IndiaFirst Life Insurance Company Ltd. was originally incorporated as Baroda L & G Life Insurance Company Limited' as a Public Limited Company dated June 19, 2008, issued by the RoC, Maharashtra at Mumbai. Thereafter, name of the Company was changed to IndiaFirst Life Insurance Company Limited' pursuant to a fresh Certificate of Incorporation dated September 16, 2009 issued by the RoC.

The Company is a joint venture between Bank of Baroda (65%), Union Bank of India (9%) and Carmel Point Investments India Private Limited (26%) incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the Laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC. The Company is one of the fastest growing private life insurers in India in terms of New Business Individual Rated Premium (IRP) in Fiscal 2022. It is supported by bancassurance networks of Bank of Baroda and Union Bank, the third and fifth largest PSU banks in India based on total assets, as of March 31, 2022.

The Company derived a significant advantage from its bancassurance relationships with one of the Promoters, Bank of Baroda (BOB). It had an extensive multi-channel distribution network including effective bancassurance partnerships with BOB and UBI. It also developed a large distribution network through arrangements with eight regional rural banks with an aggregate 5,132 branches across India as of June 30, 2022. It had 21 corporate agents and 1,634 individual agents.

The Company carries on business in the areas of life Insurance, health Insurance & pension. IndiaFirst Life Insurance Co Ltd., investments are divided into two categories: Policyholders' funds and Shareholders' funds. Policyholders' funds are further divided into three sub-categories: (i) linked funds, (ii) participating funds and (iii) non-participating funds. Linked funds are assets underlying unit-linked products, for which the asset allocation is largely determined by customers. Participating funds and non-participating funds are assets underlying participating and non-participating life insurance products, respectively.

The Company had Bank of Baroda, Andhra Bank and Legal & General Middle East Limited as their initial shareholders. After journeying with them, Legal & General Middle East Limited sold its stake in February, 2019 to Carmel Point Investments India Private Limited, a Private Limited Company incorporated under the Laws of India and Affiliate of the Warburg Pincus Group. In April 2020, Andhra Bank was amalgamated into The Union Bank of India. Pursuant to a Scheme of Amalgamation on March 4, 2020, all undertakings of Andhra Bank were transferred to the UBI, with effect from April 1, 2020.

The Company is planning to raise capital from Public by raising Rs 500 crore through Fresh Issue and issuing 141,299,422 Equity Shares through Offer for Sale.