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IndiaFirst Life Insurance Company is planning to expand its pilot life insurance scheme for vehicle buyers. The pilot, called ‘Autolife', was launched in association with Varun Motors in Andhra Pradesh in January.
“The response has been good. We sold 2,000 policies within 100 days of launch and we will expand this to about six States,” Mr P. Nandagopal, Chief Executive Officer, IndiaFirst Life Insurance, told Business Line here. The product will offer life insurance cover up to Rs 20 lakh in four different options as pure protection plan for vehicle buyers at the time purchase.
TIE-UPs
The product would soon be sold in Maharashtra, Delhi, Kerala and Karnataka, he said adding: “We want to have about one lakh members under this product by this year end.”
The company, a joint venture of Bank of Baroda, Andhra Bank and the UK's Legal and General, is also looking at expanding its tie-up with regional rural banks to ramp up its distribution channel.
“At present, we have collaboration with 10 RRBs. We are looking at tying up with at least 10 more banks,” Mr Nandagopal added.
Collaboration would also be forged with health centres and clinics in the rural areas to expand reach in the health insurance segment.
IndiaFirst will also launch a couple of health insurance plans by the middle of the current financial year, he added.
On the business environment, Mr Nandagopal said: “It is tough and continues to be tough on account of inflation, regulatory volatility and macro-economic scenario. This financial year will be challenging.”
The company, which issued a premium of Rs 980 crore during the last financial year, was hoping to grow it by over 30 per cent this year, he added.
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