Life insurance joint venture of Bank of Baroda, Andhra Bank and the U.K.-based company Legal and General (L&G) — IndiaFirst Life Insurance — has received final approval from the Insurance Regulatory and Development Authority (IRDA) and will start operations in December. “We have received approval R3 (the final approval required for starting an insurance company) from the IRDA, and we will be in the market in December,” IndiaFirst Life Insurance Chief Executive Officer P. Nanadagopal told reporters here on Monday.
The latest entrant in the life insurance market, IndiaFirst had filed for four products, including three unit linked products, with the insurance regulator, he said.
“Once the product approval from IRDA is received, we will start the operations,” Mr. Nandagopal said.
In the joint venture company, Bank of Baroda has a 44 per cent stake, Andhra Bank 30 per cent and Legal and General 26 per cent.
The 23rd player in the life insurance market, IndiaFirst, has a capital base of Rs. 200-crore and plans to enhance it to Rs 2,500-crore over ten years. “Our initial paid-up capital is Rs. 200-crore. All the three promoters would increase the base to Rs. 2,500-crore over the next 10 years,” Mr. Nanadgopal said.