IndiaFirst Life Insurance has announced a tie-up with Varun Motors and launched Autolife, an innovative life insurance product offering a cover ranging from Rs.3 lakh to Rs.20 lakh for people buying automobiles, including two- and four-wheelers.
M. D. Mallya, Chairman, IndiaFirst Life and CMD, Bank of Baroda, formally launched the Autolife and handed over the first policy to V. Prabhu Kishore, Managing Director of Varun Motors, here on Friday. When it started operations in November, 2009, the joint venture with Andhra Bank and the UK's Legal & General was the 23 life insurance company. It had moved, in just 25 months, to the No. 12 position, he said.
Available in Blue, Silver, Gold and Platinum variations, with insurance cover of Rs.3 lakh, Rs.5 lakh, Rs.10 lakh and Rs.20 lakh, respectively, the annual premium of Autolife starts from Rs.600. There was no waiting period, said IndiaFirst MD & CEO, P. Nandagopal.
Responding to a question, Mr. Mallya said they expected a straight growth of 5 per cent with Autolife in the first year and said that with increasing numbers, insurance could be made more affordable. Others present were CMD of Andhra Bank, B. A. Prabhakar and CEO-International of Legal & General, Gareth Hoskin.
