IndiaFirst Life Insurance, a joint venture of Bank of Baroda, Andhra Bank and Legal & General of UK, here on Friday launched ‘Autolife’, which provides life insurance cover for automobile customers.
For the sale of the new product, the insurance company has entered into a tie up with Varun Motors, which has 100 centres spread across Andhra Pradesh. As per the agreement, the life cover is being offered through the group insurance route with Varun Motors as the master policyholder and IndiaFirst as the insurer.
IndiaFirst managing director and chief executive officer, P Nandagopal, said the tie-up was on a pilot basis and if proved successful the company would think about a similar arrangement with other motor vehicle dealers in the country.
Varun Motors managing director, V Prabhu Kishore, said his company was selling 80,000 vehicles, including two-and-four-wheelers, a year. He was confident about motivating his customers to go in for the life cover as the minimum premium amount would start from just Rs 600 a year.
Bank of Baroda chairman and managing director, MD Mallya, Andhra Bank CMD, BA Prabhakar and Legal & General international business chief executive officer, Gareth Hoskin, who witnessed the launch of Autolife, were also bullish on the new product.
IndiaFirst, which is offering life insurance cover ranging from Rs 3 lakh to Rs 20 lakh under Autolife, has set a monthly target of 2,500 customers to begin with.