IndiaFirst Life Insurance is looking at achieving overall premium of Rs 2,000 crore by March-end from Rs 1,750 crore at present, a top company official said.
The company, promoted by Bank of Baroda, Andhra Bank and UK-based Legal & General, is targeting to cross the premium of Rs 350 crore in individual premium by the fiscal-end, from Rs 285 crore at present, the official added.
"We are looking at achieving overall premium of Rs 2,000 crore by March-end from Rs 1,750 crore at present," IndiaFirst Life Insurance managing director and chief executive, R M Vishakha told PTI.
"In the individual premium segment, which has grown by 90 per cent on y-o-y basis to Rs 285 crore as of now, we are looking at crossing Rs 350 crore by the fiscal-end," she said, adding, "Out of our individual premium segment, we have got 40 per cent of policies falling under Ulip category."
The company, which has over 50 lakh of policies under its fold, has been registering profit for the third year in a row. The company is selling its products through 70 per cent of branches of Bank of Baroda and 90 per cent branches of Andhra Bank. Still, the company was having 29 branches of its own.
"We have got 29 branches of our own. The only thing is that these branches are meant for administrative use of the company," she said.
On the company's plan to sell its products online, Vishakha said it would take off shortly. However, she did not give any timeframe for it.
The company has kept its group business flat consciously after having invested in it for first five years.
"In group, we have deliberately kept the growth flat. As in the first five years, we invested heavily in the building of our group business. Then we decided to stabilise it and grow our retail and protection businesses," she said.
In group, there are two kinds of businesses, fund management which includes gratuity and superannuation, while the other is corporate fund which is a pure life insurance product.
"One of our protection businesses under group business segment is doing very well these days. We have done around Rs 120 crore under protection business alone. In addition, we have done around Rs 890 crore in corporate funds," she said.