Hyderabad, Oct 30 (UNI) Mumbai-headquartered IndiaFirst Life Insurance, a joint venture of Bank of Baroda and Andhra bank, is expected to touch Rs 1,000 crore new premium collection by this fiscal end.
The company had achieved 29 per cent growth in individual Annual Premium equivalent (APE) on a year-on-year basis and by September month end this year, a whopping 56 per cent growth rate registered when the industry was de-growth of 3 per cent, said Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance, in a press conference at the sidelines of the lauching ‘Smart Pay Plan’ here on Wednesday.
This growth rate brings the company into the league of the top five fastest growing insurance players in the private sector at a time when the industry grew only by 11 per cent, he said the company has collected Rs 325 crore of annualized premium as on September, 2019 against Rs 253 crore during the corresponding month in previous year.
The company had launched Smart Pay plan two month back and contributed 20 per cent growth through this new product on the total business, Rushabh claimed and said the unique policy which not only provides shorter pay commitments but also gives some liquidity within premium paying period. This policy is designed to help the policy holders enjoy uninterrupted life cover benefit despite missing out on premium (if any).and offer money back, during the premium paying period itself, thereby making it the shortest pay limited premium product in the country.”
IndiaFirst Life Smart Pay Plan offers policyholder to add Waiver of Premium Rider to secure one’s dependents from burden of paying future premiums in case of occurrence of death, accidental total permanent disability or any of the defined critical illness with continuous benefits of the plan, he informed.
Pathbreaking products will come up in the market in the next financial year as many insurance companies have applied at the regulatory authority which was opened applications for its regulatory sandbox, he said that our company also applied three products at the regulatory authority for consideration.
In this fiscal, we are expecting lower growth in corporate business segment against retial insurance business, he added.
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