We’re Built on the Foundation of Trust

Headquartered in Mumbai with a paid-up share capital of INR 754.37 crore, IndiaFirst Life Insurance Company Limited (IndiaFirst Life) is one of the fastest-growing private life insurers in India in terms of New Business IRP in fiscal year 2023. Our key differentiators are our simple and easy-to-understand products that are optimally priced.
At IndiaFirst Life, we are committed to making insurance easily accessible to every Indian household. Since November 2009, we have been providing simple, easy-to-understand products that are optimally priced. We have come a long way since then and are now ranked* 10th among private life insurers in India. As of March 31, 2023, our New Business IRP stands at INR 1,709 crore, and we ended FY2022-23 on a strong footing with INR 6,075 crore of total premium and AUM of INR 21,683 crore. Our 5-year-CAGR in fiscal year 2023 stands at 24.3% New Business IRP, which is a testament to our commitment to providing our customers with the best possible service.

Our initial shareholders were Bank of Baroda, Andhra Bank (now, Union Bank of India), and Legal & General Middle East Limited. In February 2019, Legal & General sold its stake to Carmel Point Investments India Private Limited, a private limited company incorporated under the laws of India and affiliate of the Warburg Pincus Group. In April 2020, Andhra Bank was amalgamated into The Union Bank of India. Our current shareholding pattern is as follows:

Bank of Baroda – 65%
Union Bank of India – 9%
Carmel Point Investments India Private Limited – 26%

The difference is the Experience

As of September 30, 2023, we offered 30 retail products, 13 group products and 6 riders (across retail and group portfolios) catering to the protection, savings, and retirement needs of customers. We also offer policies under the PMJJBY scheme, leveraging multiple distribution capabilities and enhancing various investment options.

We offer a complete suite of offerings under the following categories: Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders and PMJJBY. These categories form a comprehensive suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy. By offering a wide range of products, we ensure that our customers can choose the plan that best suits their needs and budget.

People Matter

Always future-focused, IndiaFirst Life advocates for continuous care, learning and development opportunities for our talented employees. We have defined our Employee Value Proposition (“EVP”) as a balance between an employee ‘giving’ and ‘getting’, where an employee ‘gives’ us key values of ‘Think New, Be Helpful, Be Honest and Do More’ and in return, the employee gets ‘CARE’, which involves Celebrating Success, Accelerating Growth, Recognising Achievements and Empowering Employees.

Our ability to deliver excellence in life insurance and superior service depends upon identifying, developing and supporting employee talent. To that end, IndiaFirst Life makes substantial investments in its people so they can perform their jobs with excellence and have opportunities to grow professionally. It is the result of our continuous efforts that in recognition of our professional approach to employee life cycle management, we have been featured in ‘India’s Top 100 Companies to Work For’ of the Great Places to Work Survey, 2021. We have also been featured in ‘India’s Best Companies to Work for in BFSI’ for 2020 and 2021. As of June 30, 2022, we had 3,433 full-time employees.

Our efforts are iterative and evolving as we continue to create an atmosphere where all colleagues feel comfortable performing to their full potential and are recognized for their contributions. We also equally focus on strengthening engagement with and supporting our employee base and attracting new talent. We use ‘HR Tech’ extensively to enhance the quality of recruitment (through ‘PMaps’, an assessment platform and ‘PATCH Optimization’ model) and systematically support the onboarding process. We provide an employee feedback opportunity through our ‘AMBER’ and ‘HR Connect’ programs, to identify employee dissatisfaction and take proactive measures to positively impact employee morale and workplace motivation.

We have developed an AI-based model for effective supervisory input to the BDMs for enhanced productivity and to build a predictable business. We continue to ensure a synergistic workplace through an effective corporate governance framework and a work environment that provides extensive training and supports individual professional goals. We arrange workshops, mentoring, coaching, on-the-job training, and functional and cross-functional projects to ensure capability and leadership development.

Our New Business IRP per employee, calculated as the New Business IRP for the period, divided by the number of employees at the end of the relevant period, stood at INR 3.07 million, INR 2.88 million, INR 4.11 million and INR 0.86 million per employee for Fiscal 2020, 2021, 2022 and the three months ended June 30, 2022, respectively. We foster a productivity-focused environment balanced with long-term talent retention, and we are proud of our achievements.

To name a few more, IndiaFirst Life has been recognized by the Great Place to Work® Institute as one of India’s Best Workplaces in Insurance for 2021, India’s Best Companies to Work for 2021, and Top 100 | India’s Best Workplaces for Women. These recognitions are a testament to the commitment of our organization and employees who live by our core philosophies – #CustomerFirst and #EmployeeFirst – that form the nucleus of IndiaFirst Life. Our employees are our key driving force, our core strength, our differentiators, and our brand ambassadors. Our mantra of #EmployeeFirst has helped us achieve our #CustomerFirst goals better.

Customer First Philosophy

We deliver value through leading digitalization initiatives across the complete value chain. This stems from our #CustomerFirst ideology. We believe in reiterating the philosophy with which we treat our customers. Our "Circle of Trust" proposition acts as a beacon for how we conduct ourselves: every behaviour is guided by the intent to earn trust.

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