IndiaFirst Life Insurance, a joint venture (JV) between Bank of Baroda, Andhra Bank and UK-based Legal & General, is planning to unveil a micro-insurance product on a pilot basis this fiscal.
IndiaFirst Life managing director and CEO P Nandagopal was quoted by the Hindu Business Line as saying that the company is negotiating on this with the Insurance Regulatory and Development Authority (IRDA).
He further explained that the aim of the company’s move is to have a pan-India rollout of micro-insurance and across all product categories.
IndiaFirst Life, which started its operations in November 2009, recently completed four years in business.
Nandagopal told the news agency, "We are not going to just chase topline (for the sake of growth) without minding about profits."
The company is also exploring ways to roll out a pension product for individuals during the next fiscal.
"A pension product has to be integrated with an annuity product. We are watching the evolution of the (pension) market.
"Hopefully, next fiscal we will launch a pension product that is focused not only on accumulation but also which provides seamless link to annuity," Nandagopal added.