New Delhi:
Indian private sector life insurer IndiaFirst Life Insurance has launched an easy process of getting a life insurance cover at affordable cost known as AutoLife for car buyers in collaboration with Andhra Pradesh-based state auto dealer Varun Motors.
Under the agreement between the two parties, the insurance company will first offer bulk insurance to Varun Motors as the master policyholder, IndiaFirst Life Insurance said in a statement.
The vehicle dealer will then distribute the life cover with every purchase of a vehicle, the statement said.
This insurance product does not require any documentation, medicals or waiting period and assures speedy settlement of claims within 48 hours, the statement added.
“Today we are witnessing two quite distinct yet obvious trends — one in the automobile industry and another in life insurance. Both these industries while may seem to be non-related to each other, offer an interesting possibility for synergy,” IndiaFirst Life Insurance Managing Director and CEO P Nandagopal said in the statement.
IndiaFirst Life Insurance is a joint venture between two Indian public sector banks, Bank of Baroda and Andhra Bank and the United Kingdom-based risk, wealth and investment company Legal & General. While Bank of Baroda and Andhra Bank hold 44% and 30% stake, respectively, in the company, the British firm has 26% holding.
source: http://www.banking.contify.com/ Monday, January 30th, 2012