India First Life Insurance Company is the youngest life insurance company in India which was established in the year of 2009, headquartered in Mumbai. It is a joint venture between the India’s two most leading public sector banks, Bank of Baroda and Andhra Bank and the foreign partner of Legal & General, UK’s financial and Investment Company.
Hence, the collaboration of the two public sector banks and foreign partner held the stakes in the following proposition as Bank of Baroda – 44%, Andhra Bank – 30% (Amalgamated with Union Bank of India) and Warburg Pincus – 26%.
|Managing Director & CEO
||Ms. R M Vishakha
||Bank of Baroda – 44%
Union Bank of India (Amalgamated with Andhra Bank) – 30%
Carmel Point Investments India Pvt Ltd – 26%
|Covering range of people
||5 million retail customers as on March 2019
||Toll-free : 1800 209 8700
Outside India : +91 22 62749898
Whats App : 022-62749898
Website : www.indiafirstlife.com
Mail : email@example.com (For Service)
: firstname.lastname@example.org ( For Claims)
|Latest Claim Settlement Ratio
||96.65% for individual claims (FY 2019-20)
98.93% for group claims
|New Business Premium
||3,360.44 Cr (FY 2019-20)
|Asset Under Management
||14,723 Crore as on March 31st 2020
|| 172% as on 31st MAR 2020
||Become a life insurance and pension business leader in providing significant value for all stakeholders through true customer delight.
|Year of start
|IRDAI registration No
||India First Life Insurance Company Limited
12th and 13th floor, North wing, Tower 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400063.
||Bank of Baroda
Union Bank of India
||1) IndiaFirst Online Term Plan
2) IndiaFirst Life Guaranteed Benefit Plan
3) IndiaFirst Life Long Guaranteed Income Plan
4) IndiaFirst Guaranteed Annuity Plan
5) IndiaFirst Life Wealth Maximizer Plan
6) IndiaFirst Life Little Champ Plan
7) IndiaFirst Micro Bachat Plan
|Awards & Recognitions
||1) India’s 20 Best Workplaces in BFSI 2019
2) Customer Excellence Award for excellence in customer service
3) Customer Service Provider of the year 2019
4)The Economic Times Best Brand Award 2018
Reason to Choose
|-> Great Legacy
Promoted by two public sector banks whose footprint and experience continue to fortify the value proposition it offers to all stakeholders.
Technology is integrated across the pre-purchase, purchase and post-purchase cycle, which in turn results in a seamless experience for all their stakeholders.
Offering need-based insurance products for individuals for their protection and life goals as well as group products for the organization.
The company strictly follows the ‘Customer First’ principle in all its business activities and offer simple, easy to understand plans in an affordable price.
|Social Media Links
||Twitter : twitter.com/IndiaFirst_Life
Facebook : facebook.com/indiafirstlife
You Tube : youtube.com/user/IndiaFirst
ABOUT INDIAFIRST LIFE
The company offers a various type of products to fulfill the various type of the customer and their various needs in different stages of their life. The company provide a diversified product portfolio that includes 31 products in various categories such as protection plan, wealth plan, pension plan, assured savings plan, health plan and group plan.
OPERATIONS OF INDIAFIRST LIFE
The company’s key differentiators are their simple, easy-to-understand products that are fairly-priced and efficient serviced. Even though the company was started in 2009 and had been the 22nd
insurance company in the life insurance industry and sold their first policy, then to as of 31st
March 2020, where India First Life ranks 12th
in the private sector in individual NB APE for FY 2020. They ended FY20 on a strong footing with INR 3,360 crore worth of total premium collected and AUM of INR 14,723 crore.
VARIOUS TIE UP OF INDIAFIRST LIFE
After the long journey between the two public sector banks through the years of growth, Legal & General sold its stake in February 2019 to Carmel Point Investments India Private Limited, a body corporate incorporated under the laws of Mauritius and owned by private equity fund managed by Warburg Pincus LLC, New York, United States.
This is the first deal wherein a private equity fund has taken an interest in a life insurance company. In April 2020, Andhra Bank was amalgamated in to The Union Bank of India.
STRENGTH OF INDIAFIRST LIFE
The company hire the best people so that they offer the best to their customers. They embrace diversity, are driven by meritocracy, fueled by innovation, and value their employee’s opinions that help them shape people practices, processes and policies better.
The teams of a company had filled with the mix of brightest minds from diverse backgrounds. IndiaFirst Life collaborate to create innovative financial solutions in a stimulating work environment. The company believes in keeping its employees happy, passionate and connected at the work place.
For two consecutive years (2019&2020), IndiaFirst Life Insurance has been recognized among the top 25 Great Place to work in the BFSI segment. The recognition is a testament to the commitment of their organization and employees who live by their core philosophies – CustomerFirst and EmployeeFirst that forms the nucleus of IndiaFirst Life.
BANK OF BARODA
Bank of Baroda is an Indian multinational, public sector banking and financial services company. It is the third largest Public Sector bank in India with over 131 million customers across 21 countries.
The bank was founded on 20 July 1908 in the princely state of Baroda in Gujarat. The Government of India nationalized the bank, along with 13 other major commercial banks of India on 19 July 1969 and it makes the bank has been designated as a profit-making public sector undertaking (PSU).
Later in 2018, September 17, the Government of India announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank, to create the country’s third largest lender.
The amalgamation is the first-ever three-way consolidation of banks in the country, with a combined business of Rs. 14.82 trillion, making it third largest Bank after SBI and ICICI Bank.
UNION BANK OF INDIA
Union Bank of India is one of the leading public sector banks of the country, headquartered in Mumbai. The bank was registered on November 11,1919 as a limited company, now it is a listed entity and the Government of India holds 89.07 percentage in Bank’s total share capital.
The bank has a network of 9500+ domestic branches, 13300+ ATMs, 11700+ BC points, serving over 120 million customers with 75000+ employees. Union Bank of India is the first large public sector bank in the country to have implemented 100% core banking solution.
Recently Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from April 01, 2020. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
CARMEL POINT INVESTMENTS INDIA
Carmel Point investments India Private Limited is an investment holding company incorporated in Mauritius, engages in making long-term investment on portfolio companies, and a part of the Warburg Pincus Group, which is a private equity firm based in United States on America.
On July 19,2018 the Competition Commission of India approved Carmel Investment Limited’s acquisition of certain shares in IndiaFirst Life. The acquisition involved a transfer of 26% of IndiaFirst’s shares to CPIL, on a fully diluted basis.
SERVICES OF INDIAFIRST LIFE
As per their core philosophies of CustomerFirst and EmployeeFirst, IndiaFirst Life insurance company continues to serve and care amidst Novel Covid-19. With a Robust Business continuity Plan (BCP) in place, the organization is optimizing alternate modes including digital, IVR and telephones to connect with both internal and external stakeholders.
You can also read other insurance company details by using the link given below:
IDBI FEDERAL LIFE INSURANCE
ICICI PRUDENTIAL LIFE INSURANCE