IndiaFirst to launch 3 products by March

IndiaFirst Life Insurance today said it would come up with three more products, which will be a mix of traditional group insurance policies, by March 2011.

IndiaFirst, jointly promoted by Bank of Baroda, Andhra Bank and UK's Legal & General, is also planning to venture into alternate distribution channel, like corporate distributors and agencies.

"We have already filed for a 'Group gratuity and leave encashment employee benefit plan' and one traditional plan with the IRDA. We plan to come up with three more products by March 2011," IndiaFirst Life Insurance Managing Director & CEO P Nandagopal said.

He said the company would also file for a health insurance and micro-insurance schemes with the insurance regulator IRDA.

The company currently offers products through the 4,500 branches of BoB and Andhra Bank.

"By December, we will start offering products through alternate distribution channels. We will sell products through agency network, corporate distributors and regional rural bank," Nandagopal said.

In September, IndiaFirst had received a capital infusion of Rs 125 crore for expansion of distribution network.

IndiaFirst, which started operations in November 2009, is the 23rd player in the life insurance space. While BoB holds 44 per cent, Andhra Bank has an equity stake of 30 per cent and the remaining 26 per cent is with the British partner.

The company had closed the last fiscal with a premium of Rs 200 crore. "We expect to close the current fiscal with a Rs 800 crore new premium income," Nandagopal added.