IndiaFirst Life Insurance

What IndiaFirst Life Insurance does

IndiaFirst Life Insurance Company Limited is a private Indian life insurance company founded in 2009 and headquartered in Mumbai, operating as a joint venture promoted by Bank of Baroda (alongside Union Bank of India and formerly Legal & General, with Warburg Pincus holding a 26% stake that is in late-stage negotiations to be acquired by BNP Paribas Cardif). The company serves 16 million+ customers across individual retail, corporate and group, and NRI (via GIFT City IFSC) segments. Its product portfolio spans term insurance (Elite Term Plan, Super Protection Plan, Saral Jeevan Bima, Protect Shield Plus), ULIPs (Radiance Smart Invest, TULIP Pro/Plus, Money Balance, Wealth Maximizer), savings and guaranteed income plans, retirement and pension plans, child plans, group insurance, and add-on riders for critical illness, disability, and waiver of premium.

The company operates an AI-embedded digital insurance platform with predictive underwriting models, automated claims processing, paperless KYC, video-based identity verification, and a virtual assistant (IRIS) supporting its 98.78% individual claim settlement ratio and 1-day genuine claim settlement assurance. IndiaFirst Life distributes primarily through bancassurance (Bank of Baroda and Union Bank of India branches, historically ~76% of individual new business premium), direct digital sales via indiafirstlife.com and buyonline.indiafirstlife.com, a network of insurance advisors, and corporate/group sales teams. Revenue is generated through insurance premiums across term, ULIP, savings, retirement, and group products, with FY2025-26 total sales of Rs 7,569.85 crore and net profit of Rs 127.42 crore (up 24.58% YoY).

Name

IndiaFirst Life Insurance

Legal name

IndiaFirst Life Insurance Company Limited

Website

https://indiafirstlife.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IndiaFirst Life Insurance is a Mumbai-based private life insurer founded in 2009, promoted by Bank of Baroda, offering term, ULIP, savings, retirement, group, and NRI (GIFT City) products to 16 million+ customers across India through bancassurance, digital, and adviser channels.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Insurance Carriers, Nec (6399)

akta.pro primary industry

Level Term Life Insurance (FSAIAAAA)

akta.pro secondary industries

Whole Life Insurance (FSAIABAA), Universal Life (UL) Insurance (FSAIABAB), Group Term Life Insurance (FSAIAAAJ), Individual Supplemental Health (Hospital Indemnity, Critical Illness, Accident) (FSAIAEAD)

Keywords

• Life insurance
• Term insurance plans
• ULIP investment plans
• Retirement pension plans
• Group insurance

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance Premiums: Core revenue from collecting insurance premiums across multiple product lines including term insurance, ULIPs, savings/endowment plans, retirement/pension plans, and group insurance. Premiums are paid through various modes (single, regular, limited payment) over policy tenures ranging from short-term to whole-of-life.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

IndiaFirst Life Insurance is a private Indian life insurance company that sells individual and group insurance products including term insurance, unit-linked insurance plans (ULIPs), savings and endowment plans, retirement and pension plans, child insurance plans, and group insurance solutions. The company primarily distributes its products through bancassurance partnerships with Bank of Baroda and Union Bank of India across 16,500+ branches, complemented by direct digital sales via its website and online purchase portals, and a network of insurance advisors.

Product overview

IndiaFirst Life Insurance is a life insurance company offering a comprehensive portfolio of individual and group insurance products. The company's product portfolio operates as a multi-category platform spanning term insurance plans (including pure protection, return of premium, and instant issuance options), ULIP investment plans with multiple fund options, savings plans with guaranteed income features, retirement and pension plans, group insurance solutions for corporate clients, child insurance plans, and add-on riders for additional coverage. Key products include the IndiaFirst Life Elite Term Plan (high coverage at affordable cost), IndiaFirst Life Radiance Smart Invest Plan (ULIP with zero allocation charges), IndiaFirst Life Smart Retirement Plan (market-linked retirement solution), IndiaFirst Life Group Living Benefits Plan (corporate health insurance), and various savings and guaranteed income plans. The company also offers NRI-specific dollar-denominated products through GIFT City IFSC. The product ecosystem enables customers to select from pure protection products to investment-linked and savings-oriented plans with riders for critical illness, disability, accidental death, and waiver of premium.

Differentiator

Problem solved

Functional benefit

Products and services

• IndiaFirst Life Guardian of Life Dreams Term Plan Term insurance plan offering whole life or limited term coverage up to age 85, with option for Pure Protection or Return of Premium, including a 16% Level Premium Discount for women and Health Management Services worth up to ₹75,000 per annum. Targeted at individuals seeking financial protection for dependents.
• IndiaFirst Life Elite Term Plan Pure protection term plan providing lifetime protection till age 99 years with high cover at affordable cost, offering sum assured as lumpsum or monthly instalments and 10% discount on first premium for online purchases. Targets individual customers seeking affordable, high-coverage life cover.
• IndiaFirst Life Super Protection Plan Flexible term plan with option to get money back through Return of Premium (ROP), offering flexibility in premium payment options and sum assured as lumpsum or monthly instalments. For individuals wanting life cover with return of premiums.
• IndiaFirst Life Protect Shield Plus Plan Instant issuance term plan with flat rate cover, no medical examinations required, and tax benefits as per prevailing tax laws. Designed for individuals seeking quick, hassle-free term cover without medical underwriting.
• IndiaFirst Life Saral Jeevan Bima Plan Standard term insurance providing life cover of up to ₹50 lakhs with flexible premium payment options, up to 40 years of protection, and COVID-19 protection with lump sum benefit. Aimed at mass-market customers seeking simple, standard life cover.
• IndiaFirst Life Radiance Smart Invest Plan ULIP plan with zero fund allocation charges, 10 different funds to choose from, 3 plan options for investment goals, and 100% money invested for higher returns combined with life cover. For individuals seeking market-linked returns with life insurance cover.
• IndiaFirst Life Money Balance Plan ULIP plan with optimised investment strategy, flexible premium payment, partial withdrawal flexibility, and convenient fund accessibility. For individuals seeking a balanced ULIP with flexible investment and life cover.
• IndiaFirst Life TULIP Plus Plan ULIP plan offering up to 100x life insurance cover, up to 750% return of premium allocation charges, riders for additional risks, and reduced premium allocation charges for higher premiums. For individuals seeking high life cover multiples combined with market-linked investment.
• IndiaFirst Life TULIP Pro Plan ULIP plan providing up to 20x life cover for loved ones with additional coverage through TERM rider, multiple investment strategies, up to 10 diversified funds, and up to 600% of premium allocation charges returned at maturity. For individuals seeking life cover with diversified investment exposure.
• IndiaFirst Life Wealth Maximizer Plan ULIP plan offering market-linked returns with free switches for maximum gain, long-term loyalty benefits, and option to add top-up premiums. For individuals pursuing long-term wealth creation with life cover.
• IndiaFirst Long Guaranteed Income Plan Savings plan with short-term payments and long-term gains, providing guaranteed income to fulfill financial goals with lifetime income till 99 years of age and continuous life cover. For individuals seeking guaranteed lifelong income combined with life protection.
• IndiaFirst Life Guarantee of Life Dreams Plan Savings plan offering choice of 3 income options, up to 5% extra income on online purchase, enhanced income benefit for women, and option to choose date for regular income receipt. For individuals seeking flexible guaranteed income streams.
• IndiaFirst Life Smart Retirement Plan Non-participating unit-linked retirement plan with market-linked returns, 3 new funds, ZERO allocation or administration charges, guaranteed additions of up to 5% in Year 1, and retirement tax benefits under 80CCC. For individuals planning for retirement with market-linked returns.
• IndiaFirst Life Guaranteed Pension Plan Annuity plan providing income for life with 5 annuity choices, joint life security option, and escalating annuity option. For retirees seeking guaranteed lifetime annuity income.
• IndiaFirst Life Group Living Benefits Plan Non-linked non-participating group fixed benefit health insurance plan providing comprehensive health coverage including daily hospitalisation cash, broken bones cover, disability cover, cancer cover, vector-borne diseases cover, and coronavirus cover. For corporate groups and employer-employee groups seeking group health benefits.
• IndiaFirst Group Term Plan Group term insurance providing affordable life cover to group employees and family members with voluntary or automatic enrollment, enhanced coverage with EDLI, and flexible premium payment. For employers providing group life cover to employees.
• IndiaFirst Employee Benefit Plan Group employee benefit plan for managing future liabilities such as gratuity and leave encashment through market-linked investments with 4 fund options and tax-free gratuity up to ₹20 lakh. For corporates managing employee benefit liabilities.
• IndiaFirst Life Little Champ Plan Child insurance plan providing financial protection with customisable policy, guaranteed payouts, and flexible coverage options for child's future needs. For parents seeking dedicated insurance and savings for their children.
• IndiaFirst Life GIFT City Dollar-Denominated Insurance Plan (IndiaFirst Life Wealth Wise Plan) Dollar-denominated insurance product offered through GIFT City's International Financial Services Centre, targeting NRIs, PIOs, and OCIs with elimination of rupee depreciation risk and tax-exempt maturity proceeds. For non-resident Indians seeking USD-denominated insurance and investment exposure to India.

Quantifiable outcome

• 98.78% Individual Claim Settlement Ratio in FY25-26
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• IRDAIcoreOthers · 1 July 2026IndiaFirst Life participated in IRDAI's Consumer Awareness Comic Book Series launch on National Insurance Awareness Day alongside LIC and PNB MetLife. The initiative simplifies life insurance concepts including MWP, Waiver of Premium, and Critical Illness riders. IRDAI (Insurance Regulatory and Development Authority of India) is the statutory regulator of India's insurance industry.
• Union Bank of IndiacoreChannel Partner/ Reseller/ DistributorUnion Bank of India was a major bancassurance distribution partner for IndiaFirst Life, accounting for approximately 76% of individual new business premium. The bank discontinued its corporate agency tie-up with IndiaFirst Life effective April 1, 2026, creating significant near-term distribution disruption and uncertainty around growth and valuation. IndiaFirst Life is reportedly seeking a new banking partner to replace this distribution channel.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• SBI Life Insurance: One of India's largest private life insurers, distributing through SBI's massive bank branch network and offering a comparable product mix spanning term, ULIP, pension, and group plans. Most directly comparable on bancassurance-led distribution and product breadth.
• HDFC Life Insurance: Major private life insurer with strong bancassurance (HDFC Bank) and agency channels, offering term, ULIP, savings, pension, and group products at scale. Closely comparable on AI-led digital initiatives and bancassurance-driven new business mix.
• ICICI Prudential Life Insurance: Private life insurer with bancassurance (ICICI Bank), agency, and direct digital channels; offers a similar product portfolio of term, ULIP, savings, retirement, and group insurance. Directly comparable in distribution mix and product breadth.
• Max Life Insurance: Private life insurer with bancassurance (Axis Bank), agent, and digital channels; offers term, savings, ULIP, retirement, and group plans. Comparable in size, channel mix, and product strategy, especially the dependence on a single dominant bank partner.
• Bajaj Allianz Life Insurance: Bajaj Finserv-promoted life insurer distributing through Bajaj Finance's massive network; product portfolio covers term, ULIP, savings, retirement, and group plans. Comparable bancassurance-plus-financing distribution model and product breadth.
• Tata AIA Life Insurance: Tata Group-promoted life insurer leveraging Tata's financial distribution and AIA's product expertise; offers term, savings, ULIP, and retirement plans. Comparable in joint-venture parentage, bancassurance focus, and product mix.
• PNB MetLife: Public-sector-bank-promoted life insurer (PNB) with MetLife as foreign partner, distributing primarily through PNB's branch network. Closely comparable joint-venture structure, public-sector-bank-led bancassurance model, and product portfolio.
• Aditya Birla Sun Life Insurance: Aditya Birla Group-promoted life insurer with bancassurance (multiple bank partners including Deutsche Bank), agency, and digital channels. Comparable multi-product portfolio and bancassurance distribution approach.
• Canara HSBC Life Insurance: Public-sector-bank-promoted (Canara Bank) life insurer with HSBC as foreign partner, distributing heavily through Canara Bank branches. Directly comparable joint-venture structure and PSB-led bancassurance distribution model.

Broad incumbents

• Life Insurance Corporation of India (LIC): State-owned, dominant incumbent of Indian life insurance with vast agent network and policyholder base. Directly competes across all IndiaFirst Life product categories but operates as a much larger, broader portfolio player rather than a focused bancassurance-led peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/IndiaFirst_Life
• YouTubeyoutube.com/user/IndiaFirst
• Facebookfacebook.com/indiafirstlife
• LinkedInlinkedin.com/company/indiafirst-life-insurance-company-limited
• Instagraminstagram.com/indiafirst_life

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IndiaFirst Life Insurance