IndiaFirst Life Insurance is one of the youngest life insurance companies in India with a rich legacy of over 360 years of combined service of its promoters - Bank of Baroda, Andhra Bank and Legal & General.
This joint venture brings together a real understanding of the Indian consumers by the promoter banks with international best practices developed by Legal & General. Shri. Pranab Mukherjee, Former Finance Minister, Government of India launched our nationwide operations in Delhi in March, 2010
Headquartered in Mumbai,with share capital of Rs. 475 crore. Bank of Baroda holds a 44 percent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 percent and 26 percent stake respectively.
We have already achieved substantial progress during our first year of operation. We set up new benchmarks in bancassurance in terms of branch activisation, productivity and customer friendly sales processes. We aim to place our customers 'First' in everything we do and believe we can differentiate ourselves through simple, easy to understand products, fair price, high quality service and honest advice.
We have initially focused on the bancassurance model leveraging the existing branch network of over 5000 branches of our promoter banks across the country. We plan to further strengthen our distribution reach through our alternate channel of distribution.
This combination of domain expertise, customer knowledge, product innovation and nationwide reach has helped us garner over Rs. 1000 crore premium during FY 2011-12 and cover over 1.6 million lives across more than 1000 cities and towns in India.
Our product range covers the typical needs of protection (term insurance), savings, education, retirement and health. We also have a wide range of group insurance products ranging from credit life, term and employee liability (gratuity and leave encashment) plans. We will follow this with a whole range of pension and wealth accumulation plans shortly.
"Become a life insurance and pension business leader in providing significant value for all stakeholders through true customer delight."
Bank of Baroda is one of the largest public sector banks in the country with an enviable network of over 3900 branches that spreads across the geography of India and over 70 branches across 25 countries globally. This behemoth financial institution is over 100 years old and has been built on financial prudence, corporate governance and most importantly – the trust of valuable customers like you.
Andhra Bank has been serving the Indian customer for over 89 years and currently has a network of over 1716 branches. The bank has developed best in class deposit and lending schemes for its valued customers.
Both the banks are nationalized and provide best in class products and services to their customers.
Legal & General is one of UK's leading financial institutions with a heritage of over 150 years. It provides life assurance, pensions, investments and general insurance plans to over 5.5 million customers across UK. It brings rich fund management and insurance experience to India.