IndiaFirst launches insurance plan for vehicle-buyers

IndiaFirst Life Insurance has launched a life insurance cover for vehicle-buyers.

The company, a joint venture of Bank of Baroda, Andhra Bank and the UK's Legal and General, tied up with Varun Motors in this regard.

The product, called Autolife, will offer a life insurance cover up to Rs 20 lakh in four different options and a pure protection plan.

“We feel this will change the way in which life insurance is sold,” Dr P. Nandagopal, Chief Executive Officer, IndiaFirst Life Insurance told newspersons here on Friday.

The product was an extension of bancassurance model of distribution based on embedded sales model, he said.

IndiaFirst readied a new software platform which allows immediate issue of policy bond for the customers.

“We have made the premium rates affordable. They are approximately in the range of Rs 600 to Rs 4,000 a year for persons aged about 30 years.”

The product is available only in Andhra Pradesh through two-wheeler and four-wheeler dealer network of Varun Motors.

“This is like a pilot roll-out. We will extend it other parts based on the response,” he added.

Mr M. D. Mallya, Chairman of IndiaFirst Life and CMD of Bank of Baroda formally launched the product.

Mr B. A. Prabakar, Chairman and Managing Director of Andhra Bank said the product was both innovative and affordable.