Andhra Bank has entered into an insurance joint venture with Bank of Baroda and Legal and General.
Launching the joint venture under the name IndiaFrist Life Insurance Company Ltd. here on Friday, Deputy General Manager of Andhra Bank N. Lakshmi Reddy said that the stake of the bank was 30 per cent while that of Bank of Baroda was 44 per cent and Legal and General 26 per cent.
Group Head of the insurance company Kalyan Srinivas said Legal and General was a U.K.-based company. It also was likely to open 50 branches on its own and had applied to the Insurance Regulatory and Development Authority (IRDA) for licences. The new company hoped to do a business of Rs. 200 crore by March-end, he said.
IndiaFirst Life Insurance is making its debut with the launch of three ULIP schemes — savings, children and retirement plans. The three products have several features, competitive premium rates, life insurance cover and good returns on investment keeping in line with the prevailing market trends in the insurance sector.
Assistant General Manager of Andhra Bank K. Rama Krishnam Raju was also present.