India First Life Insurance Company
IndiaFirst Life Insurance Company is one of the youngest life insurance companies in India, founded in 2009. They are headquartered in Mumbai and are backed by two of India’s most trusted public sector undertakings (PSUs) – Bank of Baroda and Union Bank of India.
IndiaFirst Life offers a variety of life insurance products, including term life insurance, whole life insurance, and unit-linked insurance plans (ULIPs). They also offer riders that can be added to your policy to provide additional coverage, such as accidental death benefit and critical illness benefit.
Here are some of the benefits of getting a life insurance policy with IndiaFirst Life:
- Strong financial backing: With Bank of Baroda and Union Bank of India as its parents, IndiaFirst Life has a strong financial foundation.
- Variety of products: IndiaFirst Life offers a wide range of life insurance products to meet the needs of different customers.
- Rider options: You can customize your policy by adding riders to provide additional coverage.
- Competitive premiums: IndiaFirst Life offers competitive premiums on its life insurance products.
Here are some reasons why you might consider investing in IndiaFirst Life Insurance Company:
- Fast Growth: IndiaFirst Life is one of the fastest-growing private life insurers in India [3]. This could indicate a strong and well-managed company with a promising future.
- Customer Focus: They focus on offering easy-to-understand products, affordable pricing, and a high death claim settlement ratio [2]. This suggests they prioritize customer satisfaction.
- Tailored Solutions: They offer a variety of products for different needs, including protection plans, savings plans, and retirement plans [1]. This allows you to choose a plan that aligns with your goals.
- Strong Backing: IndiaFirst Life is backed by Bank of Baroda, Union Bank of India, and Carmel Point Investments, which provides financial stability and a strong reputation [3].
However, it’s important to do your own research before making any investment decisions. Here are some additional things to consider:
- Financial Performance: Look at IndiaFirst Life’s financial statements to understand their profitability, solvency, and risk management strategies.
- Competition: India’s life insurance market is competitive. Research how IndiaFirst Life stacks up against other insurers in terms of product offerings, pricing, and customer service.
- Investment Risk: If you are considering Unit Linked Insurance Plans (ULIPs) offered by IndiaFirst Life, be aware that these are market-linked investments and carry inherent risk.
Financial position of IndiaFirst Life Insurance Company:
- Growth: IndiaFirst Life is one of the fastest-growing private life insurers in India. Their New Business Premium Income (New Business IRP) for the fiscal year 2023 was ₹1,709 crore, reflecting a 5-year CAGR of 24.3%. (https://www.indiafirstlife.com/investor-relations)
- Profitability: While I couldn’t find specific profitability figures, their growth indicates a positive trajectory.
- Financial Strength: IndiaFirst Life has a total premium of ₹6,075 crore and Assets Under Management (AUM) of ₹21,683 crore as of March 31, 2023. This indicates a strong financial base. (https://www.indiafirstlife.com/investor-relations)
For a more detailed assessment, you can look at these resources:
- IndiaFirst Life Investor Relations: This section on their website provides financial performance reports and other disclosures (https://www.indiafirstlife.com/investor-relations)
- Public Disclosure: This section offers financial reports, shareholding disclosures, and other relevant documents (https://www.indiafirstlife.com/investor-relations)
IndiaFirst Life Insurance Company doesn’t have an explicitly stated mission statement. However, their focus areas and goals give a good idea of their mission and vision.
Mission
- Making insurance accessible: IndiaFirst Life strives to make life insurance products clear, affordable, and obtainable for every Indian household.
- Providing tailored solutions: They offer a variety of need-based insurance plans to suit individual life goals, from protection plans to child savings plans and retirement products.
Vision
- Becoming a leading life insurer: Their strong financial performance indicates a vision to be among the top life insurance companies in India.
- ESG commitment: They focus on Environmental, Social, and Governance (ESG) initiatives, aiming for sustainable growth and positive societal impact.