Company Research Report: IndiaFirst Life Insurance Company Limited

Company Overview

Name

IndiaFirst Life Insurance Company Limited

Mission of the Company

IndiaFirst Life advocates for continuous care, learning, and development opportunities for employees, with a commitment to technology, aiming to enhance the online life insurance buying experience. This reflects a philosophy driven by the intent to earn customer trust through transparent and efficient practices.

Founding

Founded: 2008

Key People

Promoters: Joint venture by Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited.

Board of Directors and Management Team: Details not specifically provided in the data. Please refer to the company's official website or corporate filings for more information.

Headquarters

12th and 13th Floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063, India.

Number of Employees

No information is available.

Revenue

No specific revenue figures are provided.

Notable Achievements

IndiaFirst Life is one of the fastest-growing private life insurers in India. It has secured 1.6 crore lives since its inception and manages assets under management (AUM) of ₹27,073 crore as of February 2024.

Products

Term Insurance

1. IndiaFirst Life Elite Term Plan

Features: Lifetime protection till age 99, high cover at an affordable cost, 10% discount on first premium for online purchase.

2. IndiaFirst Life Plan

Features: Flexible policy term options, guaranteed death benefits, option to customize life coverage.

3. IndiaFirst Life Guaranteed Protection Plus Plan

Features: Return of premium option, coverage till age 99, multiple life options, flexible payment terms.

Savings Plans

1. IndiaFirst Life Guarantee of Life Dreams Plan

Features: Choice of income options, guaranteed long-term income, life insurance cover.

2. IndiaFirst Life Guaranteed Single Premium Plan

Features: Guaranteed 7x returns, one-time payment, tax benefits, life cover 1.25 times higher.

3. IndiaFirst Life Fortune Plus Plan

Features: Shorter pay commitment, guaranteed survival benefit, cash bonuses (if declared).

ULIP Plans

1. IndiaFirst Life Radiance Smart Invest Plan

Features: Zero fund allocation charges, 10 fund options, 3 plan options, 100% money invested for higher returns.

2. IndiaFirst Life Wealth Maximizer Plan

Features: Market-linked returns, life cover, multiple investment strategies.

Retirement Plans

1. IndiaFirst Guaranteed Pension Plan

Features: Income during retirement, option for increasing annuity, return of purchase price.

2. IndiaFirst Immediate Annuity Plan

Features: Immediate annuity, lifetime income, choice of retirement age.

Recent Developments

New Product Launches

Guaranteed Single Premium Plan: Launched in November 2023, offering up to 7x guaranteed returns.

Partnerships

No information provided on recent partnerships.

Innovations and Recognition

Awarded as one of the top 50 India's Best Workplaces in BFSI for five consecutive years.

Recognized at the InsureNext Awards 2023 for Best HR Initiatives.

Technology and Customer Service Enhancement

IndiaFirst Life emphasizes leading digitalization initiatives and support from major banking partners to enhance customer experience.

Note: This report is based on the information provided and accessible as per the data given. For comprehensive details, especially with regards to financials, key personnel, and complete product literature, refer to official company releases or financial disclosures.