IndiaFirst Life adds two products for customers of AP bank
MDT/PTI 10 August 2012

CGG Bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers

 
Mumbai: Private insurer IndiaFirst Life Insurance on Friday added two insurance products for the customers of Chaitanya Godavari Grameena Bank (CGGB) in Andhra Pradesh, reports PTI.
 
IndiaFirst had tied up with CGGB last year for product distribution among the latter's customers. The latest offering is part of an initiative to take the benefit of insurance to the masses, the private insurer said in a release.
 
The bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers, respectively. The bank itself will act as the master policyholder for the same, it said.
 
"We have further strengthened our bond with Chaitanya Godavari Grameena Bank by adding two critical products for its customers. Farmers and agriculture ancillary business units form a large chunk of CGGB's customers and we are happy that we can provide them a safety net," IndiaFirst Life Managing Director P Nandagopal said.
 
IndiaFirst aims to cover an additional 25,000 lives under the Group Term Plan with an average sum assured of Rs 50,000. It also plans to cover 2,500 loans by March 2013.
 
"Insurance, as we all know, is extremely critical for the growth and development of the country. While we have been witnessing growth in our per capita income and savings rate, the same growth has not been witnessed in the rural sector.
 
Through this tie-up, we aim to take the benefits of life insurance to the masses," CGGB Chairman M Gopalakrishna said.
 
IndiaFirst is a joint venture between public banks Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General.
 
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