IndiaFirst Life Insurance, a joint venture of two of India’s largest public sector banks – Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General, today launched ‘Autolife’ – a simple process of getting life insurance cover instantly at an affordable cost.
The announcement was made by Dr. P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance. Mr. M D Mallya, Chairman & Managing Director of Bank of Baroda, Mr. B A Prabhakar, Chairman & Managing Director of Andhra Bank and Mr. Gareth Hoskin, CEO – International Business, Legal & General were also present at the launch.
“Today we are witnessing two quite distinct yet obvious trends – one in the automobile industry and another in life insurance. Both these industries while may seem to be non-related to each other, offer an interesting possibility for synergy. In the recent times, the automobile industry has seen an upsurge not only in terms of numbers but also the kind of involvement and time spent by end users in deciding the right fit. The second trend noticed is the growing preference of investors for returns over protection and instant gratification/ solutions instead of long waits. This we see as a gap as well as a great opportunity for us as we increase our focus on group business,” said Dr. Nandagopal.
Under Autolife, automobile buyers can now not only ensure their family’s happiness about also secure them from future uncertainties of life. They can now avail the benefits of a life insurance cover at the same time and place as buying their new car and that too at an affordable cost.
Autolife is a win-win proposition for all – the customer, dealer and the insurer.
It is convenient as it does not require any documentation/ medicals or waiting period and assures speedy and empathetic settlement of claims within 48 hours*.
The company has entered into its first tie-up with Varun Motors of Andhra Pradesh to offer life insurance cover to its customers. IndiaFirst Life is planning similar tie-ups at a nationwide level across various untapped segments in the near future so that customers across the country can avail the benefit of a life insurance cover through a simple process.
Varun Motors today caters to over 15000 customers every month. They are spread across Andhra Pradesh through 100 centers.
Under its first tie-up for Autolife, customers of Varun Motors (two wheeler/ four wheeler) besides availing vehicle insurance; will also be able to avail a life insurance cover of upto Rs. 20 lakh at an affordable cost. Customers have the flexibility of selecting from any of the four options – blue, silver, gold or platinum, which will provide life insurance cover of upto Rs. 3 lakh, Rs. 5 lakh, Rs. 10 lakh and Rs. 20 lakh respectively.
“We believe such an initiative is important for a country like India which is still under insured and will help achieve greater insurance penetration”, further added Dr. Nandagopal.
IndiaFirst Life Insurance is constantly working towards making insurance buying a simple and informed process for its customers. Some of the unique initiatives launched by the company include – LifeStore, a ‘Do-It-Yourself’ online store for understanding and buying insurance, and Ask Apply Get (AAG) – an innovative and customer friendly process to buy life insurance in the most hassle free manner over the counter. IndiaFirst was also the first to introduce product audio-visuals as a compulsory part of their sales process to bring transparency in product information dissemination.
1. Autolife is a process of issuance of life insurance cover for automobile purchasers.
2. Life insurance is being offered to Varun Motor customers through the group insurance route, with Varun Motors as the Master Policyholder and IndiaFirst Life Insurance as the Insurer.
3. Society for Indian Automobile Manufactures (SIAM) recently said that the passenger cars sales will grow by 11-13 per cent in FY13 while the two-wheeler segment is pegged to rise by 11-14 per cent. There were 58 new launches including 12 green and nine concept vehicles in the recent Auto Expo 2012. The auto industry has been growing at a compound annual growth rate of 15% over the past 5 years.
About IndiaFirst Life Insurance
Headquartered in Mumbai, IndiaFirst, which is capitalized at Rs. 605 crore, is the country’s youngest life insurance company promoted by two of India’s largest public sector banks – Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General. Bank of Baroda holds a 44 per cent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 per cent and 26 per cent stake respectively.