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IndiaFirst Life Insurance ties up with KVGB

IndiaFirst is present in Karnataka through 189 touch points with a network of 233 individual agents

Press Trust of India  |  Mumbai 

Private insurer today said it has tied up with Vikas Grameena Bank (KVGB) to offer simple under the IndiaFirst group term plan.

"We believe that the rural market plays a very crucial role in our business. Through micro insurance, we aim to bring a larger part of the population under cover by offering cost-effective, flexible products at their door step," Director, Sales, Kamalakar Sai said in a release issued here.

The bank will offer all its recurring deposit customers the under the IndiaFirst group term plan and plans to cover 10,000 lives in 2014-15.

In FY 2012, had a total of $85.97 billion and a growth rate of 13.97%.

"It will help us offer our rural customers a complete basket of financial products. IndiaFirst has been very active in providing cover to the rural populace. We are certain that this will contribute in the overall business growth of the bank in the long term," Chairman of the bank Ashok Reddy Nukala said.

At present the Vikas Grameena Bank has 545 branches and a customer base of 2 million with 11,000 recurring deposit account holders.

IndiaFirst is present in through 189 touch points with a network of 233 individual agents. The company by the end of 2013-14, covered over 2.70 million lives and has Rs 6,500 crore of Assets Under Management (AUM).

The private insurer is a joint venture between two public sector banks - and - along with UK's leading risk, wealth and investment company Legal & General.

First Published: Sun, July 13 2014. 11:05 IST