IndiaFirst Life Insurance has announced the opening of its first financial planning centre (FPC) in Chennai which will offer its entire range of services to policyholders.
Addressing presspersons here on Wednesday, P. Nandagopal, Managing Director and CEO, said 12 more centres would be opened soon across important cities. The plan was to establish 100 such centres over a period. Each centre would have 1,000 advisors attached to it along with IndiaFirst employees. With the launch of FPCs the company expected its advisors to contribute 30-40 per cent of the business over a period of 3-4 years.
Commenting on the performance Mr. Nandagopal said the company could cross the Rs. 900 crore mark in news business premium within 500 days of its operations with a customer base of two lakh covering 1.2 million lives. It was hopeful to reach the Rs. 1,400 crore mark in respect of new business premium in the current financial year, he said.
The company, a joint venture between Bank of Baroda and Andhra Bank along with Legal & General (U.K.'s leading risk, wealth and investment company), has a range of 12 products and plans to launch a pension scheme soon. Capitalised at Rs. 455 crore at present, the insurance company plans to infuse another Rs. 125 crore with the promoters bringing in additional capital.
Presently Bank of Baroda, Andhra Bank and Legal General have 44 per cent, 30 per cent and 26 per cent stake respectively in the insurance venture.