IndiaFirst, a joint venture between Bank of Baroda and Andhra Bank and UK’s investment firm Legal & General has made its entry into the health insurance sector in India with IndiaFirst Money Back Health Insurance Plan. The company that began operation in March 2010 expects to garner about 10 per cent of its total premium within next three years by selling over a lakh health insurance policies in the same period.
IndiaFirst Life Insurance Managing Director and Chief Executive Officer P Nandagopa at the launch stated that “as a line of business, health offers the best potential in the insurance sector. We have today launched out first plan — IndiaFirst Money Back Health Insurance Plan — and in the coming days, we will come out with more offers”. On the new policy he stated that “”The plan offers a comprehensive health cover for the entire family along with the investment flexibility to grow wealth by investing in different funds under a single plan”.
The launched policy would provide a minimum cover for Rs1.5 lakh and a maximum of Rs 10 lakh. This plan would offer protection to customers for up to 10 years. The minimum premium payout of the customer would be Rs 10,000.