IndiaFirst Life Insurance Company

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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 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%).[1] . 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.

Journey[edit]

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

Independent directors

  • 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

Products[edit]

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

Business model[edit]

IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) using the existing customer base of the promoter banks.[2] It has over 8500 promoter bank branches, in 1000 cities and towns in India. As of December, 2011 the company has 1600 plus employees.[3]

Awards[edit]

Award Year
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

References[edit]

External links[edit]