IndiaFirst Life Insurance Company Ltd

IndiaFirst Life Insurance was incorporated in November, 2009 with its headquarters located 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%).

IndiaFirst Life Insurance has a “Bancassurance”(Bank Insurance Model) k of over 4800 promoter bank branches, in 1000 cities and towns in India. The company’s initial product range covers subjects of 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. As of December, 2011 the company has 1200 plus employees.

History

IndiaFirst Life Insurance started its operations through 3028 branches of its promoter bank – Bank of Baroda. It initially focused on the Bancassurance model using the existing customer base of the promoter banks.

Products

The company's product range covers the typical needs of protection (term insurance), savings, education and retirement. It also has a range of group insurance products including credit life, term and employee liability (gratuity and leave encasement) plans.