Private insurer IndiaFirst Life Insurance has tied up with Vidharbha Kshetriya Gramin Bank - a regional rural bank sponsored by Central Bank of India, to reach out to its rural customers of Maharashtra.
This new tie-up will help serve the rural customers in a better and effective way. There is an urgent need in the country to not only take financial services to the rural population, but also to make them financially literate for true development to take place.
From the functional area of Maharashtra the insurable population is about one crore, from which the company expects to cover nearly 1,00,000 accounts in 3 years.
IndiaFirst will reach over 100 branches across 5 districts - Akola, Amaravati, Wasim, Buldana and Yavatma, through the saving and loan accounts of Vidharbha Kshetriya Gramin Bank. IndiaFirst is already present in Maharashtra through over 455 branches of Bank of Baroda and Andhra Bank with Maharashtra contributing approximately 12% of its total business.
Vidharbha Kshetriya Gramin Bank launched the Group Term Plan that provides a life cover of Rs 1 lakh for a mere Rs 264 per year and Group Credit Life Insurance to cover home loan, personal loan and educational loan for its existing and as well as new loan customers.
IndiaFirst is promoted by two public sector banks - Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal and General. Bank of Baroda holds a 44% stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30% and 26% stake respectively.