IndiaFirst eyes Rs 700 cr premium

IndiaFirst Life Insurance Company Limited is targeting a premium income of Rs 600-700 crore during the current financial year.

In the first four-and-a-half months of its operations, the company mobilised Rs 200 crore premium, P Nandagopal, managing director and chief executive officer, Indiafirst Insurance, told mediapersons here on Thursday.

Bank of Boroda and Andhra Bank are the main promoters of Indiafirst. “The two banks have 4,500 branches across the country, and India first is currently selling insurance products though these branches,” he said.

The insurance company plans to sell its products through rural banks also in the second phase, he said, adding the two banks were operating 40-50 rural banks with 500-600 branches.

It has also sought approval to open 50 own branches across the country, of which three will be in Andhra Pradesh. “The company is currently selling only three products. By the end of this fiscal, we will introduce another 6-8 products. We will also appoint about 10,000 insurance advisers across the country,” he said.