IndiaFirst Life Insurance today launched its first over-the-counter (OTC) sale of policies, through which customers can ask for insurance in the partner bank branches and immediately get a cover.
Customers of IndiaFirst, jointly promoted by Bank of Baroda, Bank of Barod and UK's Legal & General, can now get insurance products across all 4,500 branches of BoB and Andhra Bank, the company said in a statement.
"We expect 50 per cent of new business premium during the next four months to come from the over-the-counter sale and to get new premiums of Rs 250 crore by March end through such sale," IndiaFirst Life Insurance Managing Director & CEO P Nandagopal said.
The process would be available for the IndiaFirst Smart Save Plan and the IndiaFirst Young India Plan. The company plans to soon offer all its products through this process, he said.
The new process -- Ask Apply Get (AAG) -- would provide customers life insurance cover almost instantly in just three minutes, following which he will get a call from the company to explain the features of the product, Nandagopal added.
