IndiaFirst Life Insurance Company

IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) which uses the existing customer base of the promoter banks.[4] As of December 2011, the company has more than 2800 employees.[5]

The company ended FY20 with INR 3,360 crore worth of total premiums collected and AUM of Rs 14,723 crore. The company has had a CAGR of 40% in the last five years in Individual New Business APE, as compared to Life Insurance Industry growth of 12% CAGR during the same period. The life insurance company has reported a 25% growth in individual New Business (NB) Annual Premium Equivalent (APE) in Financial Year (FY) 2019-20. IndiaFirst Life grew at 5.2 times the private industry growth rate of 5% and at 4.0 times the overall industry growth rate of 6% (including LIC). For the month of March 2020, IndiaFirst Life ranked 10th in the private sector in Individual NB APE and ranked 12th in the private sector for FY 2020. It also observed a claim settlement ratio of 98.56%, supported over 13800 families and paid claims in excess of INR 346.82 crore. Paid group claims in excess of INR 1056.5 crores (includes PMJJBY).

In June 2018, one of the original founders, Legal & General, sold its stake to private equity firm, Warburg Pincus for Rs 7.1 Billion. Other stakeholders include General Atlantic, Ergo International AG, Manulife Financial Corp, and Canadian billionaire, Prem Watsa’s Fairfax.[6] Legal & General sold its stake as it was restructuring its business in the UK and the US markets.[7] In November 2018, the Insurance Regulatory and Development Authority gave its in-principle approval to IndiaFirst Life Insurance for the stake sale from Legal & General to Warburg Pincus.[8] In February 2019, another promoter, Andhra Bank, announced plans to sell its 30% stake for ₹ 9 Billion.[9]

IndiaFirst Life Insurance was incorporated by Bank of Baroda, Andhra Bank (Union Bank of India now), and Legal & General in 2009. Legal & General later sold its stake to Carmel Point Investment India Private Limited, a corporation incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC.

This company was the first one in the history of IndiaFirst Life Insurance, wherein a private equity fund has taken an interest in a life insurance company.

In April 2020, a merger took place between Andhra Bank with the Union Bank of India. It changed the shareholding pattern of IndiaFirst Life Insurance to Bank of Baroda (44%), Union Bank of India (30%) and Carmel Point Investments India Private Limited (26%).

The MD & CEO of the company is R.M. Vishakha and Deputy CEO is Rushabh Gandhi

IndiaFirst Life offers a diverse series of 31 need-based products (as of 31 st March 2020), catering to varied customer segments, leveraging multiple distribution capabilities, and augmenting various investment options.

The products are available under the categories:
Individual Plans -

Group Plans -

IndiaFirst Life received many accolades right from its inception due to its customer-centric approach. From latest to oldest, the awards are as follows:
2019
In 2019, it got certified for "GREAT PLACE TO WORK" for completing the assessment conducted by GPTW Institute.

2019
In 2019, it was honoured with the "ACEF GRAND PRIX AWARD" for the category "Best Social Media Campaign".

2019
In 2019, it was honoured with the "GREAT PLACE TO WORK" award for the category "INDIA’S 20 BEST WORKPLACES IN BFSI – 2019".

2019
In 2019, it won the "CUSTOMER EXCELLENCE IN INSURANCE SECTOR", which is the India Customer Excellence Award for excellence in customer service.

2019
It won the "CUSTOMER SERVICE PROVIDER OF THE YEAR 2019" award, which is the India Insurance Summit & Awards 2019 for excellence in customer service, in 2019.

2019
In 2019, it won the CUSTOMER EXPERIENCE AWARD honoured by KamiKaze for the best use of technology in a contact centre.

2018
In 2018, it was honoured with the "SAMMIE AWARD" for the category Best Social Media Brand in BFSI (Insurance).

2018
In 2018, IndiaFirst achieved "THE ECONOMIC TIMES BEST BRANDS" award for excellence in BFSI.

2018
In 2018, it was awarded the "MOST ADMIRED BRANDED CONTENT" in the Asian Customer Engagement Forum & Awards 2018 for Excellence in Branding & Marketing.

2018
In 2018, it was awarded the "BEST SOCIAL MEDIA CAMPAIGN" in the Asian Customer Engagement Forum & Awards 2018 for Excellence in CSR.

2018
In 2018, it was awarded the "BEST CSR CAMPAIGN- INDEPENDENCE DAY", in the Asian Customer Engagement Forum & Awards 2018 for Excellence in CSR.

2018
In 2018, it was awarded the "BEST USE OF VIDEO CONTENT" in the Asian Customer Engagement Forum & Awards 2018 For Excellence in Branding & Marketing.

2018
In 2018, it won the "BEST INNOVATION/CREATIVITY IN A DIGITAL CAMPAIGN" award at the Chief Digital Officers Converge 2018 for Excellence in Digital Marketing and Innovation.

2018
In 2018, it won the "MODEL INSURER- DIGITAL & OMNICHANNEL TECHNOLOGIES" award at the Celent Model Insurer Awards 2018 for the Integrated Insurance Sales Platform (IIISP) tool.

2018
In 2018, it won the "MODEL INSURER- DATA, ANALYTICS & AI" award at the Celent Model Insurer Awards 2018 for the Surrender Prediction Model.

2017
In 2017 it was honoured with the "INDIAN HR CONVENTION HDM AWARD" at the Indian Conventions- Conferences & Awards for the category Best Engagement Initiatives.

2017
In 2017 it was honoured with the "INDIAN HR CONVENTION HDM AWARD" at the Indian Conventions- Conferences & Awards for innovative L&D Programme.

2017
It won the "HUMAN RESOURCE DEVELOPMENT & MANAGEMENT AWARD" for the Indian HR Convention In the engagement initiatives category, in 2017.

2017
It won the "HUMAN RESOURCE DEVELOPMENT & MANAGEMENT AWARD" for the Indian HR Convention In the Innovative L&D Programme category, in 2017.

2017
In 2017, it won the "BEST USE OF DIGITAL MEDIA IN INSURANCE AWARD" at the Drivers of Digital Awards 2017 for a disruptive and fresh approach towards engaging netizens.

2017
In 2017, it won the "BANCASSURANCE LEADER OF THE YEAR AWARD" at the National Awards for Insurance Excellence 2017 for the Large Companies category.

2017
In 2017, it won the "IT LEADERSHIP AWARD" at Celent and Asia Insurance review for the Integrated Sales Platform (ISP) tool conceptualized to define an efficient sales operating model.

2017
In 2017, it won the "DIGITAL INNOVATION AWARD" at the Express IT awards for the Enterprise Mobility category and Integrated Sales Platform (ISP) solution.

2017
In 2017, it won the "MOST ADMIRED BRANDED CONTENT- BRONZE" award at the Asian Customer Engagement Forum & Awards (ACEF) 2017 for the ‘Because Life Happens’ campaign.

2017
In 2017, it won the "BEST LIFE INSURANCE COMPANY" at the National Awards for Marketing Excellence by Times network for excellence in BFSI.

2017
In 2017, it won the "BEST LIFE INSURANCE COMPANY" at the World HRD Congress for the private sector category.