IndiaFirst to start ops by Dec-end, gets nod for 3 products

IndiaFirst Life Insurance has received regulatory approval to launch three products and expects to commence its operations by the month-end, a senior official said.

IndiaFirst Life Insurance is a three-way joint venture between two public-sector lenders--Bank of Baroda and Andhra Bank, and the UK-based company Legal and General (L&G).

"We have received approval for all the three ULIP products--savings, children and retirement plans, applied to IRDA. We are now planning to begin our operations by end-this month," IndiaFirst Life Insurance Chief Executive Officer P Nandagopal told PTI here today.

The three products are--IndiaFirst Savings Plan, IndiaFirst Education plan and IndiaFirst Future plan, he said.

The latest entrant to the life insurance market in the country, IndiaFirst, had received R3 licence (the final approval required for starting an insurance company) from IRDA last month.

The company currently has a capital base of Rs 200 crore and plans to increase it to Rs 2,500 crore over 10 years.

The joint venture company has 44 per cent stake from the Bank of Baroda, 30 per cent from Andhra Bank and 26 per cent from Legal and General.