IndiaFirst Life Insurance Company Limited, a joint venture backed by two public-sector Indian banks and the local arm of the UK-based Legal and General Group, reportedly has announced plans to start offering pension products and microinsurance during the financial year 2013-14 following the release of the updates to the Insurance Regulatory and Development Authority (IRDA) guidelines on microinsurance, according to a statement attributed to the IndiaFirst Managing Director and Chief Executive Officer P. Nandagopal [1]. The guidelines reportedly will focus on product design and distribution and aim to increase the effectiveness of microinsurance services [2]. The company recently released a health insurance called IndiaFirst Mediclaim Plan, the first of the three new products to be implemented. Further information on the future products is not yet available.
IndiaFirst has not yet reported its financial data. Its owners include Bank of Baroda and Andhra Bank.
By Meghan Gillis, Research Associate
About IndiaFirst Life Insurance Company Limited
Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited is a joint venture launched in 2010 by Indian financial institutions Bank of Baroda, Andhra Bank and Legal & General. It offers a variety of services including life insurance, health insurance, financial planning, retirement planning and savings and investments. In the financial year 2013-14, IndiaFirst plans to introduce microinsurance and pension plans. IndiaFirst uses the existing customer base of the promoter banks located in approximately 4800 branches in 1000 cities in India. Financial information for IndiaFirst is not yet available.
Sources and Additional Resources
[1] Money Guru India: “IndiaFirst Life to foray into health insurance,” http://www.moneyguruindia.com/article.php?cid=5214&id=1
[2] The Hindu Business Line: “IRDA norms on microinsurance in 2-3 months,” http://www.thehindubusinessline.com/industry-and-economy/banking/irda-norms-on-microinsurance-in-23-months/article4702316.ece
MicroCapital brief, August 8, 2013, “MICROCAPITAL BRIEF: Standard Chartered Bank (SCB) Loans $13m to Indian MFIs Janalakshmi Financial Services Private Limited, Ujjivan Financial Services Private Limited,” https://www.microcapital.org/microcapital-brief-standard-chartered-bank-scb-loans-13m-to-indian-mfis-janalakshmi-financial-services-private-limited-ujjivan-financial-services-private-limited/
MicroCapital brief, June 13, 2013, “MICROCAPITAL BRIEF: Indian Microlenders Seek More Time to Repay Funds On-Lent in Andhra Pradesh, Where Microlender Sees ‘No Improvement At All’,” https://www.microcapital.org/microcapital-brief-indian-microlenders-seek-more-time-to-repay-funds-on-lent-in-andhra-pradesh-where-microlender-sees-no-improvement-at-all/
MicroCapital brief, November 15, 2011: “MICROCAPITAL BRIEF: India’s Microfinance Industry on brink of “Collapse” Due to Credit Freeze in State of Andhra Pradesh,” https://www.microcapital.org/microcapital-brief-indias-microfinance-industry-on-brink-of-collapse-due-to-credit-freeze-in-state-of-andhra-pradesh/
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