IndiaFirst Life to infuse Rs 120 cr this quarter

IndiaFirst Life Insurance Company Ltd, a joint venture between Bank of Baroda, Andhra Bank and UK-based Legal & General, would go for a capital infusion of around Rs 120 crore during the current fiscal. The proposed infusion is to support its Financial Planning Centres (FPCs) in various parts of the country and to meet its solvency capital requirements.

After launching its first FPC in Chennai today, P Nandagopal, managing director and chief executive officer, IndiaFirst Life Insurance, said, "There will be a capital infusion of Rs 120 crore in this quarter to meet our solvency capital requirements and to set up the FPCs. With this, our total capital infusion will be around Rs 550 crore.”

So far, it has infused Rs 430 crore in two phases, the first of Rs 300 crore and later Rs 130 crore. The capital infusion would be from the promoter bankers, he added.

Bank of Baroda and Andhra Bank hold 44 per cent and 30 per cent of the company’s stake, respectively, while UK-based risk, wealth and investment company Legal & General has 26 per cent stake.

Meanwhile, the company launched its first FPC in Chennai, and plans to set up a total of 12 centers in various major cities in the country in next two to three months.

The centre would offer a range of services including new business application processing, policy servicing request processing, advisor licensing processing, advisor and sales training, claim intimation processing and document collection and record management for business applications.

In the next two to three months, the PFCs would be set up in cities including New Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, Pune, Ahmedabad, Lucknow, Jaipur, Indore and Kochi. Over a period of next four to five years, it plans to set up a total of 100 FPCs across the country.

“These centres are to explain to our customers the pluses and minuses of each product. We will ensure that each of the new customers is aware of the policies before they buy the product,” said Nandagopal.