012|
|Best CIO Award. Award for leveraging IT for business Performance||2012|
|Celent Model Insurer Asia Award for Distribution||2011|
|Operational Excellence Award at Asian Leadership Awards||2011|
|Technology Leadership Award - Indian Insurance Awards||2011|
|Organization with Innovative HR Practices - Asia Pacific HRM Congress Award||2011|
|Award for Best HR Strategy in Line with Business at the 6th Employer Branding Awards||2011|
|EDGE Award for the implementation of Ask Apply Get process.||2011|
|‘Best Strategy Silver Award' in its first year of operations.||2011|
- anurag. "IndiaFirst Life Insurance becomes the 23rd life insurer in India". Banknet India. Retrieved 13 September 2011.
- "IndiaFirst Life Insurance will bank on an in-house distribution network > afaqs! news & features". Afaqs.com. 10 November 2009. Retrieved 13 September 2011.
- IndiaFirst Life Insurance website Official Website