IndiaFirst Life Insurance today launched Autolife - a simple process of getting insurance cover instantly at an affordable cost.
"Under Autolife, automobile buyers can now not only ensure their family's happiness about also secure them from future uncertainties of life. They can avail the benefits of a life insurance cover at the same time and place as buying their new car and that too at an affordable cost," IndiaFirst Life Managing Director and CEO P Nandagopal said in a release.
Both the automobile and life insurance industries may seem to be non-related to each other, but they offer an interesting possibility for synergy, he said.
"There is a growing preference of investors for returns over protection and instant solutions instead of long waits. This we see as a gap as well as a great opportunity for us as we increase our focus on group business."
This offering is convenient as it does not require any documentation or medicals or waiting period and assures speedy settlement of claims within 48 hours, he said.
For this, the company has entered into its first tie-up with Varun Motors of Andhra Pradesh to offer life insurance cover to its customers. IndiaFirst Life is planning similar tie-ups at a national level across various untapped segments.
Varun Motors caters to over 15,000 customers every month who are spread across AP through 100 centres.
Under the tie-up for Autolife, customers of Varun (two or four-wheeler) besides availing vehicle insurance will also be able to avail a life cover of up to Rs 20 lakh.
Customers have the flexibility of selecting from any of the four options - blue, silver, gold or platinum, which will provide life insurance cover of up to Rs 3 lakh, Rs 5 lakh, Rs 10 lakh and Rs 20 lakh, respectively.
IndiaFirst is a joint venture between Bank of Baroda, Andhra Bank and UK investment firm Legal & General.