IndiaFirst to introduce health, pension products next fiscal

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IndiaFirst Life Insurance, jointly promoted by Bank of Baroda, Andhra Bank and Legal & General, is planning to introduce health and pension products before March. The JV is also proposing to enter the microinsurance business in the first quarter of next fiscal.

The life insurance company expects Rs 800 crore premium collection during the first year of operation. So far, it has collected Rs 500 crore and by March end, could mobilise another Rs 300 crore, P Nandagopal, managing director and chief executive officer, IndiaFirst, told mediapersons on Monday.

“BoB and Andhra Bank both have around 4,800 branches across the country. Of this, about 3,500 branches are active and we are currently selling insurance policies through these branches,” he said.

IndiaFirst has 12 branches in the country and during the next financial year plans to open another 18. “We are looking for more business by increasing the alternate channel of distribution to sell our products and would appoint about 3,000 insurance advisers shortly,” he said.