IndiaFirst Life Insurance will start offering health insurance and micro insurance products from the current financial year, managing director & chief executive officer P Nandagopal announced.

The company, which was floated by Andhra Bank and Bank of Baroda nearly three-&-a-half years back, is teaming up with regional rural banks to sell health and micro insurance.

Nandagopal claimed that the company was capable of providing an applicant with demanded insurance policy within half-an-hour.  Speaking about planned health insurance products, he said IndiaFirst mediclaim policy would be introduced in accordance with the Insurance Regulatory & Development Authority (Irda) guidelines.  The company has also introduced a health card.

Speaking on the topic, he said, "Most of the policies in the range of Rs 5-10 lakh do not require medical examination.  We can easily give the policy in that time."

The CEO also claimed that the company registered a growth rate of 34 per cent in the last financial year, despite the overall slowdown in the industry.

He further added that he was confident that the company would be able to grow at rate of more than 20 per cent in the current year, and achieve break-even earlier than the originally estimated eight years.