Indiafirst Life, a relatively new entrant into the life insurance space in India, has announced its plans of infusing another Rs 120 crore of capital into its business, taking the total paid up equity capital to Rs 550 crores. A JV between Legal and General, Andhra Bank and Bank of Baroda, IndiaFirst Life generated Rs 900 crores of premium in the first 500 days of its operation. Led by the redoubtable Dr NandaGopal and blessed with a strong distribution in the south and west due to its parents, IndiaFirst is poised for impressive growth. It has announced aggressive plans for expansion in Chennai and is in the process of setting up an extensive agency force.
It is headed by P Nandagopal, an industry veteran who was earlier the distribution head of Birla Sun Life and the CEO of Reliance Life. The team draws heavily from the Reliance Life team, and it would be interesting to follow the progress made by this company in the coming months and years.