IndaFirst Life Insurance has launched Autolife today, through which it intends to offer life insurance cover to car buyers. It is an effort on part of IndiaFirst to bring in two booming insutry, i.e. insurance and automobile, under one roof. Autolife would offer life insurance of up to Rs.20 lakh to automobile buyers in four different options.
IndiaFirst is a joint venture of Bank of Baroda and Andhra bank. It has launched Autolife in collaboration with UK’s Legal and General and Varun Motors of India. Under this scheme car buyers will be able to avail of life insurance cover at a lower and affordable rate. Autolife would not need any document, medicals nor does it have any waiting period. It claims to settle claims within 48 hours in a speedy and transparent manner.
Currently, this cheme is available for Varun Motors of Andhra Pradesh, but the company is looking for tie-ups like this all across India. Currently, the customers of Varun Motors (both four-wheelers and two-wheelers) will be able to avail of Autolife life insurance scheme along with their usual car insurance. The customers have been given four options to choose from – blue, silver, gold and platinum with insurance cover up to Rs.3 lakh, Rs.5 lakh, Rs.10 lakh and Rs.20 lakh respectively.
The Autolife was launched today by Dr. P. Nandagopal, MD & CEO of IndiaFirst Life Insurance. Present at this occasion was Mr. B. A. Prabhakar, MD & CEO of Andhra Bank, Mr. M. D. Mallya, CEO & MD of Bank of Baroda and Mr. Gareth Hoskin, CEO – International Business, Legal & General.
Dr. Nandgopal, MD & CEO of IndiaFirst Life Insurance said that such an initiative is extremely important for a country like India and this was long overdue. This will ensure a better penetration of life insurance in the country, which is still under insured.