IndiaFirst Life Insurance is planning to launch a new micro-insurance product, a move which will mark the company’s entry to the segment.

IndiaFirst Life Insurance managing director and chief executive officer P Nandagopal was quoted by The Hindu Business Line that the life insurance company will roll out the new product on a pilot basis this financial year.

The company is currently in talks with the Insurance Regulatory and Development Authority (IRDA) for the proposed product launch.

It is planning a pan-India rollout of micro-insurance and across all product categories, Nandagopal said.

IndiaFirst, a joint venture between Bank of Baroda, Andhra Bank and British firm Legal & General, started operations in November 2009.

The company has recently completed four years in the Indian life insurance industry, and is looking to break even by the sixth year.