Establishment (2009-2010) : IndiaFirst Life Insurance was incorporated in November 2009 as a joint venture between Bank of Baroda, Andhra Bank, and Legal & General. It officially started its operations after receiving regulatory approval from IRDAI in September 2010.
Inception and Growth (2010-2015) : In its initial years, IndiaFirst Life focused on establishing its presence in the Indian life insurance market. It introduced a range of life insurance products to cater to the diverse needs of customers.
Partnership with UK-based Legal & General (2010) : The collaboration with Legal & General, a leading international financial services company based in the United Kingdom, brought global expertise and best practices to IndiaFirst Life Insurance.
Expansion and Product Portfolio (2015-2020) : The company continued to expand its operations and enhance its product portfolio during this period. IndiaFirst Life introduced various insurance products, including term plans, savings plans, retirement plans, and health-related insurance products.
Merger of Andhra Bank with Union Bank of India (2020) : In April 2020, Andhra Bank, one of the founding partners of IndiaFirst Life Insurance, was amalgamated with Union Bank of India as part of a larger consolidation in the Indian banking sector. As a result, Union Bank of India became one of the key stakeholders in IndiaFirst Life Insurance.
Performance and Recognition : Over the years, IndiaFirst Life Insurance has received recognition for its performance and customer-centric approach. The company has strived to provide innovative and customer-friendly insurance solutions.