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IRDA nod for BoB, Andhra Bank, L&G life insurance company-IndiaFirst Life Insurance Company

IndiaFirst Life Insurance Company Limited, a joint venture life insurance company promoted by Bank of Baroda and Andhra Bank, India and Legal & General Middle East Limited, UK, a wholly owned subsidiary of Legal & General Group plc, UK has been registered as a Life Insurer by IRDA. With this registration, the total number of life insurers in India has gone up to 23 in November 2009.

Bank of Baroda will hold 44% stake in the firm, while Andhra Bank will have 30% and the rest by Legal and General. The initial paid-up capital is Rs200 crore, and which can be scaled up to Rs2,500 crore over the next 10 years.

The two banks will no longer sell third-party insurance products and will train their existing staff to sell IndiaFirst products.

IndiaFirst Life plans to initially focus on the bancassurance model and plans to leverage the existing customer base of about 50 million of the promoter banks, spread across 4,500 branches in the country. Each bank has its own segmentation and profile of customers. Both have a huge semi-urban and rural network.

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