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IndiaFirst Life adds 2 insurance plans for rural customers in AP

Chaitanya Godavari Grameena Bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers

August 16, 2012 4:11 IST | India Infoline News Service
Private insurer IndiaFirst Life Insurance added two insurance products for customers of Chaitanya Godavari Grameena Bank (CGGB) in Andhra Pradesh.

In 2011, IndiaFirst had signed with CGGB for product distribution among the Bank’s customers. The latest offering is part of an initiative to take the benefit of insurance to the masses, IndiaFirst Life said in a release.

The Bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers, respectively. The Bank will act as the master policyholder for the same, it said.

"We have added two critical products for Chaitanya Godavari Grameena Bank’s customers. Farmers and agriculture ancillary business units form a large chunk of CGGB's customers and we are happy that we can provide them a safety net," IndiaFirst Life Managing Director P Nandagopal said.

IndiaFirst aims to cover an additional 25,000 lives under the Group Term Plan with an average sum assured of Rs. 50,000. The insurer also plans to cover 2,500 loans by March 2013.

IndiaFirst is a joint venture between public banks Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General.

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