Mumbai: IndiaFirst Life Insurance, a joint venture between Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General, announced the company had crossed Rs 900 crore in new business premium in the first 500 days of operations. "With Rs 703-crore of new business in 2010-11 and Rs 200 crore in the 4.5 months of 2009-10, 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 here. "This is the fastest run rate by any life insurance company in the country," he said. IndiaFirst is the fastest to achieve Rs 100 crore in just 100 days of operations, Rs 200 crore in 4.5 months of operations, and over Rs 300 crore in under nine months from inception, resulting in the highest ever start-up phase productivity in the industry. The company has covered 1.2 million lives during this period. The Total Assets Under Management (AUM) with the company at the close of 500 days was Rs 1,000 crore, Nandagopal said. The company plans to launch health insurance plan and pension plan shortly. "We had pension plan till September. Now we intend to launch new pension plan in Q2 FY12 subject to new guidelines in place, Nandagopal said. The company is also looking at launching health insurance plan shortly, he said. The company aims to double its business in FY12 through increase in number of agents and branch network. IndiaFirst has 350 licensed agents which will be increased to 1,000 agents. The company has further extended its distribution reach to all 4,800 branches of its partner banks to leverage the banks' existing database of over 50 million customers across 1000 cities/towns. The company launched Ask Apply Get (AAG) ? an innovative and customer friendly over-the-counter 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 Bank. It also plans to launch its alternate distribution channel to further strengthen its reach. Bank 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.