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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.