IndiaFirst to start ops by Dec-end

[MTG]

IndiaFirst Life Insurance has received regulatory approval to launch three products and expects to commence its operations by the month-end, a senior official said.

IndiaFirst Life Insurance is a three-way joint venture between two public-sector lenders--Bank of Baroda and Andhra Bank, and the UK-based company Legal and General (L&G).

"We have received approval for all the three ULIP products--savings, children and retirement plans, applied to IRDA. We are now planning to begin our operations by end-this month," IndiaFirst Life Insurance Chief Executive Officer, P Nandagopal, told today.

The three products are--IndiaFirst Savings Plan, IndiaFirst Education plan and IndiaFirst Future plan, he said.

The latest entrant to the life insurance market in the country, IndiaFirst, had received R3 license (the final approval required for starting an insurance company) from IRDA last month.

Source - economictimes.com

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[Natraj]

Looking forward for the new products of IndiaFirst.

[Siddharth]

Why so many banks are coming up with new insurance ventures? Is it very profitable? Pls share your views.

[Contractor]

Why so many banks are coming up with new insurance ventures? Is it very profitable? Pls share your views.

Yes. If you see US and UK you will find lots of bank having selling insurance products thru their branches. Its concept of the loyalty of the customer which banks are cashing in. Lots of bank started as bank assurance, now as they know the profitability of insurance business, they are coming up on their own.