IndiaFirst Life Insurance launched Autolife

IndiaFirst Life Insurance, a joint venture between Bank of Baroda and Andhra Bank along with UK's Legal & General, today launched 'Autolife' - a simple process of getting life insurance cover instantly at an affordable cost.
The announcement was made by Dr. P. Nandagopal, managing director & CEO, IndiaFirst Life Insurance. Mr. M D Mallya, chairman & managing director of Bank of Baroda, Mr. B A Prabhakar, chairman & managing director of Andhra Bank and Mr. Gareth Hoskin, CEO - International Business, Legal & General, were also present at the launch.
"Today we are witnessing two quite distinct yet obvious trends - one in the automobile industry and another in life insurance. Both these industries while may seem to be non-related to each other, offer an interesting possibility for synergy. In the recent times, the automobile industry has seen an upsurge not only in terms of numbers but also the kind of involvement and time spent by end users in deciding the right fit. The second trend noticed is the growing preference of investors for returns over protection and instant gratification/ solutions instead of long waits. This we see as a gap as well as a great opportunity for us as we increase our focus on group business," said Dr. Nandagopal.
Under Autolife, automobile buyers can now avail the benefits of a life insurance cover at the same time of buying their new car and that too at an affordable cost.
Autolife is thus convenient as it does not require any documentation/ medicals or waiting period and assures speedy and empathetic settlement of claims within 48 hours.
The company has entered into its first tie-up with Varun Motors of Andhra Pradesh to offer life insurance cover to its customers. IndiaFirst Life is planning similar tie-ups at a nationwide level across various untapped segments in the near future so that customers across the country can avail the benefit of a life insurance cover through a simple process.
Under its first tie-up for Autolife, customers of Varun Motors (two wheeler/ four wheeler) besides availing vehicle insurance; will also be able to avail a life insurance cover of upto Rs. 20 lakh at an affordable cost. Customers have the flexibility of selecting from any of the four options - blue, silver, gold or platinum, which will provide life insurance cover of upto Rs. 3 lakh, Rs. 5 lakh, Rs. 10 lakh and Rs. 20 lakh respectively.
"We believe such an initiative is important for a country like India which is still under insured and will help achieve greater insurance penetration," said Dr. Nandagopal.

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