mumbai indiafirst life insurance a joint venture between bank of baroda and andhra bank along with uks leading risk wealth and investment company legal general today announced the company had crossed rs 900 crore in new business premium in the first 500 days of operationswith rs 703crore of new business in 201011 and rs 200 crore in the 45 months of 200910 indiafirst crossed rs 900 crore of total new business in exactly 500 days of commencement of business operations on november 16 2009 indiafirst life insurance md ceo p nandagopal told reporters herethis is the fastest run rate by any life insurance company in the country he saidindiafirst is the fastest to achieve rs 100 crore in just 100 days of operations rs 200 crore in 45 months of operations and over rs 300 crore in under nine months from inception resulting in the highest ever startup phase productivity in the industrythe company has covered 12 million lives during this period the total assets under management aum with the company at the close of 500 days was rs 1000 crore nandagopal saidthe company plans to launch health insurance plan and pension plan shortlywe had pension plan till september now we intend to launch new pension plan in q2 fy12 subject to new guidelines in place nandagopal saidthe company is also looking at launching health insurance plan shortly he saidthe company aims to double its business in fy12 through increase in number of agents and branch networkindiafirst has 350 licensed agents which will be increased to 1000 agents the company has further extended its distribution reach to all 4800 branches of its partner banks to leverage the banks existing database of over 50 million customers across 1000 citiestownsthe company launched ask apply get aag an innovative and customer friendly overthecounter process to buy life insurance in the most hassle free manner over the counter in three minutes across its partner bank branches of bank of baroda and andhra bankit also plans to launch its alternate distribution channel to further strengthen its reachbank of baroda holds a 44 per cent stake in indiafirst while andhra bank and legal general hold a 30 per cent and 26 per cent stake respectively