IndiaFirst Life Insurance, one of the youngest players in the life insurance space, has set a target of mopping up Rs 1,200 crore from new premium this fiscal and has lined up a bouquet of products to help achieve this goal.
"We have one group savings product, one unique offering for high networth individuals and a pension plan in the pipeline for this fiscal. The pension plan will be launched when the regulatory guidelines are out," IndiaFirst MD and Chief Executive P Nandagopal said.
The company's new business premium has reached Rs 150 crore till July, which was its target for the first quarter.
"We are already on track for achieving the Rs 1,200-crore new business premium target by the end of the fiscal," he said.
To achieve this, the private insurer also plans to increase its agents to 5,000 from the present 500 in this fiscal.
IndiaFirst is also working on four more offerings, including two health products for FY13, he said.
The private insurer already has a dozen products, both under the traditional and unit-linked portfolios.
"Our recent foray into health insurance had tremendous response and we have already sold 5,000 plans," Nandagopal said, adding, he was expecting selling 30,000 IndiaFirst Money Back Health Insurance Plan by the end of FY12.
The insurer, which commenced operations in November 2009, is one of the fastest growing private life companies and had crossed Rs 900 crore in new business premium in the first 500 days of its operations.
IndiaFirst is a joint venture between Bank of Baroda and Andhra Bank along with leading British risk, wealth and investment company Legal & General.
The company, which has set a break-even target in the fifth year of operations, is aiming to reduce its total operational cost to 15% this fiscal from 19% last year.
Till date, it has infused Rs 600 crore capital in the business.
