IndiaFirst, India’s 23 life insurance company which has already started its operation from the December 2009, has received its R3 license.

IndiaFirst Life Insurance Company Limited, a joint venture by Bank of Baroda and Andhra Bank and Legal & General Middle East Limited, UK, has received its R3 by IRDA.

Bank of Baroda will hold 44% stake in the firm, while Andhra Bank will have 30% and the rest by Legal and General.

The company has come up three products —ULIP savings plan, education plan and retirement plan.

Their initial paid-up capital is Rs200 crore, and they have to scale up Rs2,500 crore over the next 10 years.

And from now on, the two banks, of Baroda and Andhra Bank, will no longer sell third-party insurance products.

While with the goal to mobilized 1,150 branches to sell the products, both the banks will train their existing employees.

The company is following to the bancassurance model in the first year of its operation. Bank of Baroda already has severed its bancassurance tie-up with HDFC Standard Life.

Now, if you want to understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need.

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy.

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Tags: andhra bank, bank of baroda, best insurance job, india insurance policy, indiafirst, insurancemall

This entry was posted on Thursday, February 25th, 2010 at 5:09 am and is filed under India InsuranceMall, Insurance Companies, Insurance India News, Insurance World News, indian insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.