TABLE OF CONTENT

Corporate Overview
Corporate Information 01
Message from Chairperson 02
Message from Managing Director & CEO 04
Board of Directors 06
Management Team 10
Business Outlook 15
Awards & Recognition 16

15th Annual General Meeting Notice 18

Management Review & Statutory Reports

Directors Report 31
Report on Corporate Governance 52
Business Responsibility and Sustainability report 80
Management Discussion and Analysis 124
Details of the ESOPs 132
Managerial Remuneration 133
Annual report on CSR Activities 136
Secretarial Audit report 139

Financials Statements
Comments of The Comptroller and Auditor General of India (C&AG) Independent Joint 148
Statutory Auditors Report 152
Revenue Account 164
Profit and Loss Account 166
Balance Sheet 167
Receipts and Payment Accounts 169
Schedules, Significant Accounting Policies and Notes forming part of the Accounts Unit 171
Linked Disclosures 260
Management Report 320
CORPORATE INFORMATION
Board of Directors
Mr. Debadatta Chand (w.e.f. September 13, 2023) | Mr. Narendra Ostawal | Mr. Joydeep Dutta Roy | Mr. Arun Chogle
Mr. K. S. Gopalakrishnan | Mr. Hemant Kaul | Ms. Harita Gupta | Ms. R. M. Vishakha | Mr. Vikramaditya Singh Khichi (upto July 31, 2022)
Mr. Ramesh Singh (upto September 09, 2022) | Mr. Sanjiv Chadha (Upto June 30, 2023)

Committees
Audit Committee
Mr. K. S. Gopalakrishnan | Mr. Joydeep Dutta Roy | Mr. Narendra Ostawal | Ms. Harita Gupta | Mr. Arun Chogle
Mr. Hemant Kaul | Mr. Ramesh Singh (upto September 09, 2022)

Investment Committee
Mr. Joydeep Dutta Roy | Mr. Narendra Ostawal | Ms. R. M. Vishakha | Mr. K. S. Gopalakrishnan | Mr. Hemant Kaul
Mr. Ramesh Singh (upto September 09, 2022) | Mr. Rushabh Gandhi | Mr. Kedar Patki | Dr. Poonam Tandon
Ms. Bhavna Verma | Mr. Sunder Natarajan

Risk Management Committee

Mr. Narendra Ostawal | Mr. Joydeep Dutta Roy | Ms. R. M. Vishakha | Mr. K. S. Gopalakrishnan | Mr. Hemant Kaul
Mr. Ramesh Singh (upto September 09, 2022) | Mr. Rushabh Gandhi | Mr. Sunder Natarajan

Policyholders Protection Committee

Mr. Joydeep Dutta Roy | Mr. Narendra Ostawal | Ms. R. M. Vishakha | Mr. Arun Chogle | Ms. Harita Gupta
Mr. Ramesh Singh (upto September 09, 2022) | Mr. Rushabh Gandhi | Mr. Vinay Menon (upto May 31, 2022)
Ms. Bindu Ananth (w.e.f. June 01, 2022)

With Profits Committee

Mr. K. S. Gopalakrishnan | Mr. Hemant Kaul | Ms. R. M. Vishakha | Mr. Richard Holloway | Mr. Rushabh Gandhi
Mr. Kedar Patki | Ms. Bhavna Verma

Nomination and Remuneration Committee

Mr. Arun Chogle | Mr. Sanjiv Chadha (Upto June 30, 2023) | Mr. Debadatta Chand (w.e.f. September 13, 2023) I
Mr. Joydeep Dutta Roy (w.e.f July 28, 2023 upto September 13, 2023) | Mr. Narendra Ostawal | Mr. K. S. Gopalakrishnan
Mr. Hemant Kaul | Ms. Harita Gupta | Mr. Ramesh Singh (upto September 09, 2022)

Corporate Social Responsibility Committee

Mr. Joydeep Dutta Roy | Mr. Narendra Ostawal | Ms. R. M. Vishakha | Mr. Arun Chogle | Ms. Harita Gupta
Mr. Ramesh Singh (upto September 09, 2022)

Company Secretary of Board and it’s Committee

Ms. Sweta Bharucha (upto April 15, 2022) | Mr. Aniket Karandikar (w.e.f. June 14, 2022)

Statutory Auditors (Chartered Accountants)

M/s. Mehta Chokshi & Shah LLP and M/s. N. S. Gokhale & Company

Registered & Corporate Office

12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East),
Mumbai – 400063 www.indiafirstlife.com I CIN: U66010MH2008PLC183679

Registrar and Transfer Agent

M/s KFin Technologies Limited (formerly know M/s KFin Technologies Private Limited )
Correspondence Address: Selenium Tower B, Plot No. 31-32, Financial District, Nanakramguda,
Serilingampally, Hyderabad – 500 032, Telangana I E-mail: [email protected]
Website: www. kfintech.com

1
MESSAGE FROM
CHAIRPERSON OF THE BOARD

Debadatta Chand
Chairperson

Dear Shareholders, deficit at the targeted rate. At the same time the capex provided
the necessary push for investment which had to pick up at
It gives me great pleasure to share with you the progress made the private sector end. We can be sanguine of this link being
by your Life Insurer through this Annual Report and the general strengthened in F.Y. 2023-24.
operating environment during 2022-23.
Some of the challenges faced this year include global slowdown,
The year F.Y. 2022-23 started on the backdrop of F.Y. 2021-22 geopolitical situation especially amidst Russia-Ukraine War,
being a challenging year in terms of second wave of Covid-19 stubborn price pressures and the impact of rising interest rates
and its economic impact to various businesses. Having said that, which have posed risks to faster expansion. Given the current
our country’s economic recovery turned out to be resilient this global outlay, the Reserve Bank has given the highest priority
financial year with GDP growth expected at 6.9% as per World to maintain financial stability by taking necessary steps to ease
Bank estimate. Growth was underpinned by strong investment liquidity constraints, restore market confidence and prevent
activity bolstered by the government’s capex push and buoyant contagion to other segments of the financial market.
private consumption, particularly among higher income earners.
Company Performance:
This led to India retaining the tag of World’s fastest growing
major economy. The credit for this high growth trajectory for the Despite the external headwinds, the Indian life insurance
economy may be attributed to the efforts of the Government industry’s New Business Premium grew by 18%. The long-term
which provided an enabling environment by providing incentives growth story remains in place. The pandemic amplified the rising
where required, like the PLI scheme while also addressing the awareness for life and health protection cover amongst the
needs of the weaker sections and yet maintaining the fiscal sections of society that can afford them and as a country, our

2
insurance penetration and density metrics are much lower than care, compassion and commitment.
the global average, underlining the immense scope for growth.

At IndiaFirst Life, we have had another strong year of business Digitalization has made penetration and the coverage seamless.
performance, across various metrics. In terms of Individual During the difficult times of COVID-19, technology enabled the
New Business APE, we ended the financial year 2022-23 with business continuity, introduced new and innovative products,
27% year-on-year growth and 10th Rank among private sector, and helped serve customers more efficiently. The Company
an improvement of 1 position over F.Y. 2021-22. With this, we has adopted smarter ways of on-boarding partners, identifying
entered the league of Top 10 Private Life Insurance Companies in prospective customers and faster system integration. The
India. Our gross written premium has crossed ₹6,000+ Crores Company is constantly using and enhancing analytics capabilities
for first time since inception. We also issued 3 Lac+ individual by using Machine Learning and Artificial Intelligence (Al) for
number of policies for first time since inception. As on March improving efficiency, reducing risk while growing business.
31, 2023, we insured 15 million+ lives, a YoY growth of 43%
over previous year. One of the most critical and often under- It’s also a testament to our stable and scalable business
appreciated aspects of our industry is its social impact. Our model, strong financial profile and agile responses to a
Company paid death claims of ₹658 Crores in F.Y. 2022-23. dynamic environment. Keeping the customer at the heart is
something we have been doing right from the very beginning
During this year, we won the Life Insurance Company of the of our business operation. Our emphasis on growing our digital
Year at the NavaBharat BFSI Summit and Awards 2022. As strength is directly linked to increasing customer satisfaction
an appreciation for our Marketing efforts, we were recognised and experience and offering them solutions at attractive prices.
among Economic Times Best Brands for the year 2022. We Our emerging digital platform, widespread distribution network
continue to focus on being a responsible corporate organisation and relentless workforce have been the backbone to our position
that is cognizant of the need for sustainability. We have a five- amongst the private players.
pronged ESG strategy focussing on ethical conduct, responsible
investment, DEI (Diversity, Equity, and Inclusion), holistic living
As I close, I would like to place on record my appreciation
and sustainable operations. Our ESG strategy ensures that we
for all our IndiaFirst Life employees for their hard work and
take decisions that have a positive effect on the society as a
enthusiasm shown, especially during the difficult time of the
whole.
pandemic, which ensured continuous services to our customers.
Outlook going forward: I also express my sincere thanks to the Government of India,
Insurance Regulatory and Development Authority of India and
The continued success of IndiaFirst Life is a testament to other regulators for their support and guidance. Last but not
the strength of the long-standing partnership between its the least is to place on record my thanks and appreciation to
stakeholders. This has been underpinned by our shared all the Board members for their valuable inputs and guidance.
commitment to providing quality products to our customers, I am confident that the IndiaFirst Life will remain committed to
delivering value to our shareholders, and contributing to the achieve its business goals and social commitments and make
development of the Indian economy. you all prouder of being associated with the us.

IndiaFirst Life is driving and advancing financial inclusion in the

country by aligning with Government’s goal of “Insurance for
all by 2047”. This is in line with our vision to build an enduring
Best Wishes,
institution that serves the protection and long-term saving needs
of customers with sensitivity. We seek to drive this through Debadatta Chand
better understanding of the customers’ needs, offering relevant Chairperson
and simple products and ensuring continuous engagement with

3
MESSAGE FROM THE MD & CEO
to create the value diamond. . As part of creating the value
diamond, it is our goal to understand the customers’ changing
preferences and to ameliorate their experience at every stage.
Simplification and transparency of products, services and
processes enables us to create value for our customers, right
from pre-sales to services to claim settlement. We believe that
simplicity is instrumental in driving all-round value creation
for all stakeholders. Our technology and digital offerings are
aimed at providing a seamless transacting experience to our
customers and stakeholders.

Our ability to continuously deliver value to our customers is

the outcome of the dedicated efforts put in by our people.
Our team is agile in adapting to the changing preferences of
R. M. Vishakha our customers. Stakeholders value their association with the
Managing Director and Chief Executive Officer Company and believe in the growth potential of the Company.
This approach drives our Company to achieve greater heights
and growth in the dynamic and volatile ecosystem that we
Dear Shareholders, operate in.
I am pleased to inform that IndiaFirst Life Insurance has
delivered another year of spectacular performance across The last couple of years have been a test of our ability to
all key parameters. This performance reflects our customers’ weather the uncertainty brought about by COVID and
strong belief in the ‘IndiaFirst Life’ brand. regulatory changes. I am grateful to all of our employees,
partners, agents and their families for their resilience and
It’s also a testament to our stable and scalable business indomitable spirit. The unstinting support of the Board of
model, strong financial profile and agile responses to a Directors and the belief of the customers has helped us
dynamic environment. Securing Lives, Creating Value has emerge stronger post the pandemic.
been our guiding principle and we have consistently pursued
the value diamond to create value for all stakeholders: Business Performance for the year:
Customers, Shareholders, Distributors and Employees while The financial year 2022-23 has been phenomenal for us in
adhering to all regulatory guidelinesin letter and spirit. . many ways. In terms of Individual New Business APE, we
improved our rank by one position to tenth among private
The performance delivered by our Company in F.Y. 2022- sector in the life insurance segment.
23 and previous years is an outcome of our focused efforts

4
Our Individual New Business APE stood at ₹1,709 Crores employee lifecycle management, IndiaFirst Life was certified
registering a growth of 27% over previous year. Our as a Great Place to Work (GPTW) for the fifth time in a row,
Individual New Business APE market share among private a recognition considered as the gold standard for defining
sector life insurers grew to 2.5% with significant accretion great workplaces across business, academia and government
across all lines of products. Our renewal premium stood at organisations along with being recognised among the ‘Best
₹3,116 Crores, with a year-on-year growth of 29%, supported Workplaces in BFSI’ by GPTW BFSI Survey fifth time in a row.
by improvement in persistency. Our Gross Written Premium
grew by 17% over previous year to ₹6,075 Crores. Way Forward:
As we move into the new financial year, I would like to thank
The Company registered highest-ever profit after tax of ₹76 our customers for their trust, our distribution partners and
Crores in F.Y. 2022-23 since its inception. Assets Under shareholders for their unwavering support and our Board
Management (AUM) increased by 15% over previous year to of Directors for their guidance. I would also like to express
₹21,683 Crores. gratitude to our regulator, the IRDAI, for their continuous
support to the industry and their push for reforms. I would
Solvency ratio stood at 218% as of March 31, 2023, enabling like to thank our dedicated workforce for all their hard work
future growth while maintaining optimum level of capital. The and commitment which has enabled us to emerge as an agile
Company has settled 98.4% of claims registered and 100% Company.
of valid claims during the year.
We challenge ourselves every day to grow constantly, to
The Company continued its focus on profitable growth. Value be a better version of ourselves and to grow more agile,
of New Business (VoNB) Margin for the year is at 30.6%, an more sustainable. As we move forward and grow bigger,
increase of 750 basis points over the previous year. and our digitalization will remain at the core of ensuring customer-
Value of New Business (VoNB) in absolute increased by 63% centricity. Leveraging our strong technology backbone
to ₹580 Crores. Embedded Value (EV) increased by 65% to and digital capabilities, unparalleled reach and innovative
₹3,079 Crores. solutions, we are well positioned to capitalize on the growth
opportunities that India offers and consistently create value
Our Employees – Our Strength: for our stakeholder ecosystem, with our customers at the
The pandemic has accelerated the digital transformation core.
of our processes and I am proud to say that our digital
capabilities are now comprehensive and designed to provide I am excited to move forward with all our stakeholders’
a seamless experience to our customers and partners. continued support to keep delivering on IndiaFirst Life’s
promise of providing ‘protection for life’ to our consumers.
We believe a key factor contributing to our success has been We have emerged stronger from the challenges faced last
our ability to attract, train and retain talented employees. We year and this has made us more resilient as an organisation.
have defined our Employee Value Proposition as a balance We remain committed to serving all our stakeholders with
between ‘give’ and ‘get’ for an employee, where an employee the same vigour in the years to come.
is expected to ‘give’ us by living key values of ‘Think New, Be
Helpful, Be Honest and Do More’. In return, the employee gets Best Wishes,
‘CARE’, which involves Celebrating Success, Accelerating
Growth, Recognising Achievements and Empowering R. M. Vishakha
Employees. In recognition of our professional approach to Managing Director and Chief Executive Officer

5
BOARD OF DIRECTORS

Mr. DEBADATTA CHAND Mr. NARENDRA OSTAWAL

Chairperson of the Board Non-Executive Nominee Director

Mr. Debadatta Chand was appointed as Managing Director & CEO

Mr. Narendra Ostawal joined Warburg Pincus in 2007 and since
of Bank of Baroda and has assumed charge on July 01, 2023. Mr.
then has been working with the firm’s Indian affiliate. He is involved
Chand has over 29 years of experience in the banking & financial
with the firm’s Investment Advisory activities in India and evaluates
services industry,
opportunities in the Financial Services and Healthcare sectors in
Prior to his appointment as MD & CEO, Mr. Chand served as the India. Prior to joining Warburg Pincus, Mr. Ostawal was an Associate
Executive Director at Bank of Baroda where he was overseeing with 3i India and McKinsey & Company.
Corporate & Institutional Credit, Corporate & Institutional Banking,
He is a Director of Laurus Labs Ltd., AU Small Finance Bank Ltd., DB
Treasury & Global Markets, Mid-Corporate Business and Trade &
Power & Group Companies, Computer Age Management Services
Foreign Exchange. In addition, he had also successfully overseen
Pvt. Ltd., Sterling Software Pvt. Ltd. and Fusion Microfinance Pvt.
the International Banking Business, Domestic Subsidiaries/Joint
Ltd. Mr. Ostawal holds a Chartered Accountancy degree from The
Ventures, Wealth Management, Capital Markets, NRI Business as
Institute of Chartered Accountants of India and an MBA. from IIM,
well as key platform functions such as HRM, Finance & Planning, Risk
Bangalore.
Management, Audit & Inspection, Credit Monitoring, Collections,
Legal, Compliance, Learning & Development, Disciplinary
Proceedings, Information Security and Estate Management &
Security at the Bank.

Mr. Chand began his career in 1994 as an Officer at Allahabad Bank

and later worked as a Manager at the Small Industries Development
Bank of India from 1998 to 2005. In 2005, he joined Punjab National
Bank (PNB) as Chief Manager and steadily progressed to the
position of Chief General Manager. During his over 15-year tenure at
PNB, he held various roles, including Head of the Zonal Audit Office
in Patna, Circle Head of the Bareilly Region, Head of Integrated
Treasury Operations, and Head of the Mumbai Zone.

Mr. Chand also currently serves on the Boards of BOB Capital

Markets Ltd., India Infradebt Ltd., Baroda Financial Solutions Ltd.,
Bank of Baroda (Tanzania) Ltd., Bank of Baroda (Uganda) Ltd. and
Bank of Baroda (Kenya) Ltd. Previously, he served on the Boards of
PNB Principal Mutual Fund and SWIFT India Pvt Ltd. as nominee
director of Punjab National Bank.

He holds a B. Tech. degree, an MBA, and CAIIB qualification.

Additionally, Mr. Chand has a PG Diploma in Equity Research and is
a Certified Portfolio Manager.

6
 Mr. JOYDEEP DUTTA ROY Mr. ARUN CHOGLE
Non-Executive Nominee Director Independent Director
Mr. Joydeep Dutta Roy, a career banker for over 25 years, is currently Mr. Arun Chogle, a veteran FMCG Professional with a strong
the Executive Director of Bank of Baroda, one of India’s premier customer and marketing orientation, runs his own Brand Advisory
public sector Banks. Since joining the bank in 1996, he has handled and Strategic Consulting Practice in the consumer & Retail space
a variety of functions across levels, and has been instrumental in with clients across SMEs, large Indian companies and MNCs.
spearheading many projects and initiatives for the Bank.
Prior to his consulting practice, he had a varied and successful
After completing successful stints as Head of HR, Head of Integration, marketing career internationally and in India, spanning over 30 years.
Regional Head for Dehradun and Bareilly, he was elevated to Chief He has worked in senior leadership positions in general management
General Manager and was in charge of strategy formulation & and consumer marketing with two of the finest companies in their
implementation for conducting Bank-level and Vertical-level reviews peer groups- Procter & Gamble and British American.
apart from managing Subsidiaries & Joint Ventures of the Bank. He
has been driving a Bank-wide transformation project called BOB- He is currently the advisor and management consultant specializing
NOWW that was initiated in view of changed imperatives and push in Retail and Consumer Products Industry with clients like Nielsen
towards digitalisation, post the pandemic. and other organisations.

As Executive Director in Bank of Baroda, he currently manages the

entire Operations of the Bank besides the futuristic BOB-NOWW
project, IT, Finance, Wealth Management and the Digital functions
of the Bank. He has earlier held charge of the Risk, Compliance,
Audit, HR, Credit Monitoring and Collections functions of the Bank
as the ED incharge, with great success.

He is also the non-executive Chairman on the Board of Baroda

BNP Paribas Asset Management India Pvt. Ltd. and a Director
on the Boards of IndiaFirst Life Insurance Company Ltd., Bank of
Baroda (UK) Ltd. and Bank of Baroda (Botswana) Ltd. His previous
directorship assignments have been on the Boards of The Nainital
Bank Ltd, Baroda Global Shared Services Ltd and Bank of Baroda
(Tanzania) Ltd.

Mr. Roy holds an Honours degree in Economics from Delhi University,

besides being a law graduate and an MBA from the Narsee Monjee
Institute of Management Studies in Mumbai.

7
 Mr. K. S. GOPALAKRISHNAN Mr. HEMANT KAUL
Independent Director Independent Director

In a vibrant career spanning 35-years, Mr. K.S. Gopalakrishnan has Mr. Hemant Kaul is an MBA from the University of Rajasthan. He
held leadership roles as CEO/CFO/Actuary in Life Insurance and started his career as a Probationary Officer with State Bank of
CEO in Reinsurance. Bikaner & Jaipur in 1977. He was part of the start-up team at UTI/
Axis Bank, where he set up and lead the Retail Banking Division. Mr.
Rising from the ranks as an Actuarial Apprentice in LIC of India Kaul was also the MD & CEO of Bajaj Allianz General Insurance. Mr.
at the start of his career to leadership positions for insurance Kaul is passionate about the Fintech sector where he is involved as a
companies such as Aditya Birla Sun Life Insurance Company, mentor and Angel investor.
Bharti AXA Life Insurance Company and Aegon Life Insurance
Company, Mr. Gopalakrishnan’s career trajectory displays his firm
grasp in the areas of finance, actuarial, pricing, product design,
regulations, underwriting, claims, as well as governance, and
Board and shareholder concerns. After completing a successful
stint as CEO for India business at RGA Reinsurance Company, Mr.
Gopalakrishnan continues to be a consultant and advisor in a wider
insurance ecosystem. He has been a key contributor in industry
pioneering unit linked products, online term insurance products and
various customer-oriented initiatives.

Mr. Gopalakrishnan holds a graduate degree in Mathematics from

Vivekananda College in Chennai and is a Fellow member of the
Institute of Actuaries of India. He has completed courses in strategy
and digital technology from premier international institutes such as
Duke University, Stanford University, MIT and INSEAD. He has been
a member of several committees in the Indian insurance industry
and IRDAI. He is currently an elected member of the Council of the
Institute of Actuaries of India.

8
 Ms. HARITA GUPTA Ms. R. M. VISHAKHA
Non-Executive Director Managing Director & CEO

Ms. Harita Gupta is a Masters degree holder from IIT Delhi and lives Ms. R.M. Vishakha is a BFSI veteran with over three decades of
with her husband in Gurgaon, India. Ms Gupta joined Sutherland as wide-ranging experience in the Risk and Insurance sector. She has
the Global Head of the Enterprise Business in 2017 she brings in held the position of Managing Director & CEO of IndiaFirst Life
3 decades of vast Global experience in the Digital and IT services Insurance Company since 2015 and is best known for her result-
sector. In her current role - the focus for APAC is to establish oriented leadership. She is recognised and influential in the public
Sutherland as a true Digital Transformation Innovation partner for domain within the industry and more broadly as an organisational
customers. leader.

Prior to Sutherland, she worked for Microsoft India where she led Prior to India First Life, she held important positions with various
the growth of the Customer Service and Support operations for prestigious companies like Canara HSBC Life Insurance Co. Ltd.,
Enterprise customers across India and Greater China. She started IDBI Federal Life Insurance Company Ltd., Sompo Japan Insurance
her career at NIIT Technologies and managed various portfolios and Company Ltd., Birla Sun Life Insurance Company Ltd., Cigna
Technology centres of excellence. Post pandemic she is leading her Healthcare Management Company (I) Pvt. Ltd., Royal Sundaram
teams to explore new business and work models. Alliance Insurance Company Ltd., and New India Assurance.

Ms. Gupta is a Master’s graduate from IIT Delhi and lives with her She is a member of the CII National Council and co-chairs the CII
husband in Gurgaon, India. Very passionate about CSR, she drives Pension and Insurance committee. Ms. Vishakha is also a member
innovative projects in her current role and volunteers at 2 NGOs. of the CII National Committee of Financial Inclusion, the CII Task
Force on Fintech and an honorary member of the IMC Chamber of
Commerce and Industry.

A Chartered Accountant equipped with a Post Graduate Diploma in

Computer Systems, Ms. Vishakha is also a Fellow of the Insurance
Institute of India.

9
MANAGEMENT TEAM

Ms. R. M. VISHAKHA Mr. RUSHABH GANDHI

Managing Director & CEO Deputy Chief Executive Officer

Ms. R.M. Vishakha is a BFSI veteran with over three decades Mr. Rushabh Gandhi, Deputy CEO, IndiaFirst Life has been one
of wide-ranging experience. She has held the position of MD & of the key driving forces and an integral part of the organisation’s
CEO of IndiaFirst Life since 2015 and is best known for her result- growth story. A prodigious financial services leader, having over
oriented leadership. Her accomplishments over the past eight years 25 years of experience across national and international markets,
have ensued strong growth for IndiaFirst Life across all financial Mr. Rushabh enjoys questioning the conventional and viewing
indicators. challenges as opportunities. He is also a Director on the Board of CSC
Ms. Vishakha has been recognised as ASSOCHAM Woman Leader E-Governance Services India Limited (promoted by Government of
of the Year (2023) and features in ET-BFSI.com’s Dynamic Women India).
Leaders in India (2022) and Powerful Women Leaders in the BFSI A nimble footed strategist, a visionary leader, and a sales innovator,
sector (2021). She has featured in Business Today’s Most Powerful Mr. Rushabh has implemented the best-in-class Bancassurance
Women (2022) and has won “CEO of the Year” at Campaign India’s business and successfully adopted the Multichannel Distribution
Women Leading Change Awards 2022. Ms. Vishakha has ranked strategy. His sharp business acumen has significantly contributed to
among the Top 50 in Fortune India’s ‘Most Powerful Women’ in elevate IndiaFirst Life’s rank to 11th in retail business amongst private
Business (2017, 2018, and 2019). Her other wins include ‘Most insurers. In addition to Sales and Distribution, Mr. Rushabh oversees
Influential Woman’ by Business World magazine and CA Business Marketing, Products, Customer Experience, Strategy, Business
Leader – Women (2017) by The Institute of Chartered Accountants Development, and Human Capital.
of India. Mr. Rushabh has been bestowed with the Navabharat
During her tenure, IndiaFirst Life was recognised by the Great Place Transformational Leader of the Year 2022, Elets BFSI Gamechanger
to Work® Institute (India) as India’s Best Workplaces in BFSI for Award 2022 for Visionary Leadership, Silver Feather Business Leader
four consecutive years (2019, 2020, 2021, 2022), Great Place to of the Year 2022, Silver Feather Innovative Leader Award 2021, and
Work-Certified® for five consecutive years, India’s Best Workplaces The Indian Achievers’ Award 21-22 for Business Leadership. Under
for Women 2021, and India’s Best 100 Companies to Work For his aegis, IndiaFirst Life has won a multitude of prominent industry
2021. The organisation has won Life Insurance Company of The accolades including “India’s Best Workplaces in BFSI” by Great Place
Year at the India Insurance Summit 2022, Navabharat BFSI Summit to Work® Institute (2019, 2020, 2021, 2022), The Economic Times
2022, and The Economic Times Best Brands 2021 & 2022. Best Brands (2018, 2021, 2022), and Life Insurance Company of the
She is a member of the CII National Council and co-chairs the CII Year 2022 at the India Insurance Summit & Awards 2022 amongst
Pension and Insurance committee. Ms. Vishakha is also a member others.
of the CII National Committee of Financial Inclusion, the CII Task Mr. Rushabh has served Canara HSBC OBC Life Insurance, Aviva
Force on Fintech and an honorary member of the IMC Chamber of Life Insurance, and Birla Sun Life Insurance in his earlier stints. As a
Commerce and Industry. people person who is driven by passion and processes, he played a
A Chartered Accountant equipped with a Post Graduate Diploma in pivotal role in setting up Aviva Life’s retail life insurance business in
Computer Systems, Ms. Vishakha is also a Fellow of the Insurance Indonesia.
Institute of India. Mr. Rushabh has successfully completed the Group Developmental
Programme, especially curated for global leaders, at INSEAD,
Fontainebleau. He also is a Post-Graduate in Management Studies
from the Narsee Monjee Institute of Management Studies.

10
 Mr. KEDAR PATKI Mr. ATRI CHAKRABORTY
Chief Financial Officer Chief Operating Officer

As Chief Financial Officer, Mr. Kedar Patki overseas Finance, Planning As the Chief Operating Officer at IndiaFirst Life, Mr. Atri Chakraborty
& Budgeting, Taxation and Investment Operations. Extensive oversees Business Operations and Technology. He is responsible
career spanning over two decades with a significant portion in the for distribution and branch operations, customer service, new
insurance realm. Expertise in finance and operations, with exposure business, persistency, claims, technology, data science and change
in the India and overseas assignments. Other specialisations include management. Of his ~30 years experience in the BFSI sector, Mr. Atri
Investor relations, strategy, Board and shareholder management, has dedicated two decades in the Insurance industry. Prior to joining
liaison with regulators, and participation in industry associations IndiaFirst Life, he worked with Tata AIG General and Tata AIA Life,
and initiatives. Prior assignments include stints at IDBI Federal exiting as EVP and Chief of Operations & Facilities. Mr. Atri has also
Life Insurance, Tata AIG General Insurance, SBI Life Insurance, worked with Citibank, Gujarat Lease Financing and United Credit
AXA, Bajaj Allianz General Insurance and Akzo Nobel India. He is Financial Services. He holds a master’s degree in management
a Commerce graduate (specialisation in statistics) from the Pune studies from BITS, Pilani.
University and a Chartered Accountant.

Mr. SUNANDA ROY

Mr. BIKASH CHOUDHARY Chief Distribution Officer –
Chief Actuarial & Governance Officer BOB Channel

As the Chief Actuarial & Governance Officer at IndiaFirst Life, Mr. As Chief Distribution Officer – Bank of Baroda Channel, Mr. Sunanda
Bikash Choudhary is responsible for overseeing the Actuarial, Risk, Roy heads IndiaFirst Life’s bancassurance strategy and sales in the
Governance, Product, and Strategy functions in the organisation. He Bank of Baroda vertical. Accordingly, he leads the initiative to forge
has over 20 years of work experience in life insurance and actuarial a stronger and optimised bancassurance channel.
consulting and has worked in various markets, including India, UK, A management professional with extensive strategic and
Sri Lanka, Singapore, Hong Kong. operational acumen, Mr. Sunanda has demonstrated a vision with
He was associated with Future Generali India Life Insurance as focussed implementation, leading to significant growth in revenue,
the Appointed Actuary, Chief Risk Officer and overseeing product profitability, and market share, during his prior stints at Modi Telstra
development. He has also worked in Towers Watson, Bajaj Allianz - Airtel, Max New York Life, HSBC Bank, and Canara HSBC Life.
Life, and Aviva India. Mr. Sunanda obtained a Post Graduate Diploma in General
He is a Fellow of IAI, India and IFoA, UK, M. Tech from ISI, Kolkata, Management from the Emeritus Institute of Management,
and M. Sc from Hindu College, Delhi Singapore. Besides, he is an alumnus of the University of Calcutta,
from where he secured his bachelor’s degree.

11
 Mr. MUNISH BHARDWAJ
Chief Distribution Officer – Mr. SUBHANKAR SENGUPTA
UBI & Emerging Channels Chief Marketing & Development Officer

Mr. Munish Bhardwaj is the Chief Distribution Officer – UBI As the Chief Marketing & Development Officer at IndiaFirst Life,
& Emerging Channels at IndiaFirst Life. He also helms sales & Mr. Subhankar Sengupta is responsible for branding and marketing
distribution, business development, and channel relationships for functions along with building strategies for the distribution channels
Agency and Regional Rural Banks. and for fostering new partnerships and strategic alliances for the
company.
Mr. Munish has successfully established and significantly improved
business performance of various distribution channels. Earlier, he He joined IndiaFirst Life in 2019 and has worked as the Country
led Strategic Alliances and Micro & Direct channels for IndiaFirst Head for two channels. Mr. Subhankar has previously worked in Tata
Life. His prior professional stints include HDFC Life, Bajaj Allianz, AIA Life Insurance Company in India and with Ahli Bank (QSC) in
and a few players in the pharma industry. Qatar as Head of Direct Sales. He has also worked with HSBC and
Standard Chartered Bank in various capacities. Mr. Subhankar has
An MBA graduate, Mr. Munish holds a B.Sc. in Mathematics from been recognised as the ‘Innovator of the Year in BFSI’ at the 2nd
the University of Rajasthan and a Diploma in Computer Science BFSI Leadership Summit & Awards, 2023. He has a post graduate
from the Birla Institute of Scientific Research. diploma in Business Management from IISWBM, Kolkata.

Ms. BHAVNA VERMA Dr. POONAM TANDON

Appointed Actuary Chief Investment Officer

As Appointed Actuary at IndiaFirst Life, Ms. Bhavna Verma As the Chief Investment Officer at IndiaFirst Life, Dr. Poonam Tandon
oversees all aspects of the actuarial function, including regulatory heads investment management for the organisation. Dr. Poonam is
and shareholder reporting, product development and management, an accomplished veteran with keen insight on the financial markets
and financial and insurance risk analysis. Previously, she was and investment management in the BFSI sector.
Head of Actuarial Reporting and Risk at Kotak Life Insurance. Ms.
Bhavna also has wide experience in actuarial consulting at Willis In her 13-year-long association with IndiaFirst Life, Dr. Poonam has
Towers Watson and Milliman, on a range of technical and strategic managed several investment portfolios.
assignments across geographies. She is a Fellow of the Institute of
In an illustrious career spanning ~30 years in the financial services
Actuaries of India (IAI) and the Institute and Faculty of Actuaries,
sector, Dr. Poonam has worked with MetLife India Insurance,
UK. Ms. Bhavna has a B.A. (Hons) in Mathematics from St.
Paternoster LLC, Securities Trading Corporation of India (STCI) and
Stephen’s College, Delhi University.
Industrial Development Bank of India.

A B.Com.(Hons) graduate from Jesus and Mary College, New Delhi,

Dr. Poonam is an alumnus of XLRI, Jamshedpur, with a post graduate
diploma in business management. She received her PhD in financial
management from NMIMS, Mumbai.

12
 Mr. SANKARANARAYANAN
Mr. SUNDER NATARAJAN RAGHAVAN
Chief Risk Officer Chief Technology and Data Officer

As the Chief Risk Officer, Mr. Sunder Natarajan oversees the As the Chief Technology and Data Officer at IndiaFirst Life, Mr.
risk, fraud control, internal audit, information security and legal Sankaranarayanan Raghavan is responsible for technology, data and
functions at IndiaFirst Life. He is responsible for embedding the data sciences strategy, implementation, and efficiency monitoring.
risk management framework, establishing the Environment,
Social and Governance function, strengthening the information He has over 30 years of experience in life insurance, digital strategy
security protocol and implementing good corporate governance in and business management. Prior to joining IndiaFirst Life, he was
the organisation. His work experience in BFSI spans nearly three the chief operating officer of Aegon Life Insurance Company. His
decades with proven excellence across diverse functions. Mr. career includes stints with Aegon Life Insurance, HCL Technologies,
Sunder is a commerce graduate from the University of Madras with Computer Sciences Corporation India and Life Insurance Corporation
a Post Graduate Diploma in Business Administration from NMIMS, of India.
Mumbai and a Certified Fellow of the Institute of Risk Management,
He holds a bachelor’s degree in science and an MBA from
London.
Bharathidasan University. He has also completed the post graduate
programme in management for senior executives from the Indian
School of Business (ISB) and is currently a fellow of the Insurance
Institute of India and the Life Management Institute.

Mr. NAMAN GUPTA Mr. AMEY PATIL

SVP & Head - Persistency, SVP & Head - Credit Life –
Branch Ops, Fin Ops BOB Channel

Mr. Naman Gupta is SVP & Head - Branch Ops, Persistency and Mr. Amey Patil, SVP & Head - Credit Life - BOB Channel at IndiaFirst
Financial Ops at IndiaFirst Life. Life and leads strategy and sales for the Credit Life business.

As a founding member of IndiaFirst Life, he has played a significant Being a founding member of IndiaFirst Life, Mr. Amey has been
role in setting up and defining the company’s operations and service instrumental in ensuring robust growth across different verticals.
departments. Under his leadership, the channel witnessed phenomenal growth
and expansion. His previous roles within IndiaFirst Life were
His breadth of experience includes stints at the Stock Holding National Head - GCL Channel and National Head - Bancassurance
Corporation of India, ICICI Prudential Life Insurance and Reliance West Zone channel.
Retail, where he played multiple key roles in successfully setting up
the branches and spearheading central functions. He has over two decades of industry experience and has been
associated with organizations like Reliance Nippon Life Insurance
Mr. Naman is a commerce graduate and holds a post graduate and Aditya Birla Sun Life Insurance. Mr. Amey holds a Master of
degree in management studies with a specialisation in Finance and Financial Services and has also completed LLB & BCom degrees
Marketing from the Institute of Public Enterprise, Hyderabad. from Goa University.

13
 Mr. ABHIJEET POWDWAL Mr. SAMEER GUPTA
SVP & Head - Marketing SVP & Head - Strategy BOB Channel

Mr. Abhijeet Powdwal is SVP & Head - Marketing at IndiaFirst Mr. Sameer Gupta is SVP & Head – Strategy, BOB Channel, at
Life. He currently spearheads the company’s Marketing, Corporate IndiaFirst Life. His role encompasses driving sales and distribution
Communication, Customer Experience and Digital Marketing strategy for the channel to ensure new business growth, while
functions. focusing on creating value through product and process innovation.

A seasoned industry professional, his breadth of experience spans A founding member of IndiaFirst Life, he has significantly contributed
over 25 years across brand management, advertising, PR, digital towards organisational growth through varied roles in sales, business
marketing, sales, and customer acquisition. He has been associated development, key account management and distribution strategy in
with notable companies in the BFSI industry such as IDBI Bank, addition to securing and executing profitable partnerships.
ICICI Bank and IDBI Federal Life. In addition to this, Mr. Abhijeet
has also donned different hats during his stint in strategic consulting His professional journey spans over 25 years in the insurance
with different organizations. industry. Prior to joining IndiaFirst Life, he was associated with
companies such as HDFC Life and Canara HSBC Life Insurance
Mr. Abhijeet holds a PGDBA from K. J. Somaiya Institute of where he gained a rich experience in sales across the Agency and
Management and a BSc from St. Xavier’s College, Mumbai. Bancassurance channels.

Mr. NALIN BHANDARI

SVP - Finance Controller

Mr. Nalin Bhandari is the Finance Controller at IndiaFirst Life and is a

qualified CA from the Institute of Chartered Accountants of India. In
his current role at the organisation, Mr. Nalin oversees the finance,
taxation, finance operations, internal controls, audits, and statutory
compliance functions. With over two decades of experience,
his expertise lies in fundraising, working capital management,
cost management planning, finance operation, due diligence,
controllership, and relationship management.

Mr. Nalin has worked in start-ups and established organizations

across sectors, such as insurance, power and agro-based industries.
He has had stints with IDBI Federal Life Insurance, Kotak Life
Insurance, Enercon India, and Bajaj Hindusthan.

14
BUSINESS OUTLOOK

Indian Economy Outlook F.Y. 2023-24 Financial Services Industry Outlook F.Y. 2023-24
India has very well recovered from the pandemic, and the growth in India has a diversified financial sector comprising of Banks,
domestic demand and capital investment is expected to be strong Mutual Funds, Insurance Companies, direct equity, fixed income
and solid in upcoming years. instruments and other Financial Services which is undergoing rapid
expansion and growth, most important factor attributing to this
The Union Minister for Finance & Corporate Affairs Ms. Nirmala growth is digitisation. Education platforms on achieving financial
Sitharaman tabled the Economic Survey 2022-23 in Parliament goals have made participation easy for youngsters.
recently, which projects a baseline GDP growth of 6.5% in real terms
in FY24. The projection is broadly comparable to the estimates Brisk growth is expected in F.Y. 2023-24 as a vigorous credit
provided by multilateral agencies such as the World Bank, the IMF, disbursal, and capital investment cycle is expected to unfold in
and the ADB and by RBI, domestically. India with the strengthening of the balance sheets of the corporate
and banking sectors.
The Indian economy continues to show strong resilience to external
shocks. Notwithstanding external pressures, India’s service exports Further support to economic growth is expected from the expansion
have continued to increase, and the current-account deficit is of public digital platforms and path-breaking measures such as PM
narrowing. GatiShakti, the National Logistics Policy, and the Production-Linked
Incentive schemes to boost manufacturing output.
Due to war tension and rising inflation global growth has been
projected to decline in 2023 and is expected to remain generally The COVID-19 pandemic and resulting economic fallout has
subdued in the following years as well. The slowing demand will radically shifted consumer and employee needs, habits, and
likely push down global commodity prices and improve India’s expectations, while compelling virtualization of insurer operations
Current Account Deficit in F.Y. 2024. practically overnight, leading to financial services sector to continue
to adopt digital technology.

Having said that, India is today one of the most vibrant and
promising global economies on the back of robust financial services
sectors. By 2028, India is expected to be the fourth largest private
wealth market globally.

In India, Life expectancy has increased given the development in

medical science. There is increasing awareness with respect to
Human Life Value (HLV), which is a number that tells the present
value of future income expenses, liabilities and investments. As
an outcome of the growing popularity of HLV, life insurance has
emerged as a key financial instrument to protect one’s family and
secure long-term financial goals.

Insurance Industry in India can be viewed as a structural multi-

decade opportunity where ability to innovate and leverage scale
benefits will determine success. The regulatory amendments
have been extremely encouraging and can be game changer for
Insurance sector in coming years. We expect the Life Insurance
Industry in India to grow at a CAGR of 12% –18% over the next few
years. This will also be aided by IRDAI’s Vision of “Insurance for all
by 2047”.

15
 AWARD AND RECOGNITION

Great Place To Work Certified Recognised amongst The Recognised as Most Preferred
for 5th consecutive year Economic Times Best Workplace 2022-23 BFSI Edition by
Brands 2022 Team Marksmen Network

Vishakha RM recognised as ET-Femina Won Leader in Customer Engagement Initiative Award

Most Promising Leaders of India 2022 at Elets BFSI Tech Innovation Awards

Awarded Best Customer Oriented Awarded Best Use of Awarded InsureNEXT Awards
Company by ICC (Indian Chamber of Voice of Customer Award 2023 for the Best HR Initiatives
Commerce) at the 15th Edition of The
Customer FEST Show

16
 Awarded Life Insurance Company of the Year at Rushabh Gandhi won Navabharat
Navabharat BFSI Conclave and Awards 2022 Transformational Leader of the Year award at
Navabharat BFSI Conclave and Awards 2022

Awarded SKOCH Order-of-Merit Awarded SKOCH Order-of- Awarded SKOCH Order-of-Merit

for Enterprise Risk Management Merit for Guaranteed Protection for Settlement of 34% Unclaimed
Implementation at SKOCH Plan at SKOCH Summit and Amount In 3 Months at SKOCH
Summit and SKOCH Awards 2022 SKOCH Awards 2022 Summit and SKOCH Awards 2022

SKOCH Order-of-Merit for: SKOCH Order-of-Merit for SKOCH Order-of-Merit

Settlement of 34% Unclaimed Enterprise Risk Management for Guaranteed Protection
Amount In 3 Months at SKOCH Implementation at SKOCH Summit Plan at SKOCH Summit and
Summit and SKOCH Awards 2022 and SKOCH Awards 2022 SKOCH Awards 2022

17
Notice

IndiaFirst Life Insurance Company Limited

Registered Office: 12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway,
Goregaon (East), Mumbai – 400063.
CIN - U66010MH2008PLC183679 | Ph: 022 - 6165 8700 | www.indiafirstlife.com

NOTICE

Shorter Notice is hereby given that the 15th Annual General Meeting(“AGM”) of the members of IndiaFirst Life Insurance Company
Limited (“the Company”) will be held on Friday, 29th day of September, 2023 at 05.00. p.m. (IST) through Video Conferencing / Other
Audio Visual Means (VC / OAVM) facility, to transact the following businesses.

ORDINARY BUSINESS:

1. To receive, consider and adopt the Revenue Account, Financial Statements including the Profit and Loss Account, Receipts
and Payments accounts for the F.Y. 2022-23 and the Balance Sheet of the Company as at March 31, 2023 together with the
reports of the Directors and of the Joint Statutory Auditors thereon.

2. To appoint a Director in place of, Mr. Narendra Ostawal (DIN 06530414), who retires by rotation and being eligible, offers himself
for re-appointment.

3. To consider and to pass the following Resolution as an Ordinary Resolution for appointment of M/s. Mehta Chokshi & Shah
LLP, Chartered Accountants, (Firm Registration No. (106201W/W100598) and M/s. N S Gokhale & Co., Chartered Accountants,
(Firm Registration No. (103270W), as Joint Statutory Auditors of the Company, pursuant to their approval received from the
Office of the Comptroller and Auditor General of India for the Financial Year 2023-2024 to hold the office from the conclusion
of this Meeting until the conclusion of the next Annual General Meeting and for authorising Audit Committee and/or the Board
of the Company for fixation of remuneration of the Statutory Auditors of the Company in accordance with the section 142 of
the Companies Act, 2013.*

“RESOLVED THAT pursuant to the provision of Section 139, 142 and other applicable provision of the Companies Act 2013
read with rules made thereunder M/s. Mehta Chokshi & Shah LLP, Chartered Accountants, (Firm Registration No. (106201W/
W100598) and M/s. N S Gokhale & Co., Chartered Accountants, (Firm Registration No. (103270W), be and are hereby
appointed as Joint Statutory Auditors of the Company for the Financial Year 2023-24 to hold the office from the conclusion of
this Meeting until the conclusion of the next Annual General Meeting and the remuneration payable to the Statutory Auditors
of the Company (“Auditors”) for the Financial Year 2023-24, to each auditor shall be fixed by the Audit Committee and/or Board
including out of pocket expenses incurred by the Auditors, if any, in connection with the audit of the accounts of the Company
for the Financial Year 2023-24 be and is hereby approved.”

SPECIAL BUSINESS:

ITEM NO. 4

TO TRANSFER FUND FROM SHAREHOLDER’S A/C TO POLICYHOLDER’S A/C

To consider, and, if thought fit, to pass, with or without modification(s), the following Resolution as a Special Resolution:

“RESOLVED THAT pursuant to Section 49 of the Insurance Act, 1938 read with IRDAI notification dated December 11, 2013 (Ref. No
: IRDA/F&A/Cir/232/12/2013) regarding Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance
Business, a transfer of ` 11,95,41,492/- from the Shareholder’s A/c to the Participating Policyholder’s A/c for the F.Y. 2022 - 23 for
payment of bonus to participating policyholders and for partly funding expense be and is hereby approved.”

18 IndiaFirst Life Insurance Company Limited

ITEM NO. 5

APPOINTMENT OF MR. DEBADATTA CHAND (DIN: 07899346) AS A NON-EXECUTIVE NOMINEE DIRECTOR AND
CHAIRPERSON OF THE BOARD

To consider, and, if thought fit, to pass, with or without modification(s), the following Resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 152, 160 and 161 and other applicable provisions of the Companies Act,
2013, read with rules made thereunder, and pursuant to the applicable requirements of the Insurance Act, 1938 and the regulations
issued thereunder, and applicable provisions of law including the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (including any statutory modification(s) or re-enactment thereof for the time
being in force), and pursuant to the Articles of Association of the Company Mr. Debadatta Chand (DIN: 07899346), representative
of Bank of Baroda, who was appointed as an Additional Non- Executive Nominee Director and Chairperson of the Board by the
Board of Directors w.e.f. September 13, 2023 upto the date of this Annual General Meeting and basis the recommendation of the
Nomination and Remuneration Committee and approval of Board the consent of the Members of the Company be and is hereby
accorded for appointment of Mr. Debadatta Chand as a Non-Executive Nominee Director of the Company and Chairperson of the
Board, whose office shall be liable to retirement by rotation .

RESOLVED FURTHER THAT Managing Director & CEO or Deputy CEO or Chief Financial Officer or Company Secretary of the
Company be and are hereby severally authorized to file prescribed Forms or required reports or correspondence with Regulatory
Authority or Ministry of Corporate Affairs or IRDAI or any other Authority and do all such necessary acts, deeds and sign all such
documents required to give effect to the aforesaid resolution.

RESOLVED FURTHER THAT the Managing Director & CEO or Chief Financial Officer or Company Secretary of the Company be
and is hereby severally authorised to provide the certified true copies of this resolution.”

ITEM NO. 6

TO APPROVE THE REVISION IN REMUNERATION AND PERFORMANCE RELATED PAYOUTS FOR FINANCIAL YEAR
ENDED MARCH 31, 2023 OF MD & CEO OF THE COMPANY – MS. R. M. VISHAKHA

To consider, and, if thought fit, to pass, with or without modification(s), the following Resolution as a Special Resolution:

“RESOLVED THAT pursuant to the provisions of Section 34A and other applicable provisions, if any, of the Insurance Act, 1938,
the Companies Act, 2013 (“Act”) and the rules made thereunder and the guidelines/ circulars/ regulations issued by the Insurance
Regulatory and Development Authority of India ("IRDAI"), including any amendments, modifications, variations, or re-enactments
thereof, applicable provisions of the Articles of Association of the Company, and basis the recommendation of the Nomination &
Remuneration Committee ("NRC") and approval of the Board of Directors (“Board”); approval of the members be and is hereby accorded
for revision in Fixed salary of Ms. R. M. Vishakha, as MD & CEO (DIN: 07108012) of the Company revised from ` 3.50 Crores to ` 3.78
Crores with effect from April 01, 2023 in line with the increment philosophy of the Company, subject to the approval of IRDAI.

RESOLVED FURTHER THAT pursuant to recommendation of the NRC and approval of Board and in terms of the employment
contract of Ms. R. M. Vishakha (MD & CEO) (DIN: 07108012) of the Company and subject to IRDAI approval the consent of the
Members of the Company be and is hereby accorded for the variable payout and Long Term Incentive Plan (LTIP) for the F.Y. 2022
- 23 as under w.e.f. April 01, 2023

1. Variable pay-out for F.Y. 2022–23 ` 1,57,15,000

2. Long Term Incentives for F.Y. 2022–23 ` 78,57,500

RESOLVED FURTHER THAT Ms. R. M. Vishakha shall also be entitled to provident fund, gratuity, insurance benefits, other non-
cash perquisites and stock options in accordance with the relevant scheme(s) of the Company in this regards and/ or as approved
by NRC/ Board, and subject to the approval of IRDAI.

Annual Report 2022-23 19

Notice

RESOLVED FURTHER THAT the NRC/ Board be and is hereby authorised to determine, or revise, or alter and vary the terms and
conditions of appointment, and settle any questions or difficulties that may arise in connection with, or incidental to give effect to the
above resolution, on account of any conditions as may be stipulated by IRDAI and/ or any other authority including the amount of
remuneration, perquisites, stock options and/or other benefits, as may be agreed with Ms. R. M. Vishakha, and as approved by IRDAI.

RESOLVED FURTHER THAT the Board (including NRC) and/ or the Company Secretary, be and are hereby authorized to do all
such acts, deeds, matters and things, as may be considered necessary, expedient or desirable for giving effect to the foregoing
resolution, and to settle any question or doubt that may arise in relation thereto.

RESOLVED FURTHER THAT any of the Directors of the Company or the Company Secretary or the Chief Financial Officer of the
Company be and are hereby severally authorized to make filings with the Insurance Regulatory and Development Authority of India
(IRDAI), Ministry of Corporate affair (MCA) and/or any other governmental authorities and do the necessary acts, deeds and things
to ensure compliance of all applicable laws and to give effect to this resolution.”

By order of the Board of Directors

For and on behalf of IndiaFirst Life Insurance Company Limited

Aniket Karandikar
Company Secretary
Membership No. A24107

Date: September 21, 2023

Place: Mumbai

* Updated as per addendum to the Notice of 15th AGM dated September 26, 2023

20 IndiaFirst Life Insurance Company Limited

NOTES:

1. The Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013 (“the Act”) and relevant rules made
thereunder read with the applicable secretarial standards in respect of items of Special Business to be transacted at the
meeting is annexed herewith.

2. The Ministry of Corporate Affairs (“MCA”) vide General Circular dated May 05, 2022, read with circulars dated April 8, 2020,
April 13, 2020, January 13, 2021, December 8, 2021 and December 14, 2021 and December 28, 2022 (collectively referred to
as “MCA Circulars”), SEBI Circular dated May 13, 2022 permitted convening the AGM through Video Conferencing (“VC”) or
Other Audio Visual Means (“OAVM”), without physical presence of the members at a common venue till September 30, 2023.
In accordance with the said circulars of MCA, the 15th AGM of the Company will be held through Two-way Video Conferencing
facility. The deemed venue of the meeting shall be the Registered office of the Company at 12th and 13th Floor, North [C] wing,
Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063. Details of the same
shall be provided to the Members in the form of a joining link through a calendar invite. To access and participate in the Meeting,
shareholders and other participating stakeholders are requested to go to the link provided in the calendar invite which shall
be sent to their registered e-mail address.

3. In compliance with the MCA Circulars and SEBI Circular Notice of the 15th AGM along with the Annual Report 2022‑23
is being sent only through electronic mode to those Members whose e-mail address is registered with the Company /
Registrar and Transfer Agent / Depository Participants / Depositories. Members may note that the Notice and Annual Report
2022‑23 will also be available on the Company’s website https://www.indiafirstlife.com, website of the Stock Exchange i.e. at
www.nseindia.com.

4. Corporate Members are requested to send a scanned copy (PDF / JPEG format) of the Board Resolution/Authority Letter
authorising its representatives to attend and vote at the Meeting, pursuant to Section 113 of the Companies Act, 2013 and
relevant rules thereunder, at e-mail ID of the Company Secretary of the Company i.e [email protected].
Members holding shares in dematerialised mode are requested to register / update their e-mail address, as required, with the
relevant Depository Participant.

5. For convenience of the Members and proper conduct of Meeting, Members can join atleast 15 (fifteen) minutes before the
time scheduled for the Meeting.

6. The voting at the meeting shall be conducted by show of hands unless a poll in accordance with Section 109 of the Companies
Act, 2013 is demanded by any Member.

7. The designated e-mail address for communication is [email protected] for the members, to enable them to
vote, when Poll is required to be taken during the Meeting on any resolution/s.

8. The Members can pose questions concurrently at the Meeting regarding the agenda items on the designated e-mail address
through which the notice has been sent.

9. The proceedings of the meeting shall be recorded and shall be kept in the safe custody of the Company. Such recording shall
be made available at the request of the Members.

10. As per the Companies Act, 2013, a member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend
and vote on a poll instead of himself and the proxy need not be a member of the Company. Since this AGM is being held through
VC / OAVM pursuant to the MCA Circulars, physical attendance of Members has been dispensed with. Accordingly, the facility
for appointment of proxies by the Members will not be available for the AGM and hence, the Proxy Form and Attendance Slip
are not annexed hereto. Institutional investors, if any, are encouraged to attend the meeting.

11. Details of the framework available for use by Members for participation in the AGM through Video Conferencing facility are
provided in Annexure A enclosed herewith.

Annual Report 2022-23 21

Notice

12. Since the AGM will be held through VC/OAVM means, the route map of the venue of the Meeting is not annexed hereto.
Members attending the AGM through VC/OAVM means shall be counted for reckoning the quorum under Section 103 of the
Companies Act, 2013.

13. All documents referred to in the Notice and the Explanatory Statement, and such statutory records and registers, as are
required to be kept open for inspection under the Companies Act, 2013, shall be available for inspection by the Members at
the Registered Office of the Company between 10.30 a.m. to 5.30 p.m. on all working days from the date hereof upto the date
of the meeting and also available in electronic mode to the member upon receipt of a request for the same by the Company
Secretary at [email protected]. on all working days upto the date of the meeting.

14. Details required pursuant to Secretarial Standard on General Meetings(SS-2) issued by The Institute of Company Secretaries
of India in respect to Directors seeking approval for appointment/re-appointment/revision of remuneration at the AGM, have
been annexed to this Notice.

22 IndiaFirst Life Insurance Company Limited

 EXPLANATORY STATEMENT

In terms of Section 102 of the Companies Act, 2013, the following explanatory statement sets out all the material facts relating to
the resolutions of the accompanying Shorter Notice dated September 21, 2023

ITEM NO.4

TO TRANSFER FUND FROM SHAREHOLDER’S A/C TO POLICYHOLDER’S A/C

Pursuant to Section 49 of the Insurance Act, 1938 read with IRDAI notification dated December 11, 2013 (Ref. No: IRDA /F&A/
Cir/232/12/2013) regarding Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business
which inter alia, stated that where an insurer has transferred funds from the Shareholder’s A/c to the Policyholder’s A/c to enable a
declaration of bonus to participating policyholders, such transfer should be supported by a special resolution of the Shareholders
at the General Meeting of the insurer.

Approval is sought for the transfer of ` 11,95,41,492/- from the Shareholders A/c to the Participating Policyholders’ A/c for the F.Y.
2022 - 23.

The Directors recommend the Resolution set out in Item No. 4 of the accompanying Notice for the approval of the Members as a
Special Resolution.

Accordingly, consent of the shareholders is solicited by passing a Special Resolution as detailed in item no. 4 of the accompanying notice.
None of the Directors, Key Managing Personnel of the Company or their relatives are in any way concerned or interested, financially
or otherwise in the said Special Resolution.

ITEM NO. 5

APPOINTMENT OF MR. DEBADATTA CHAND (DIN: 07899346) AS A NON- EXECUTIVE, NOMINEE DIRECTOR AND
CHAIRPERSON OF THE BOARD

Mr. Debadatta Chand (DIN: 07899346) aged 52, representative of Bank of Baroda, was appointed as an Additional Non -
Executive Nominee Director and Chairman of the Board by the Board of Directors of the Company with effect from September
13, 2023 and holds office up to the date of the ensuing General Meeting of the Company

Mr. Chand is a Non-Executive Nominee Director and Chairperson of the Board nominated by Bank of Baroda on the Board of
the Company, by virtue of Articles of Association of the Company and Shareholder’s Agreement executed between shareholder
entities and Company. Further it may be noted that he is not eligible to receive any remuneration amount except sitting fees,
which will be transferred to Bank of Baroda’s Account.

Mr. Chand is a Director in below mentioned Companies as per MBP-1 submitted by him.

Sr. No Name of Company Designation

1. Bank of Baroda Managing Director & CEO
2. BOB Capital Markets Ltd Director
3. BOB Financial Ltd Chairman
4. National Insurance Co. Ltd. Chairman
5. Bank of Baroda (Tanzania) Ltd Chairman & Non Executive Director
6. Bank of Baroda, (Uganda) Limited Non Executive Director
7. Bank of Baroda (Kenya) Ltd. Chairman & Non Executive Director

Annual Report 2022-23 23

Notice

The Directors recommend the Resolution set out in Item No. 5 of the accompanying Notice for the approval of Members as
an Ordinary Resolution.

Additional information in respect of Mr. Debadatta Chand, pursuant to the Secretarial Standards on General Meetings (SS-2)
issued by the ICSI is annexed to this Notice.

Mr. Chand and his relatives are interested in resolution No. 5. None of the Directors other than Mr. Joydeep Dutta Roy being
a Nominee Director of Bank of Baroda, Key Managerial Personnel of the Company or their relatives are in any way, concerned
or interested, financially or otherwise, in the said resolution.

Mr. Debadatta Chand is not related to any of the Director or Key Managerial Personnel of the Company.

The Board, accordingly, recommends passing of the ordinary resolution as set out at Item No. 5 of this notice, for the approval
of the members.
ITEM NO.6

TO APPROVE THE REVISION IN REMUNERATION AND PERFORMANCE RELATED PAYOUTS FOR FINANCIAL YEAR
ENDED MARCH 31, 2023 OF MD & CEO OF THE COMPANY - MS. R. M. VISHAKHA

Pursuant to the terms specified under the Employment contract of Ms. R. M. Vishakha – MD & CEO of the Company and as approved
by the Shareholders in their 18th EGM held on January 20,2020 and subsequent approval obtained from IRDAI, Ms. Vishakha has
been re-appointment as MD & CEO of the Company for further period of Five years i.e. effective March 03, 2020 to March 02, 2025.

As per the earlier shareholder’s approved resolution:

“The terms and conditions of the remuneration was subject to annual review by NRC and Board considering the following: -
• Revision in remuneration as specified by company’s policies.
• Benchmarking with peer companies and market correction, if required.”

Further on recommendation of the NRC, the Board in their meeting held on May 09, 2023 had approved the following remuneration
for F.Y. 2022 - 23 subject to shareholders and IRDAI approval:
• Revision in Fixed pay from ` 3.50 Crores to ` 3.78 Crores with effect from April 01, 2023 in line with the increment to be given
to strategic band and above level employees in the Company.
• Variable Payout for F.Y. 2022 - 23 - ` 1,57,15,000
• Long Term Incentives for F.Y. 2022 - 23 - ` 78,57,500

Ms. R. M. Vishakha will be eligible for stock options under Employee Stock Option Scheme(s) as may be approved by the Board
and/or NRC from time to time subject to the approval of IRDAI.)

Terms and Conditions of appointment / re-appointment of Ms. R. M. Vishakha are mentioned in the appointment/reappointment
letter and the same shall be available for inspection by the Members at the Registered Office of the Company between 10.30 a.m. to
5.30 p.m. on all working days from the date hereof upto the date of the meeting and will also be available for inspection at the venue
of the meeting and also available in electronic mode to the member upon receipt of a request for the same at aniket.karandikar@
indiafirstlife.com; on all working days upto the date of the meeting and the same shall be treated as maintained under section 190
of the Companies Act, 2013. The details of stock options granted to Ms. R. M. Vishakha during the financial year 2022-23, forms
part of the Directors Report of the Company for F.Y. 2022-23 under Annexure 4.

24 IndiaFirst Life Insurance Company Limited

Additional information in respect of Ms. R. M. Vishakha, pursuant to the Secretarial Standards on General Meetings (SS-2) issued
by the ICSI is annexed to this Notice.

Ms. R. M. Vishakha and her relatives are interested in resolution No. 6. None of the other Directors, Key Managerial Personnel of
the Company or their relatives are in any way, concerned or interested, financially or otherwise, in the said resolution.

Ms. R. M. Vishakha is not related to any of the Director or Key Managerial Personnel of the Company.

The Board, accordingly, recommends passing of the special resolution as set out at Item No. 6 of this notice, for the approval of
the members.

By order of the Board of Directors

For and on behalf of IndiaFirst Life Insurance Company Limited

Aniket Karandikar
Company Secretary
Membership No. A24107

Registered Office:
12th and 13th floor, North [C] wing, Tower 4,
Nesco IT Park, Nesco Center, Western Express Highway,
Goregaon (East), Mumbai - 400 063
CIN - U66010MH2008PLC183679

Date: September, 21 2023

Place: Mumbai

Annual Report 2022-23 25

Notice

ANNEXURE A

Participation in the AGM through VC/OAVM Facility

1. The Company has arranged for Two ways Video Conferencing (“VC”) facility to enable members to attend the AGM remotely.

2. Members would have received an e-mail from the Company on their e-mail address registered with the Company providing
the steps to participate in the meeting through VC, along with the link to join the meeting and the user id and password for
the same.

3. The facility allows participants equal to the number of members of the Company in addition to Directors, KMPs, Chairpersons
of Committees, Auditors etc.

4. The facility to join the meeting shall open 15 minutes before the scheduled time of the meeting and shall not be closed till expiry
of 15 minutes after such scheduled time.

5. Members requiring assistance with using the technology before or during the meeting can contact Company Secretarial team
at [email protected] or 022 – 68570539.
6. Members desirous of raising questions at the AGM are requested to submit their questions in advance on or before September
27, 2023 on [email protected] OR Members will be allowed to pose questions concurrently at the AGM.

7. Voting at the meeting will be conducted by show of hands, unless demand for poll is made. Where a poll on any item is required,
members shall cast their vote only by sending e-mails on [email protected] through their e-mail addresses
which are registered with the Company.

8. Recorded transcript of the AGM will be uploaded on the website of the Company at https://www.indiafirstlife.com/other-
disclosures.

26 IndiaFirst Life Insurance Company Limited

Brief Resume of the Mr. Narendra Ostawal pursuant to Secretarial Standard 2 on General Meetings issued by the
Institute of Company Secretaries of India
Name of the Director Mr. Narendra Ostawal
Date of Birth November 13 , 1977
DIN 06530414
Age 45 Years
Date of first appointment on the Board February 02, 2019
Brief resume, experience and qualification He is involved with the firm's Investment Advisory activities in India and
evaluates opportunities in Financial Services and Healthcare sectors in
India. He is Chartered Accountant, MBA and IIT Bangalore
Terms and conditions of appointment along with Mr. Narendra Ostawal is a Nominee Director appointed by Carmel Point
Details of remuneration sought to be paid. Investments India Private Limited on the board of the Company
Details of remuneration Last drawn (F.Y. 2022-23) Nil
Shareholding in the Company Nil
Relationship with other Directors and Key None
Managerial Personnel
Number of Board Meetings attended during the Held : 07
Financial Year 2022-23 Attended : 04
Directorships held in other companies • NNA CRE Properties LLP
• Warburg Pincus India Private Limited
• Computer Age Management Services Limited
• Fusion Micro Finance Limited
• Carmel Point Investments India Private Limited
• Avanse Financial Services Limited
• Home First Finance Company India Limited
• WPI Partners LLC, Class A
• Warburg Pincus LLC
• WP & Company Partners US, L.P.
• Warburg Pincus XI Partners, L.P.
• Warburg Pincus XI Partners (Cayman), L.P.
• Warburg Pincus XI (E&P) Partners – B, L.P.
• Warburg Pincus Energy Partners, L.P.
• Warburg Pincus Energy Partners (Cayman), L.P.
• Warburg Pincus (E&P) Energy Partners – B, L.P.
• Arihant Associates
• Arihant Estates
Membership / Chairmanship of Committees* of • Member of Audit and Nomination and Remuneration Committee of
other Boards Micro Fusion Finance Limited.
• Member of Nomination and Remuneration Committee of Home First
Finance Company India Limited, Vistaar Financial Services Private
Limited and Computer Age Management Services Limited

*Committee membership and Chairmanship includes only Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee and CSR Committee

Annual Report 2022-23 27

Notice

Brief Resume of the Mr. Debadatta Chand pursuant to Secretarial Standard 2 on General Meetings issued by the
Institute of Company Secretaries of India

Name of the Director Mr. Debadatta Chand

Date of Birth January 31, 1971

DIN 07899346

Age 52 Years

Date of first appointment on the Board September 13, 2023

Brief resume, experience and qualification Mr. Debadatta Chand was appointed as Managing Director & CEO of Bank
of Baroda and assumed charge on July 01, 2023. Mr. Chand has over 29
years of experience in the banking & financial services industry,

Prior to his appointment as MD & CEO, Mr. Chand served as the Executive
Director at Bank of Baroda where he was overseeing Corporate &
Institutional Credit, Corporate & Institutional Banking, Treasury & Global
Markets, Mid-Corporate Business and Trade & Foreign Exchange. In
addition, he had also successfully overseen the International Banking
Business, Domestic Subsidiaries/Joint Ventures, Wealth Management,
Capital Markets, NRI Business as well as key platform functions such as
HRM, Finance & Planning, Risk Management, Audit & Inspection, Credit
Monitoring, Collections, Legal, Compliance, Learning & Development,
Disciplinary Proceedings, Information Security and Estate Management
& Security at the Bank.

Mr. Chand began his career in 1994 as an Officer at Allahabad Bank and
later worked as a Manager at the Small Industries Development Bank of
India (SIDBI) from 1998 to 2005. In 2005, he joined Punjab National Bank
(PNB) as Chief Manager and steadily progressed to the position of Chief
General Manager. During his over 15-year tenure at PNB, he held various
roles, including Head of the Zonal Audit Office in Patna, Circle Head of the
Bareilly Region, Head of Integrated Treasury Operations, and Head of the
Mumbai Zone.

Mr. Chand also currently serves on the Boards of BOB Capital Markets
Ltd., India Infradebt

Limited, Baroda Financial Solutions Limited, Bank of Baroda (Tanzania)

Ltd., Bank of Baroda (Uganda) Ltd. and Bank of Baroda (Kenya) Ltd.
Previously, he served on the Boards of PNB Principal Mutual Fund and
SWIFT India Pvt Ltd. as nominee director of Punjab National Bank.

He holds a B. Tech. degree, an MBA, and CAIIB qualification. Additionally,

Mr. Chand has a PG Diploma in Equity Research and is a Certified
Portfolio Manager.

Terms and conditions of appointment along with Mr. Debadatta Chand is a Non-Executive Nominee Director appointed
Details of remuneration sought to be paid. by Bank of Baroda on the Board of the Company and he is not eligible
to receive any remuneration amount except sitting fees, which will be
transferred to Bank of Baroda’s Account

28 IndiaFirst Life Insurance Company Limited

Details of remuneration Last drawn (F.Y. 2022-23) Nil

Shareholding in the Company Nil

Relationship with other Directors and Key None

Managerial Personnel

Number of Board Meetings attended during the Held : 7

Financial Year 2022-23 Attended : NA
Directorships held in other companies • Bank of Baroda
• BOB Capital Markets Ltd
• BOB Financial Ltd
• National Insurance Co. Ltd.
• Bank of Baroda (Tanzania) Ltd
• Bank of Baroda, (Uganda) Limited
• Bank of Baroda (Kenya) Ltd.

Membership / Chairmanship of Committees* of • Member of Nomination and Remuneration Committee at BOB Capital
other Boards Markets Ltd
• Member of Audit Committee, Nomination and Remuneration Committee
and Stakeholder Relationship at National Insurance Co. Ltd.

*Committee membership and Chairmanship includes only Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee and CSR Committee

Annual Report 2022-23 29

Notice

Brief Resume of the Ms. R. M. Vishakha, Managing Director and CEO pursuant to Secretarial Standard 2 on General
Meetings issued by the Institute of Company Secretaries of India

Name of the Director Ms. R. M. Vishakha

Date of Birth June 21, 1964

DIN 07108012

Age 59 Years

Date of first appointment on the Board March 03, 2015

Brief resume, experience and qualification Ms. R. M. Vishakha holds a bachelor’s degree in commerce from Osmania
University and a post-graduate diploma in computer systems from the
Institute of Public Enterprise, Hyderabad. She is currently a member of
the Institute of the Chartered Accountants of India and a Fellow of the
Insurance Institute of India.
Ms. R. M. Vishakha is a BFSI veteran with over three decades of wide-
ranging experience in the Risk and Insurance Sector. She has held the
position of Managing Director & CEO of IndiaFirst Life Insurance Company
since 2015 and is best known for her result-oriented leadership. She is
recognised and influential in the public domain within the industry and more
broadly as an organisational leader.
Prior to India First Life, she held important positions with various prestigious
companies like Canara HSBC Oriental Bank of Commerce Life Insurance
Co. Limited, IDBI Federal Life Insurance Company Limited, Sompo Japan
Insurance Company Limited, Birla Sun Life Insurance Company Limited,
Cigna Healthcare Management Company (I) Private Limited, Royal
Sundaram Alliance Insurance Company Limited, and New India Assurance.

Terms and conditions of appointment along with As per the resolution at item No. 6 of the Notice convening this Meeting
Details of remuneration sought to be paid. read with explanatory statement thereto.

Details of remuneration Last drawn (F.Y. 2022-23) Covered under Item No. 6 of the Notice

Shareholding in the Company Nil

Relationship with other Directors and Key There is no relationship with other Directors and KMP on the Board
Managerial Personnel

Number of Board Meetings attended during the Held : 07

Financial Year 2022-23 Attended : 07
Directorships held in other companies NRB Bearings Limited

Membership / Chairmanship of Committees* of Member of Audit Committee and Stakeholders relationship Committee
other Boards and Chairman of Nomination and remuneration Committee of NRB
Bearings Limited

*Committee membership and Chairmanship includes only Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee and CSR Committee

30 IndiaFirst Life Insurance Company Limited

Directors' Report
To,

Members,

Your Directors are pleased to present their 15th Annual Report, together with the Audited Statement of Accounts of IndiaFirst Life
Insurance Company Limited (“IndiaFirst”) for the period ended March 31, 2023.

Financial Performance

(`in Thousand)
Particulars Current Year ended Previous Year ended
March 31, 2023 March 31, 2022
Income
Gross premium income 60,745,341 51,865,644
Reinsurance (10,08,944) (2,013,591)
Total premium income (net) 59,736,397 49,852,053
Income from investments
Policyholders 12,559,258 17,291,441
Shareholders 503,133 483,386
Investment Income 13,062,391 17,774,827
Other Income 154,823 135,330
Total Income 72,953,611 67,762,210
Less:
Commission 3,104,334 2,537,126
Expenses (including depreciation) 9,225,541 7,539,531
Benefits paid (net) 37,305,368 40,087,655
Provisions for actuarial liability (net) 22,378,455 18,806,357
Transfer to FFA 1,77,460 1,607,729
Provision for Taxation - -
Profit / (Loss) for the Current Year 762,452 (2,816,188)
Add: Loss b/f from Last Year (4,507,128) (1,690,940)
Less: Transfer from DRR 1,00,000 -
Total Loss as on date (3,644,677) (4,507,128)

Outlook:

a) Indian Economy - The year gone by:

India is one of the fastest growing major economy in the world is expected to be one of the top three economic powers in the
world over next 10-15 years, backed by its strong leadership and democratic partnerships.

As per the economic survey presented by our Honourable Finance Minister Ms. Nirmala Sitharama, India’s nominal gross
domestic product (GDP) at current prices is estimated to be at ` 288.75 trillion (US$ 3.5 trillion) in F.Y. 2022-23.

The Indian economy continues to be a trillion-dollar economy in the world in F.Y. 2022-23, having an estimated GDP growth of 7%.

Despite the three shocks of COVID-19, Russian-Ukraine conflict and the Central Banks across economies led by Federal
Reserve responding with synchronised policy rate hikes to curb inflation, leading to appreciation of US Dollar and the widening
of the Current Account Deficits (CAD) in net importing economies, agencies worldwide continue to project India as the fastest-
growing major economy.

Below are the few factors contributed heavily to growth:

• Credit growth to the Micro, Small and Medium Enterprises (MSME) Sector has been remarkably high

• Capital expenditure of the Central Government, which increased by 63.4% in the 1st eight months of F.Y. 2022-23, was
another growth driver of the Indian Economy

• Surge in growth of exports in F.Y. 2021-22 and the 1st half of F.Y. 2022-23 induced a shift in the gears of the production
processes from mild acceleration to Cruise Mode

Annual Report 2022-23 31

Directors' Report

b) Life Insurance Industry - F.Y. 2022-23:

In F.Y. 2022-23, despite Global tension of Russia-Ukraine war and multiple new regulations from Finance Ministry and IRDAI,
overall insurance industry grew by 18% YoY mainly on account of Group new business premium growth of 20% followed by
Retail new business premium YoY growth of 15%.

On APE basis, the retail segment this year grew by 19% YoY led by private sector growth at 24% whereas LIC witnessed
growth of 9% YoY.

The group segment this year grew by 20% YoY led by private sector growth at 17% followed by LIC which grew by 20% YoY.
Also, share of group new business for industry has improved marginally from 60% previous year to 61% current year.

Though we saw increase in premium income, but total number of policies sold decreased compared to last year.

There have been regulatory changes in Life Insurance sector which can be categorised under following buckets:
• Revised EoM and Commission limits by IRDAI

• Tax on aggregate premium of over 5 Lacs by Finance Minister (Union Budget 2023)

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) premium rates increased by Government of India

c) Indian Economy Outlook F.Y. 2023-24:

India has very well recovered from the pandemic, and the growth in domestic demand and capital investment is expected to
be strong and solid in upcoming years.

The Union Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament
recently, which projects a baseline GDP growth of 6.5 per cent in real terms in F.Y. 2023-24. The projection is broadly comparable
to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically.

The Indian economy continues to show strong resilience to external shocks. Notwithstanding external pressures, India’s service
exports have continued to increase, and the current-account deficit is narrowing.

Due to war tension and rising inflation global growth has been projected to decline in 2023 and is expected to remain generally
subdued in the following years as well. The slowing demand will likely push down global commodity prices and improve India’s
Current Account Deficit in F.Y. 2023-24.

d) Financial Services Industry Outlook F.Y. 2023-24:

India has a diversified financial sector comprising of Banks, Mutual Funds, Insurance Companies, direct equity, debt and
other Financial Services which is undergoing rapid expansion and growth, most important factor attributing to this growth is
digitisation. Education platforms on achieving financial goals have made participation easy for youngsters.

Brisk growth is expected in F.Y. 2023-24 as a vigorous credit disbursal, and capital investment cycle is expected to unfold in
India with the strengthening of the balance sheets of the corporate and banking sectors

Further support to economic growth is expected from the expansion of public digital platforms and path-breaking measures such
as PM GatiShakti, the National Logistics Policy, and the Production-Linked Incentive schemes to boost manufacturing output.

The COVID-19 pandemic and resulting economic fallout has radically shifted consumer and employee needs, habits, and
expectations, while compelling virtualization of insurer operations practically overnight, leading to financial services sector to
continue to adopt digital technology.

Having said that, India is today one of the most vibrant and promising global economies on the back of robust financial services
sectors. By 2028, India is expected to be the fourth largest private wealth market globally.

We expect the Life Insurance Industry in India to grow at a CAGR of 12% –18% over the next few years.

32 IndiaFirst Life Insurance Company Limited

 Regulatory Landscape

F.Y. 2022-23 was significant for the life insurance sector. The Insurance Regulatory and Development Authority of India ("IRDAI"/
"Authority") released several discussion papers/ draft guidelines on key aspects of business and operations and also issued
several guidelines/regulations for ease of doing business. During the year, some of the key regulations/ guidelines issued by
the Authority include the following:
a) In order to give the policyholders wider access to insurance via various insurance channels, and facilitate the reach
of insurance to the last mile, the maximum number of tie-ups for corporate agents and insurance marketing firms has
been increased. IRDAI vide regulation on the Registration of Insurance Intermediaries Amendment Regulation 2022,
has increased the limit on the maximum number of arrangements that a Corporate Agent is permitted to enter into with
Life, General, and Health Insurers from the existing limit of 3 for each category of Insurers, to 9 each. The amended
Regulations specify that a Corporate Agent (composite) may have arrangements with either Life, General, and Health
Insurers, subject to such Corporate Agent not having more than 27 arrangements with all Insurers combined. The limits
for Insurance Marketing firms have been increased from 2 to 6 insurers for each category of insurers.
b) To provide the insurers the flexibility to manage their expenses based on their growth aspirations, and ever-changing
insurance needs and with an objective to improve insurance penetration. IRDAI has notified the “Insurance Regulatory and
Development Authority of India (Payment of Commission) Regulations, 2023, vide this regulation the insurance regulator
has replaced the earlier individual cap on commission payments on insurance products with an overall cap that shall not
exceed the expenses of management of insurers.
c) To enable and provide flexibility to the insurers to manage their expenses within the overall limits based on their gross
written premium, and to optimally utilize their resources for enhancing benefits to policyholders. IRDAI issued a new
regulation on Expenses of Management which will be applicable from F.Y. 2023-24
d) With an objective of easing of doing insurance business, IRDAI vide the circular on Use & file (U&F) procedure for life
insurance products & riders, made the insurance product approval easy. This move enabled Life Insurers to launch most
of the products (except Individual Savings, Individual Pensions and Annuity) in a timely manner according to the dynamic
needs of the market, which resulted in improving ease of doing business for the insurers and also lead to expansion of
the choices available to the policyholders.
A statement regarding opinion of the Board with regard to integrity, expertise and experience (including the
proficiency) of the independent directors
The Board is satisfied of the integrity, expertise, and experience [including proficiency in terms of Section 150(1) of the Act and
applicable rules thereunder] of all Independent Directors. In terms of Section 150 of the Act read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the Company have registered their names in
the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs (“IICA”). The Independent Directors
have complied with the Code for Independent Directors prescribed in Schedule IV to the Act. No Independent Directors were
appointed/re-appointed during the year
Capital
During the year under review the Company had issued 9,09,09,091 Equity shares on right issue basis to all the existing shareholders
of the Company. As on March 31, 2023 the Authorised Share Capital and Paid up Equity Share Capital of the Company is
` 10,00,00,00,000/- and ` 754,37,06,300/- respectively.

The Company has not issued any sweat equity shares or shares with differential voting rights

Reserves

Since the Company has accumulated losses at the end of the year, the Company has not carried any amount to the reserves in
the Balance Sheet.

Dividend

The Directors have not recommended any dividend for F.Y. 2022-23.

Annual Report 2022-23 33

Directors' Report

Public Deposits

During the F.Y. 2022-23, the Company has not accepted any deposit from public, falling within the ambit of Chapter V (section 73)
of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014 and hence provisions of the Act relating to
acceptance of Public Deposits are not applicable to the Company.

Particulars of Loans, Guarantees or Investments under Section 186

The Company, being an Insurance Company, provisions of Section 186 of the Companies Act, 2013 are not applicable.

Names of companies which have become or ceased to be its Subsidiaries, joint ventures or associate companies
during the year

There are no subsidiaries, Joint venture or associate companies of the Company during the year.

The Company is a subsidiary Company of Bank of Baroda. Details of Shareholding is disclosed under the annual return on the
website of the Company.

Related Party Transactions

As per Section 177 read with Section 188 of the Companies Act, 2013, the Audit Committee of the Board approves the Related
Party Transactions of the Company on annual basis and also takes note on Statement of Significant Related Party Transactions
on quarterly basis. The Company has obtained omnibus approval for the same from the Audit Committee. All Related Parties
Transactions entered during the year under review were in the ordinary course of business and on an arm’s length basis, thus
not requiring Board/ Shareholders’ approval and disclosure in Form AOC-2 pursuant to Rule 8(2) of the Companies (Accounts)
Rules, 2014.

The policy on Related Party Transactions and on dealing with Related Party Transactions, has been hosted on the website of the
Company can be viewed at https://www.indiafirstlife.com/statutory-disclosure.

As per Accounting Standard (AS) 18 issued by ICAI on ‘Related Party Disclosures’, the details of Related Parties Transactions
entered into by the Company are also included in the Notes to Accounts.

Debentures

The Company had borrowed funds from the market in accordance with IRDAI (other form of Capital) Regulations 2015, through issue
of 8.57% and 8.40% Subordinated Debt i.e. Rated, Subordinated, Listed, Unsecured, Redeemable, Non-Convertible Debentures
(“NCD”) on Private Placement basis for ` 100 Crores and ` 125 Crores respectively with lock in period of 10 years and having
availability of Call option at the end of the 5th year from the date of the issue.

The Company has paid interest @ 8.40% amounting to ` 10.50 Crores to the Debenture holders on completion of 1st year of issuance
to NCDs of ` 125 Cores in March, 2023.

During the year, on completion of 5th year of issuance of NCD of ` 100 Crores the Company exercised the call option and repaid
the debentures along with Annual Interest and pro-rata interest on January 03, 2023 and January 06, 2023 respectively.

Accordingly, as on March 31, 2023 the Company has outstanding Debentures of ` 125 Crores only.

During the year, pursuant to SEBI (Listing Obligations and Disclosure Requirements), 2015; the credit rating was reviewed by Credit
Rating Agency ‘CARE’ and ‘ICRA’ they have reaffirmed the same as “AA Stable.”

Corporate Governance

IRDAI has issued comprehensive guidelines on Corporate Governance for adoption of the Insurance Companies. The objective
of these guidelines is to ensure that the structure, responsibilities and functions of the Board of Directors and senior management
of the Company, fully recognize the expectations of all stakeholders as well as those of the Regulator. The Company’s philosophy
on Corporate Governance envisages the attainment of highest levels of transparency, accountability and equity, in all facets of

34 IndiaFirst Life Insurance Company Limited

its operations and in all interactions with its stakeholders, including Shareholders, employees, the Government and the society.
A Corporate Governance Report is presented in a separate section which forms part of the Annual Report. As required under
the Corporate Governance Guidelines, a certificate from the Company Secretary & Compliance Officer of the Company certifying
that the Company has complied with the Corporate Governance Guidelines, also forms the part of the Annual Report. A detailed
Corporate Governance Report is annexed to this Annual Report as Annexure 1.

Business Responsibility and Sustainability Report

In compliance with SEBI Listing Regulations, a Business Reporting and Sustainability Report for the F.Y. 2022-23 is annexed hereto
as ‘Annexure 2’ and forms part of this report.

Products

The following are the products of the Company are in force as of March 31, 2023:

Sr. Name of the Products Date of Approval Product Category Product UIN
No from IRDAI
1 IndiaFirst Smart Save Plan 05-January-2020* ULIP 143L010V04
2 IndiaFirst Money Balance Plan 05-January-2020* ULIP 143L017V05
3 IndiaFirst Life Wealth Maximizer Plan 05-January-2020* ULIP 143L029V03
4 IndiaFirst Maha Jeevan Plan 17-May -2019* Endowment 143N018V05
5 IndiaFirst Simple Benefit Plan 01-April-2017* Endowment 143N019V03
6 IndiaFirst Life Cash Back Plan 03-October-2017* Endowment 143N024V03
7 IndiaFirst Life Plan 12-November-2013 Term 143N007V02
8 IndiaFirst Anytime Plan 26-November-2013 Term 143N009V02
9 IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana 30-April-2015 Term 143G025V01
10 IndiaFirst Group Term Plan 13-December-2017* Term 143N006V05
11 IndiaFirst New Corporate Benefit Plan 05-January-2020* Others - Fund based Gratuity 143N022V02
/ Leave Encashment
12 IndiaFirst Group Superannuation Plan 05-January-2020* Pension 143N020V03
13 IndiaFirst Employee Benefit Plan 30-July-2013 Others - ULIP Fund based 143L013V02
Gratuity / Leave Encashment
14 IndiaFirst CSC Shubhlabh Plan 25-July-2014 Variable Insurance Plan 143N023V01
15 IndiaFirst Guaranteed Retirement Plan 1-January-2016 Pension 143N026V01
16 IndiaFirst Immediate Annuity Plan 1-March-2016 Annuity 143N027V01
17 IndiaFirst Life Little Champ Plan 25-October-2017 Endowment 143N035V01
18 IndiaFirst Life POS Cash Back Plan 25-October-2017 Endowment 143N034V01
19 IndiaFirst Life Group Credit Life Plus Plan 05-January-2020* Term 143N036V02
20 IndiaFirst Life Employee Welfare Plan 05-January-2020* Others - Fund based Gratuity 143N038V02
/ Leave Encashment
21 IndiaFirst Life Employee Pension Plan 05-January-2020* Pension 143N037V02
22 IndiaFirst Life Guaranteed Monthly Income Plan 18-October-2018 Endowment 143N047V01
23 IndiaFirst Life Smart Pay Plan 23-April-2021* Endowment 143N051V02
24 IndiaFirst Life Guaranteed Annuity Plan 20-September-2019* Annuity 143N050V02
25 IndiaFirst Life Micro Bachat Plan 09-June-2021* Endowment 143N052V02
26 IndiaFirst Life Group Micro Insurance Plan 13-January-2022* Term 143N053V02
27 IndiaFirst Life Long Guaranteed Income Plan 02-March-2023* Endowment 143N054V04
28 IndiaFirst Life Guaranteed Benefit Plan 17-January-2023* Endowment 143N056V05
29 IndiaFirst Life "INSURANCE KHATA" Plan (micro insurance 31-March-2020 Endowment 143N057V01
product)

Annual Report 2022-23 35

Directors' Report

Sr. Name of the Products Date of Approval Product Category Product UIN
No from IRDAI
30 IndiaFirst Life Group Loan Protect Plan 28-February-2020 Term 143N055V01
31 IndiaFirst Life Group HospiCare (Microinsurance) Plan 27-April-2020 Health 143N039V01
32 IndiaFirst Life Group Living Benefits Plan 24-September-2020 Health 143N040V01
33 IndiaFirst Life Mahajeevan Plus Plan 22-October-2020 Endowment 143N059V01
34 IndiaFirst Life Group UL Superannuation Plan 11-December-2020 Pension 143L060V01
35 IndiaFirst Life Saral Pension Plan 26-April-2021 Pension 143N062V01
36 IndiaFirst Life Saral Jeevan Bima Plan 29-January-2021 Term 143N061V01
37 IndiaFirst Life Saral Bachat Bima Plan 23-July-2021 Endowment 143N063V01
38 IndiaFirst Life Fortune Plus Plan 08-February-2022 Endowment 143N065V01
39 IndiaFirst Life Guaranteed Pension Plan 22-February-2022 Pension 143N066V01
40 IndiaFirst Life Radiance Smart Invest Plan 29-March-2022 ULIP 143L067V01
41 IndiaFirst Life Guaranteed Protection Plus Plan 01-November-2022 Term 143N069V01
42 IndiaFirst Life Guaranteed Single Premium Plan 29-March-2022* Endowment 143N068V02

Following Riders are also in force as of March 31, 2023:

Sr. Name of the Riders Date of Approval Rider Category Rider UIN
No from IRDAI
1 IndiaFirst Term Rider 20-September-2013 Term 143B001V02
2 IndiaFirst Life Waiver of Premium Rider 8-April-2019 Others 143B017V01
3 IndiaFirst Life Group Critical Illness Rider 14-January-2020 Health 143B002V01
4 IndiaFirst Life Group Additional Benefit Rider 17-January-2020 Health 143B018V01
5 IndiaFirst Life Group Protection Rider 14-April-2020 Health 143B003V01
6 IndiaFirst Life Group Disability Rider 14-April-2020 Health 143B004V01

Note: - * corresponds to products launched under Use and File process.

Persistency

The 13th month persistency by annualized premium as on March 31, 2023 at 81.48% is higher than 13th month persistency as on
March 31, 2022 at 81.16%.

Customer Service & Grievance Redressal

In continuation with our “Customer First” values, processes and applications have been designed, which enable us to deliver
personalized and delightful service to our customers.

a) Key Initiatives:

In F.Y. 2022-23 we focused on achieving customer delight by introducing new services, simplifying our processes, and
enhancing our service levels. Some of the key initiatives are as follows:

a. Net Promoter Score improved from 17 in F.Y. 2021-22 to 36 in F.Y. 2022-23 through several programs of work aimed
towards enhancing the customer experience

b. Our focus on delivering customers superior experience on self-service channels have led to self-service usage increasing
from 55% in F.Y. 2021-22 to 65% in F.Y. 2022-23

c. High Net-worth Individual customers are delivered highly personalized services with enhanced service levels through our
segmented customer service delivery model

d. A unified Customer Communications Module was launched through which all service- related communication to customers
are triggered. Rich insights into trends and customer behaviour from the tool, will enable further enhancements to the
customer experience

36 IndiaFirst Life Insurance Company Limited

 e. Fund value is now being shared with customers basis their subscription to this service. They can choose the frequency
(daily, weekly or monthly) basis which an automated message with the latest fund value will be delivered to them

f. Automation has been enabled for lapsed policies that can be re-instated without manual intervention. 3673 policies have
been auto reinstated since launch

g. Service to Sales model has generated 6706 leads at service touchpoints with issuance of 174 policies amounting to
` 46.26 lakhs APE

h. The service failure dashboard has been leveraged to proactively monitor the delivery of the top 25 automated services.
Data trends were used to improve the performance and proactively fix any service downtimes/delays

b) Grievance Redressal:

We are committed to IRDAI’s initiatives on better customer service and customer grievance handling. We have set up a robust
Grievance Redressal mechanism for addressing all our customer complaints effectively and efficiently keeping in line with the
IRDAI guidelines. In F.Y. 2022-23 we were successful in resolving 100% of complaints within 15 days as stipulated by IRDAI.

Customer Grievances per 10,000 policies/ members covered was at 2.28 in F.Y. 2022-23

Branch Network

The Company has 28 branches spread across India, targeting a larger segment of an urban as well as rural population.

Claims

Our Claims philosophy ensures speedy and efficient service to genuine claimants by providing wider access and awareness for
claim intimation across various touch points i.e. bank branches, website, whatsapp and call center. The ease of operations of the
digital touchpoints offer greater convenience to claimants at their time of distress. Further, the Company handles every claim with
a high degree of sensitivity and ensures complete handholding of the claimant at every step of the settlement process.

IndiaFirst Life had claims settlement of 97.04% for Individual claims for F.Y. 2022-23 whereas it was 98.58% for Group Claims.

For the year ended March 31, 2023, the Company settled a total of 30,796 death claims amounting to ` 656.75 Crores.

14,992 PMJJBY death claims amounting to ` 299.85 Crores were settled in F.Y. 2022-23 and we ended the financial year with
zero pendency.

Rural and Social Business

The Company has met its rural and social sector obligations for the year under review:

Type of Obligation IRDAI Mandate Achievement by Company

Rural Obligation 20% 41.43%
Social Obligations 2,02,767 lives 7,21,839 lives

Internal Financial Controls

The Company has institutionalized a robust and comprehensive internal control mechanism across all the major processes. The
Company has put in place adequate policies and procedures to ensure that the system of internal financial control is commensurate
with the size, scale and complexity of its operations. These systems provide a reasonable assurance in respect of providing financial
and operational information, complying with applicable statutes, safeguarding of assets of the Company, prevention and detection
of frauds, accuracy and completeness of accounting records and ensuring compliance with corporate policies.

The internal audit, in addition to ensuring compliance to policies, regulations, processes etc., also test and report adequacy of
internal financial controls with reference to financial reporting / statements.

The Company has adequate and effective internal controls over financial statements reporting which are commensurate with its
size and the nature of the business.

Annual Report 2022-23 37

Directors' Report

Management Discussion and Analysis Report

Pursuant to the SEBI Listing Regulations, Management Discussion and Analysis (‘MD&A’) Report forms part of the Annual Report
Annexure 3.

Implementation of IND AS

The Authority (IRDAI) vide its circular dated January 21, 2020 notified that the effective date of implementation of Ind AS shall be
decided after the finalization of IFRS 17, “Insurance Contracts” by the International Accounting Standards Board (IASB). The IASB
has issued the new standard IFRS 17, Insurance Contracts, with effective date on or after January 1, 2023. ICAI issued an exposure
draft of amendments in Ind AS 117 Insurance contracts in February 2022 which corresponds to amendments in IFRS 17. The
amended Ind AS 117 is currently under the process of notification.

As per the directions from IRDAI, the Company has set up a steering committee comprising members from areas such as finance,
actuarial and technology. The steering committee meets at regular intervals to understand requirements of the Ind AS standards,
evaluate technology and knowledge partners and determine the implementation plan. The Steering Committee updates the Audit
Committee who oversees the progress of the Ind AS implementation process and who in turn updates the Board at quarterly intervals.

Information Technology

Information Technology and Data Science at IndiaFirst Life, continued it focus on time to market, support the growth, product
launches, enhancing the digital experience and also looking at adoption of new technology that helps in new business models and
process efficiency.

Business Agility - The following are the key projects or initiatives that got implemented:

a) Launched a new sales lead management system developed on low code, no code for all channels of distribution

b) Launched an enhanced CSC portal with new products and ability to launch new products at a quicker time

c) In alignment with the changing needs of the customers and the market circumstance we launched 9 retail products

d) Made modifications to the instant issuance process with the learning in getting higher throughput from the instant
issuance process

Enhanced Customer Service - Customer experience and customer servicing are the cornerstones of any technological development.
In line with the same we had.

a) Revamped our IRIS chatbot and WhatsApp bot to be the same platform giving similar experience to the customer between
of the chat bot channels

b) Implemented Customer Communication management which becomes a single source of communication tool through
communication channels like emails, WhatsApp, and SMS
c) Launched a new voice bot for automated outgoing renewal call remainder

Insights & Decisions - Data Science is an integral part of our philosophy. Data Science models are to be used in each process
where a Rupee is to be earned or saved.

a) A new predictive model is implemented in helping the sales person to compare and understand a super flyer does and what
are the levers that are available

b) Created 5 more predictive models in claims and litigation

Secure & Scalable Systems - To operate a consistent, reliable, resilient & secure technology environment including infrastructure,
platforms & systems. Ensuring relevant insurance security policies, framework & solutions tools to tackle emerging threats.

a) Tested the BCP for all the systems as per the plan

b) All the upgrade, patches were applied on time

38 IndiaFirst Life Insurance Company Limited

In addition to the above, we ensured that all the members of IndiaFirst team, Partners, Customers were able to access the respective
systems with an uptime of 99.99% despite pandemic. All security needs to meet the hybrid process of working and the dynamic
changes in the external environment.

Investments

The AUM as on March 31, 2023 was ` 21,683 Crores. The AUM under Traditional Funds is ` 13,134 Crores. The AUM under ULIP
Funds as on March 31, 2023 is ` 7,700 Crores. AUM of Shareholder’s Funds is ` 849 Crores.

On an asset allocation basis, the Equity portfolio is ` 5,080 Crores, Debt portfolio is ` 14,307 Crores and the Money market/ other
assets is ` 2,296 Crores.

All our Equity Funds have adopted a conscious strategy to maintain exposure in good quality, large-cap stocks backed by good
operational cash flows. Our key Equity Funds have outperformed key indices on a 1-year, 3-year, 5-year and since inception time
periods on a net basis.

All our Debt Funds have outperformed benchmark index performance on 1 year and since inception time periods on a gross
returns’ basis.

Economy & Markets

Equity Market

The F.Y. 2022-23 saw key global and domestic equity indices witnessing high volatility due to multiple concerns on account of
inflationary headwinds, monetary tightening by major global central banks and continued Russia-Ukraine military conflict. Domestic
equity markets have outperformed most global markets. BSE Sensex and Nifty rose / fell ~ 0.7% and 0.6% respectively, on a Y-o-Y
basis. NSE Midcap and NSE Small cap, were up / down 1.2% and 13.8% respectively on a Y-o-Y basis. NSE Midcap and NSE
Small cap registered outperformance / underperformance respectively vis-à-vis NIFTY Index. Commodity prices were volatile on
rising recessionary concerns. US and EU area inflation moderated from multi-year highs. Global bond yields witnessed heightened
volatility led by the 10-year US Treasury yields.

During the year, FIIs equity flows were negative to the tune of around USD 3 billion whereas DIIs flows were positive to the tune of
around USD 31 billion. FII outflows were offset by domestic inflows.

On the global front, factors such as inflation outlook, key global central bank monetary policy guidance, any escalation of geopolitical
tensions, commodity price trends and China reopening would be keenly watched.

On the domestic front, factors such as impact of the upcoming corporate earnings season, government capital spending push and
other measures to ignite economic growth, RBI’s monetary policy would determine market sentiments.

Prolonged Russia-Ukraine military conflict has only compounded global uncertainties as the threat of supply disruptions have
further exacerbated existing inflationary trends which had taken hold during COVID-19 amid record high fiscal stimulus given
by governments in the back drop of suppressed demand and constrained global supply chains. EU economy faces elevated
uncertainties as Russian gas flows reduce substantially. Global central banks continue to prioritize inflation control over supporting
growth which was quite evident from their actions in light of recent banking sector turmoil.

Prolonged geopolitical tensions, high and sticky inflation, tight monetary policy stance of major global central banks and the associated
risks to economic growth projections mean that macro-environment would remain volatile. Considering the changing dynamics, we
would prefer sectors such as FMCG, Pharma, Utilities, Autos, BFSI (Corporate Banks), Infrastructure and Capital Goods.

Debt Market

At the beginning of the F.Y. 2022-23, 10-year Benchmark yield was around 6.85% and at the close of the year at 7.32%.

Bond yields increased during the year owing to higher inflation and ongoing Russia - Ukraine conflict which led to increase in the
commodity prices. RBI conducted an off-cycle Monetary Policy Meet in May 2022 shocking the markets by hiking the Repo rate by
40 bps owing to persistent inflationary pressures and imminent rate hike expected by other Central Banks and followed it up with
another 50 bps hikes in June 2022, August 2022 and September 2022. This move came against a backdrop of heightened financial
market volatility, high inflation and aggressive monetary tightening in Advanced Economies. Bond yields cooled down mid-year on
the expectations of India being included in the Global Bond Indices which would have attracted passive flows in the domestic debt

Annual Report 2022-23 39

Directors' Report

market. The RBI raised the Repo Rates again in December and February policy by 35 bps and 25 bps respectively in tune with the
actions taken by the advanced economies. Bond yields remained range bound (7.25% to 7.50%) during the second half of the year.

India’s Fiscal deficit for the year 2022-23 is estimated at 6.40% of GDP (estimates for first 10 months stood at ` 17.55 Lac Crores
(67.8% of the revised estimate). The government fared better on the revenue collection with direct tax revenues growing at around
25% over previous year same period (Income tax collections up by 27% and corporate tax collections up by 21% over previous
year (During April - November period). GST revenues also were up by around 25% over the previous year same period.

In the latest monetary policy meeting held in the first week of April 2023, MPC kept the policy rate unchanged Considering the
factors - assumption of a normal monsoon in 2023 and average crude oil price (Indian basket) of US$ 85 per barrel, inflation is now
projected at 5.2 percent in 2023-24, with Q1 at 5.1 percent; Q2 at 5.4 percent; Q3 at 5.4 percent; and Q4 at 5.2 percent. Going
ahead, RBI may look to change the stance to Neutral as we approach close to neutral or slightly deficit liquidity in the coming quarter.

Union Budget 2023 announced the gross borrowing of ` 15.43 Lakh Crores for F.Y. 2023-24 well below the market expectation of
around `16 Lakh Crores. Fiscal Deficit also budgeted to be 5.90% for F.Y. 2023-24 mainly due to trimming of subsidies. The budget also
focused mainly on the capital spending on Infrastructure and consumption. Government borrowing for the 1st Half of F.Y. 2023-24 will be
` 8.88 Lac Crores which is 58% of the Gross borrowing for the entire year. In H1 F.Y. 2023-24, 71.7% of scheduled borrowing is
above 10-year maturity vs. 63.1% in H1 F.Y. 2022-23. Duration heavy supply will see the yield curve steepen as the market will adjust
itself to the new demand-supply dynamics.

External factors like increase in Global oil prices (currently around $82 per barrel), possibility of US Federal Reserve’s further rate
hikes, continuation of Russia - Ukraine war and its likely impact on inflation will drive the debt markets in the near future. We will
also remain watchful of the emerging liquidity conditions. We might also see the RBI now actively managing the liquidity so that it
does not hurt the growth conditions.

Conservation of energy, Foreign exchange earnings and outgo and Technology Absorption

Conservation of energy - The information pursuant to Section 134(3) (m) of the Companies Act, 2013 read with the rule 8(3) of the
Companies (Accounts) Rules, 2014 pertaining to conservation of energy does not apply to the insurance industry and hence are
not applicable to the Company.

The details of Foreign exchange and outgo mentioned below:

` in (‘000)

Sr. Particulars F.Y. 2022-23 F.Y. 2021-22

No.
1 Foreign Exchange Earnings 36,291 168,789
2 Foreign Exchange Outgo 98,618 112,347

The Provision relating to Research and Development and Technology absorption are not applicable our Company.

Auditors and Auditors Report

As per the Section 139(5) of the Companies Act, 2013, the Company comes under the purview of the Comptroller and Auditor
General of India (“CAG”).

The CAG vide its letter dated August 29, 2022, appointed M/s. Mehta Chokshi & Shah LLP, Chartered Accountants, Mumbai
(Firm Registration No. 10620W/AN/100598) and M/s. N. S. Gokhale & Co., Chartered Accountants, Mumbai (Firm Registration No.
103270W) as the joint Statutory Auditors to hold office upto the conclusion of 15th Annual General Meeting. Their appointment was
confirmed by the shareholders at the 14th Annual General Meeting held on September 30, 2022. The Auditors have not made any
adverse comments or provided any qualification, reservation in their report on the audit of financial statements under consideration.

The CAG has conducted supplementary Audit as required under Section 143(6)(b) of the Companies Act, 2013 and the report does
not contain any adverse comments.

40 IndiaFirst Life Insurance Company Limited

Internal Audit Framework

The Company has in place a robust internal audit framework to monitor the efficacy of internal controls with the objective of providing
to the Audit Committee and the Board of Directors, an independent, objective, and reasonable assurance on the adequacy and
effectiveness of the Company’s policies and procedures.

The framework is commensurate with the nature of the business, size, scale, and complexity of its operations. The audit approach
verifies compliance with the regulatory, operational and system related procedures and controls.

The internal audit plan is developed based on the audit needs assessment conducted of business activities of the organization.
The audit plan covers all key processes. The internal audits are carried out by external Chartered Accountant Firm appointed by
the Audit Committee. The audit plan is approved by the Audit Committee, which reviews the compliance to the plan.

Internal Audit Process followed by the Company is as follows:

• Establish and communicate the scope and objectives for the audit to appropriate management

• Develop an understanding of the business area under review

• Identify control procedures in each process, assess the adequacy of the design and operating effectiveness of the process

• Develop and execute a risk-based sampling and testing approach to determine whether the key controls are operating
as intended

• Key audit findings and recommendations made by the Auditors are reported to the Audit Committee

• Based on the audit report of internal audit function, Process Owners undertake corrective actions in their respective areas
and thereby strengthen the controls

• Monitor the status of implementation of audit recommendations and ensure periodic reporting to the Audit Committee

The audit findings are used as a key input in the risk management process and the action plans are tracked for closure. Similarly,
inputs are sought from risk management team for arriving at the Internal Audit Plan.

Internal Auditors

M/s. KPMG LLP were appointed as the Internal Auditors for the period ended March 31, 2023 to verify and test the design and
operating effectiveness of internal controls. The internal auditor directly reports to the Audit Committee.

Concurrent Auditors

M/s. Chaturvedi & Co. Chartered Accountants, Mumbai, were appointed as the Concurrent Auditor for the period ended March 31,
2023 in accordance with the IRDAI notification No. IRDA/Reg/5/47/2008 dated July 2008 to verify the transactions and operating
effectiveness of investment function.
Human Resources

At IndiaFirst Life, all our employees who embody and champion our core values: Be Honest, Do More, Think New and Be Helpful,
we offer to Celebrate Success, Accelerate Growth, Recognize Achievements, Empower Employees (C.A.R.E.). Here, the Human
Capital team is committed in partnering with Business to achieve topline and bottom-line goals and help employees meet their
aspirations and build long term careers with us.

Our manpower strength is 3649 as on March 31, 2023 as against 3374 as on April 01, 2022. We are focused on hiring the best
talent from the market and hence welcome a diverse talent pool from within and outside the Insurance industry. The focus is to find
candidates with the right commitment and competence aligned to the IndiaFirst way of life and its Values. We have been continuously
investing in building capability for our talent at all times.

Our employer brand has been positively impacted by the fact that we have been certified as a Great Place to Work (GPTW) for the
fifth time in a row and are recognized amongst the Best BFSI Best places to work once again five times in a row. We have also been
accredited with “Best in Insurance” recognition. In 2021, we were ranked among India's Best Companies to Work For. The GPTW
certification and recognition is a validation of our people culture, policies and processes and shows that employees at IndiaFirst

Annual Report 2022-23 41

Directors' Report

Life are highly engaged as we move towards our business goals. This success in engagement has been built on important pillars
like meeting employee aspiration, development opportunities, transparent communication, and wellness.

We have built an open line of communication across different levels in the organization through town-halls, strategic meets,
webchats, skip level discussions. These communication channels help us communicate IndiaFirst Life vision, expectation, strategic
decision and get alignment to the same. Keeping in mind this culture of open communication, IndiaFirst Life’s AI-based Culture
assistant to our Chief People Officer called Amber was launched. Amber seeks response from employees on a regular basis in
a confidential manner, analyzes it and identifies high risk employees to address their engagement concerns. Amber has enabled
employees reach the heads of HR and vice versa to uphold our culture of open and proactive communication.
At IndiaFirst Life, through our talent management processes, we prioritize internal talent movements and give opportunities to our
own employees to take up additional roles and responsibilities. This is done by focusing not only on their performance in the current
role but also their potential to take up larger roles and responsibilities. At IndiaFirst Life through our Career Management initiatives
like additional roles and Internal Job Posting (IJP), we support our employees to build horizontal and vertical careers. One of the
primary goals of our talent management process is to create a strong leadership pipeline for IndiaFirst Life.
Adapting to the ongoing pandemic situation, the traditional classroom instructor-led training programs at IndiaFirst Life underwent
a metamorphosis and transformed into a ‘Phygital’ training mode. Phygital training mode combines features from the physical
and online delivery techniques to deliver concise and engaging training programs with sufficient checkpoints like pre and post
assessment tests and feedback from the participant and Manager to understand the effectiveness of our training programs.
Central to our ‘EmployeeFirst philosophy we launched several initiatives to support employees during the Pandemic. One of these
is the ‘Employee Assistance Program (EAP)’ - a 24x7 confidential service assisting employees deal with the challenges at work
and home. Moreover, we have offered our employees and their families a virtual covid related support by partnering with the Seva
at Home. We have also partnered with Seva for a free health check-up drive in corporate office for age group of 40+ and above
along with doctor consultation.
We have created an ecosystem in which employees can develop their capability and potential through our capability development
opportunities. These capability development opportunities come in various forms like coaching, mentoring programs and our
capability development programs. Our capability development initiatives focus on the learning triad- Knowledge, Skills and Attitude.
We have used game-based learning platforms and virtual platforms to reach out to not only our own employees but also our
distribution partners and build their capabilities on our products and processes. Along with the knowledge of products and
processes we also continuously invest in helping managers and leaders build an emotional connect with their teams.
This year, we have introduced MOOCs (Massive Open Online Courses) that aims to upskill employees through new technology
and digitally enabled business models thereby creating a learning environment where employees can take charge of their
own development.
In 2017-18 we have started with the digitalization of Human Capital processes; we have continued that journey in 2022-23. We have
introduced many facets to our new site which focus on empowering the employee to manage his own journey at experience Our
Employee life cycle section enables managers to understand the entire journey made by the employee in his career at IndiaFirst Life.
Our robust onboarding process has been focusing on providing a seamless experience to our new joinees. To track the employee
life cycle effectively, an integration of our HRMS and Anant platform was done to check performance on the go. Amber, our cultural
AI assistant, was integrated with the HRMS to keep a constant check on employee engagement.
Every year, we conduct a benchmarking exercise through which we try and understand the benchmarked remuneration industry
for roles within IndiaFirst. Our Talent management framework integrates with our Total Rewards framework to identify, recognize
and reward superior performance. In addition, Reward and Recognition programs like the Achiever’s First and Dreams First help
motivate employees to outperform their own goals.
The Company has a well laid down employee grievance redressal mechanism that supports employees in registering a complaint
and ensuring an unbiased view. Further the Company has also constituted an Internal Complaints Committee (ICC) and an Appeal
Committee to investigate matters pertaining to Sexual Harassment at the workplace.
Employee Stock Option Schemes:
In order to enable the employees of the Company to participate in the future growth and success of the Company, IndiaFirst Life
Insurance Employee Stock Option Plan 2022 (“ESOP Scheme 2022”) was adopted by the Company was also ratified by the

42 IndiaFirst Life Insurance Company Limited

Shareholders at the General Meeting held on October 12, 2022. During the year, the Company has granted IndiaFirst Life ESOP
scheme 2022 to the eligible employee. Details of the ESOPs as required under Rule 12 of the Companies (Share Capital and
Debenture) Rules, 2014, are provided under Annexure 4 appended to this Report.

Further the ESOP Scheme 2022 was also aligned with the Securities and Exchange Board of India (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021, (“SEBI SBEB & SE Regulations”)

Employee Remuneration:

In terms of Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the disclosures with respect to the remuneration of Directors, Key Managerial Personnel and Employees of the
Company have been provided in Annexure 5 to this Board's Report.

The statement containing details of employees as required in terms of Section 197 of the Act read with Rule 5(2) and Rule 5(3) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is available for inspection at the Registered
Office of the Company during working hours for a period of 21 days before the date of the ensuing Annual General Meeting. Further,
in terms of provisions of Section 136(1) of the Act read with aforementioned rules, the Directors’ Report is being sent to the members
without this Annexure.

A copy of the statement may be obtained by shareholders by writing to the Company Secretary at the Registered Office of the
Company or at [email protected] or [email protected]

Prevention of Sexual Harassment

The Company is committed for creating a healthy working environment that enables employees to work without the fear of being
subject to gender bias and sexual harassment at Workplace. The Company strongly believes that every employee has the right to
work with dignity and strongly condemns any form of sexual harassment. The Company in furtherance of the objective of prohibiting
any form of sexual harassment at workplace has formulated a policy on prevention of Sexual harassment in line with the provisions
of “The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules thereafter.” Internal
Complaints Committee (“ICC”) has been constituted to redress complaints received regarding sexual harassment. All employees
(permanent, contractual, temporary, trainees) are covered under this policy. Thus, the Company has complied with the requirements
laid down in the Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Company received no compliant for redressal under the said Act during F.Y. 2022-23.

Directors

The Board of Directors comprises of Eight (08) Directors including Four (4) Independent Directors, Three (3) Nominee Directors and
One (1) Managing Director and CEO as on March 31, 2023. The Chairman of the Board is a Non-Executive Director.

Details of Directors and KMP who were appointed or have ceased during the year/ after end of year and up to date of report are
to be given.

Director Name of the Director/ KMP Appointment / Date of Appointment Reason for resignation/ cessation
Identification Resignation/ / Resignation
Number (DIN)/ PAN cessation
BTPPS7404D Ms. Sweta Bharucha Resignation April 15, 2022 Resignation for pursuing carrier outside
Company
ALNPK8037B Mr. Aniket Karandikar Appointment June 14, 2022 N.A
08317894 Mr. Vikramaditya Singh Khichi Resignation July 31, 2022 Resignation due to superannuation from
Bank of Baroda
07152192 Mr. Ramesh Singh Resignation September 09, 2022 Resignation due to change in controlling
interest of Union Bank of India

Annual Report 2022-23 43

Directors' Report

Retirement by Rotation

Section 152(6) of the Act provides that not less than two-thirds of the total number of directors of a public company shall be liable
to retire by rotation, and that one-third of such directors as are liable to retire by rotation shall retire from office at every AGM of
the Company.

In accordance with the provisions of the Act, Mr. Narendra Ostawal (DIN: 06530414), Non-Executive, Nominee Director, being
longest in office since his last appointment, retires by rotation, and being eligible, offers himself for re-appointment at the 15th AGM
of the Company.

A Statement on Declaration given by Independent Directors under Sub-Section (6) of Section 149

The Company has received the declaration from all the Independent Directors under sub-section (6) of section 149 of the Companies
Act, 2013 and the rules made thereunder. The Board is of the opinion that all the Independent Directors fulfill the conditions relating
to their status as Independent Director as specified under Section 149 of the Act and the Rules made thereunder.

Details of Independent Director appointed and Re-appointed during the year:

During the year under review none of the Independent directors of the Company were appointed/re-appointed.

Declaration under IRDAI and Section 164 of Companies Act, 2013

In accordance with the guidelines for Corporate Governance issued by IRDAI, directors of insurers have to meet ‘fit and proper’
criteria prescribed by IRDAI. Accordingly, all Directors of the Company have confirmed compliance with ‘fit and proper’ criteria/
norms, prescribed under the guidelines on Corporate Governance issued by IRDAI.

Your Company has also received declarations from all the Directors in terms of Section 164 of the Act, confirming that they
are not disqualified from being appointed as Director of the other companies.

Declaration by Independent Directors and statement on compliance of Code of Conduct:

The Company hereby confirms the following:

a) that necessary declaration with respect to independence has been received from all the Independent Directors of
the Company;

b) that the Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to
the Act.

Director’s Responsibility Statement

The Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013 and the Corporate
Governance Guidelines, to the best of the Director’s knowledge and belief that:

a) in the preparation of the annual accounts for the year ended March 31, 2023 the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any

b) that such accounting policies as mentioned in the financial statements have been selected and applied consistently and
made judgement and estimates that are reasonable and prudent so as to give true and fair view of the states of affairs
of the Company as at March 31, 2023 and of the profit and loss of the Company for the year ended on that day;

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance
with the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;

d) that the Annual Financial Statements have been prepared on a going concern basis;

e) that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and
operating effectively;
f) the management has ensured that an internal audit system commensurate with the size and nature of the business exists
and is operating effectively;

44 IndiaFirst Life Insurance Company Limited

g) the management have laid down internal financial controls to be followed by the Company and that such internal financial
controls are adequate and were operating effectively.

Directors and Officers Liability Insurance (D & O Policy)

The D&O policy covers personal liability of directors, officers and employees arising due to wrongful acts while performing
duty. It also covers defence costs and other expenses incidental to a loss. Since the Directors and officers of the Company are
holding a fiduciary position in the Company, they are thus liable for the all the acts committed by them under the management
and supervision of the Company, Therefore the Company has D & O policy in its place pursuant to the requirement of the
Companies Act 2013 to indemnify the loss which may occur due to Directors and other officers/employees misconduct.

Accordingly, during the year under review Company renewed its Directors and Officers Liability Insurance through TATA AIG
from September 25, 2022 to September 24, 2023.

Managerial Remuneration

The details on remuneration (sitting fees) paid to the Non-Executive Directors and the details on remuneration paid to the
Managing Director & CEO as approved by the IRDAI and remuneration paid to other KMPs as per IRDAI CG Guidelines are
mentioned in the Corporate Governance Report which forms part of the Director’s Report.

Key Managerial Personnel

Under the Companies Act, 2013 read with its Rules made thereunder, Ms. R. M. Vishakha, Managing Director & CEO; Mr. Kedar
Patki, Chief Financial Officer and Mr. Aniket Karandikar, Company Secretary of the Company have been identified and
designated as Key Managerial Personnel of the Company as on March 31, 2023.

Further, in accordance with Corporate Governance Guidelines (“CG Guidelines”) issued by IRDAI the Company had appointed
the requisite KMPs.

The date(s) of appointment and resignation of Key Managerial Personnel (KMP) (upto date of report) are as under:

Name of the KMP Designation Appointment Date Resignation Date

Ms. Sweta Bharucha Company Secretary October 01, 2020 April 15, 2022
Mr. Aniket Karandikar Company Secretary June 14, 2022 -

Number of meetings of the Board

During the year, there were 7 Board meetings. The details of Board and Board Committee Meetings, attendance of the Directors
and Members are mentioned in the Corporate Governance Report which forms a part of the Director’s Report. The intervening
gap between the two Board meetings was within the period prescribed under the Act.

Company’s Policy on Appointment of Directors and Key Management Personnel

The appointment of Directors’ is recommended by the Nomination and Remuneration Committee and are as prescribed under
sub-section (3) of section 178 of the Companies Act, 2013.
Pursuant to Section 134(3)(e) and Section 178 of the Act, the Company has Policy on Appointment of Directors and
Key Management Personnel attached herewith as Annexure 6 and also uploaded on the website of the Company at
https://www.indiafirstlife.com
Annual Return
Pursuant to the amendments to Section 134(3)(a) and Section 92(3) of the Act read with Rule 12 of the Companies (Management
and Administration) Rules, 2014, the annual return in Form MGT-7 as filed with the Registrar of Companies for F.Y. 2021-22
is placed on the website of the Company and can be accessed at https://www.indiafirstlife.com/annual-returns and for
F.Y. 2022-23, the same shall be placed on the website of the Company once filed with the Registrar of Companies at
https://www.indiafirstlife.com/annual-returns in accordance with the provisions of the Companies Act, 2013.
Corporate Social Responsibility
The Company has constituted Corporate Social Responsibility Committee in compliance with the provisions of Section 135
of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. The Corporate Social Responsibility

Annual Report 2022-23 45

Directors' Report

Committee has formulated a Corporate Social Responsibility Policy (CSR policy) indicating the activities to be undertaken
by the Company. The policy is available on the website of the Company - https://www.indiafirstlife.com/statutory-disclosure.
The CSR amount is computed as per the Companies Act, 2013 and the applicable Rules read with IRDAI Corporate Governance
Guidelines. The Company was not liable to spend any amount on CSR activities in F.Y. 2022-23. The brief outline of CSR
Policy, the composition of the CSR Committee, average net profits/loss of the Company for the preceding financial year is
provided in Annexure 7.
Composition of Audit Committee
The Composition and other details of Audit Committee are mentioned in the Corporate Governance Report which forms part
of Director’s Report. All recommendations of the Audit Committee were accepted by the Board of Directors of the Company.
Secretarial Auditors and Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration
of Management Personnel) Rules, 2014, the Board of Directors had appointed M/s. Aashish K. Bhatt & Associates., Practicing
Company Secretaries firm, to undertake the Secretarial Audit of the Company for the F.Y. 2022-23. The report of the Secretarial
Auditor is enclosed as Annexure 8 with this report which is self-regulatory.
Further, the Secretarial Auditors have not reported any instances of fraud in terms of Section 143 (12) of the Act.
Maintenance of Cost Records
Being an Insurance Company, the Company is not required to maintain cost records as per sub-section (1) of Section 148 of
the Act read with Companies (Cost Records and Audit) Rules, 2014.
Compliance with Secretarial Standards
The Company has duly complied with the Secretarial Standards issued by ICSI.
Details of establishment of Vigil Mechanism
The Company has an established the vigil mechanism in place in accordance with Section 177(9) of the Companies Act, 2013
and rules framed there under. The Board has adopted the Whistle Blowing Policy, Anti-money Laundering Policy, Financial
Governance Policy, Policy for Protection of Policyholders Interest and Anti-Fraud Policy. The Policy may be accessed on the
Company's website at the link https://www.indiafirstlife.com/statutory-disclosure.
Details in respect of frauds reported by Auditors
There is no qualification, reservation or adverse remark made by both the statutory auditors in their report. There were no
reportable frauds identified by the auditors during the F.Y. 2022-23.
Details of Remuneration Policy for Non-Executive Directors, Managing Director/CEO/Whole-Time Directors and Key
Managerial Persons
The Company has a Remuneration Policy for Non-Executive Directors, Managing Director/CEO/Whole-Time Directors and
Key Managerial Persons as defined u/s 178 of the Companies Act, 2013 and IRDAI CG Guidelines. The same is attached as
Annexure 9 to the Director’s Report.

Board Evaluation

A formal evaluation mechanism has been adopted for evaluating the performance of the Board, Committees thereof and
individual directors and the Chairman of the Board. The evaluation is based on criteria which includes, among others, providing
strategic perspective, chairmanship of Board and Committees, attendance and preparedness for the meetings, contribution
at meetings, effective decision-making ability and role of the Committees. Pursuant to the requirement of the Companies Act,
2013, the annual performance evaluation of the Board, the Directors (Independent and others) individually, Chairman, as well as
applicable Committees of the Board Viz. Audit Committee, Risk Management Committee, Investment Committee, Policyholders
Protection Committee, Nomination and Remuneration Committee, With Profits Committee and Corporate Social Responsibility
Committee were carried out successfully. Further, the Independent Directors at its meeting held on January 31, 2023, and
inter alia reviewed the performance of non-independent directors, and Board as a whole; and performance of the Chairman.

46 IndiaFirst Life Insurance Company Limited

Risk Management Framework

The Company has robust Risk framework in place which helps in effective Risk Management on regular basis. The Board
approved Risk Framework & Policy is reviewed periodically to strengthen the systems and processes which help to mitigate
material risks faced by the organization. The Company’s risk management architecture is the structural design that involves
the Board of Directors (Board), the Risk Management Committee (RMC), the ERM (Enterprise Risk Management) Team, the
Sub RMC, the Functional Leaders, Risk Experts as per the diagram depicted below.

The Risk Management Committee provides guidance, and inputs to Sub RMC, which helps them in risk identification,
assessment and mitigation process. A Risk Register is presented to Risk Management Committee along with mitigation plan
on quarterly basis.

Board of
Directors

u
Review Risk officer Report
ERM Team u Risk
Management
Top
u

Committee
Down
u

u
Oversight of ERM
Framework & review of
u Sub RMC enterprise risk emerging

u
risks & Risk based decisions

Bottom Up
u

u SOP's Vs Practice & trigger

Risk Experts Functional exceptions by RCA &
Functional
Leaders identification of potential
risks bottom up
u
Risk to be tracked basis
Provide Updates company Risk Classification
u

The Board has approved a Risk Appetite statement & set guardrails to measure Risk and impact on Risk appetite.

IRDAI License

The Insurance Regulatory and Development Authority of India (“IRDAI”) had issued its License to IndiaFirst Life Insurance Company
Ltd. to start the Life Insurance business on November 05, 2009. The Company has paid renewal fees to IRDAI for F.Y. 2022-
23 Pursuant to IRDAI circular (Ref. IRDA/F&A/CIR/GLD/062/04/2015) dated April 07, 2015 which directed that in view of the
Insurance Laws (Amendments) Act, 2015, no renewal certificate would be issued by the Authority and certificate issued earlier
would remain valid.

Significant and Material Orders passed by the Regulators / Courts / Tribunals

No significant or material orders were passed by the regulators or courts or tribunals impacting the going concern status of Company
and its operations in future.

Annual Report 2022-23 47

Directors' Report

Awards & Recognition

COMPANY AWARDS

Sl. Award Name Award Body Reason for Receiving Award

No.

1 The Economic Times Best Brands The Economic Times Recognised amongst Best Brands of 2022 for 2nd
2022 time in a row and 3rd overall

2 Great Place to Work certification for 5th Great Place to Work Certified for the 5th consecutive
consecutive year year and 6th overall
Great Place to Work® Institute (India)
3 India's Top 50 Best Workplaces in Ranked amongst the Top 50 Best Workplaces in
BFSI BFSI 2023 in India for the 5th time in a row

4 Life Insurance Company of the Year NavaBharat BFSI Summit & Awards 2022 Recognised as the Life Insurance Company of the
Year

5 Sales Champion Award The Economic Times Recognised as Sales Champion in Compact
category at The Economic Times Insurance Summit
& Awards

6 Best Digital insurer of the Year BFSI TECH summit & Awards 2022 by UBS Recognised as Best Digital Insurer of the Year
Forums

7 Most Preferred Workplace 2022-23 Team Marksmen Network Recognised amongst Most Preferred Workplaces
BFSI Edition in BFSI in 2022-23

8 Best Customer Oriented Company Indian Chamber of Commerce Recognised as Best Customer Oriented Company
at 3rd Emerging Asia Insurance Conclave & Awards

9 Best Use of Voice of Customer Award 15th Edition of The Customer FEST Show Recognised for Best use of Voice Of Customer
project

10 Business Transformation Award Mint TechCircle Recognised for Process Innovation in Competitive
Edge (Cost Optimisation) category

12 SKOCH Order-of-Merit for Enterprise Recognised for efforts in Enterprise Risk

Risk Management Implementation Management Implementation. SKOCH Orders-of-
Merit are provided to the top 30% best performing
projects in the country.

13 SKOCH Order-of-Merit for: Settlement Recognised for efforts in Settlement of 34%

of 34% Unclaimed Amount In 3 80th SKOCH Summit and SKOCH Awards Unclaimed Amount In 3 Months. SKOCH Orders-of-
Months Merit are provided to the top 30% best performing
projects in the country.

14 SKOCH Order-of-Merit for GPP Recognised for GPP product. SKOCH Orders-of-
Merit are provided to the top 30% best performing
projects in the country.

15 Best HR Initiatives award INSURENEXT Summit 2023 by Banking Recognised for best HR initiaitve
Frontiers

48 IndiaFirst Life Insurance Company Limited

COMPANY AWARDS

Sl. Award Name Award Body Reason for Receiving Award

No.

16 Leader in Customer Engagement Elets BFSI Tech Innovation Awards Recognised for a successful Digital Experience
Initiative award Drive campaign

17 Cyber or Info Security Outstanding Cyber Security Excellence Awards 2022 Recognised for outstanding efforts in the field of
Achievement of the Year - Insurance cyber security

18 Most innovative risk management Recognised for most innovative risk management
strategy of the Year award strategy
4th CRO Leadership Awards 2022 by UBS
Forums
19 Risk Management team of the Year Risk Management team recognised as the best in
award the industry

20 Best Customer Engagement Recognised for 'Know Your Customer' engagement

Campaign award drive
12th Edition CX strategy Summit & Awards by
UBS Forums
21 Recognised for Best CX Strategy Recognised for efforts in maintaining best-in-class
customer experience standards

22 Customer Service Excellence Award Recognised for a successful Digital Experience

Drive campaign

Silver Feather Awards 2022

23 InsureTech of the Year award Recognised for a successful GroupFirst campaign

24 Digital Transformation Award Recognised for a successful FusionFirst campaign

Annual Report 2022-23 49

Directors' Report

LEADERSHIP AWARDS
Sl. Award Name Award Body Reason for Receiving Award
No.

1 Femina Most Promising Leader: R M The Economic Times & Femina Ms. R. M. Vishakha, MD & CEO recognised as
Vishakha Femina Most Promising Leader 2022

2 Visionary Leadership award: R M Elets 3rd BFSI Game Changer Awards 2022 Ms. R. M. Vishakha, MD & CEO felicitated for her
Vishakha 'Visionary Leadership'

3 Visionary Leadership award: Elets 3rd BFSI Game Changer Awards 2022 Mr. Rushabh Gandhi, Deputy CEO felicitated for his
Mr. Rushabh Gandhi 'Visionary Leadership'

4 Transformational Leader of the Year: NavaBharat BFSI Summit & Awards 2022 Mr. Rushabh Gandhi, Deputy CEO recognised for
Mr. Rushabh Gandhi his transformational leadership

5 Entrepreneur of the Year: Mr. Rushabh CIO Look India Entrepreneurs of the Year 2022 Mr. Rushabh Gandhi, Deputy CEO recognised
Gandhi amongst top Entrepreneurs of the Year 2022

6 Business Leader of the Year Silver Feather Awards 2022 Mr. Rushabh Gandhi, Deputy CEO recognised with
(Insurance): Business Leader of the Year award
Mr. Rushabh Gandhi

7 CHRO of the Year Platinum award: HR Distinction Awards 2022 Mr. Praveen Menon, Chief Human Resource Officer
Mr. Praveen Menon felicitated with Platinum award for being CHRO of
the year

8 Change Maker of the year: Ms. Anjana Elets 3rd BFSI Game Changer Awards 2022 Ms. Anjana Rao, SVP & Head - Digital & Direct
Rao Sales BOB Channel felicitated for being a 'Change
Maker' in strategy and innovation in BFSI industry

9 Top 30 Cyber Security Professional of Cyber Security Excellence Awards 2022 by Mr. Sunder Natarajan, Chief Risk Officer recognised
the year: Sunder Natarajan Quantic Media amongst top 30 cyber security professionals

Solvency Margin

The Directors are pleased to report that the assets of the company are higher than the liabilities of the company and the assets are
more than sufficient to meet the minimum required solvency margin requirement. The solvency ratio as at March 31, 2023 is 218%
which is higher than the minimum required solvency ratio of 150%, as specified in Section 64 VA of the Insurance Act, 1938 read
with IRDAI (Assets, Liabilities, and Solvency Margin of Insurance) Regulations, 2016.

Material Changes and commitments affecting the financial position

There have been no material changes and commitments affecting the financial position of the Company which have occurred
between the end of the financial year of the Company to which the financial statements relate and the date of the report.

Disclosure under Insolvency and Bankruptcy Code, 2016

During the year under review the Company has not made any application nor there is any pending proceeding under the Insolvency
and Bankruptcy Code, 2016. Further, there were no instances of one-time settlement for any loans taken from the Banks or
Financial Institutions.

Change in Nature of Business

During the financial year under review, there has been no change in the nature of business of the Company.

Credit Rating

Pursuant to SEBI (Listing Obligations and Disclosure Requirements), 2015; the credit rating in respect of debentures issued by the
Company were reviewed by Credit Rating Agency CARE & ICRA and they have reaffirmed the same as “AA Stable”.

50 IndiaFirst Life Insurance Company Limited

Debenture Trustees

As per SEBI circular no. CIR/IMD/DF/18/2013 dated October 29, 2013 read with SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the details of Debenture Trustee are as under:

Axis Trustee Services Limited

The Ruby, 2nd Floor, SW, 29 Senapati Bapat Marg,
Dadar West, Mumbai - 400 028
Tel: +91-22- 6230 0438
Website: www.axistrustee.com

Compliance Certificate

The Certificate of the Compliance Officer on compliance with corporate governance guidelines for insurance companies is enclosed.

ACKNOWLEDGEMENTS

The Board would like to place on record their gratitude for the valuable guidance and support received from Insurance Regulatory and
Development Authority of India (IRDAI) Governing Body of Insurance Council, Registrar of Companies (ROC), Reserve Bank of India,
CDSL, NSDL, NSE, Debenture holders, shareholders, Auditors and the other Statutory Authorities and to convey their appreciation
to the dedicated efforts put in by the employees for their commitment, commendable efforts, team work and professionalism.

The Board appreciates the Policyholders, bankers, vendors and all other business associates, for their unstinted support and co-
operation.

The Directors communicate their deep sense of gratitude to IndiaFirst’s valued customers for their continued patronage and support
and look forward to the continuance and further strengthening of this mutually supportive relationship in future.

For and on behalf of the Board of Directors

Sanjiv Chadha R. M. Vishakha

Chairman Managing Director & CEO
DIN: 08368448 DIN: 07108012

Date: May 09, 2023

Place: Mumbai

Annual Report 2022-23 51

Directors' Report

Annexure 1

Corporate Governance Report

Our philosophy of Corporate Governance is built on a foundation of ethical and transparent business operations. The sound
governance processes and systems guide the Company on its journey towards continued success. We aspire to reach the highest
standards of Corporate Governance, while emphasizing on transparency, creating a sustainable culture and setting industry-
leading benchmarks.
1. Philosophy of Corporate Governance
Corporate Governance is not only adhering to rules and regulations, good corporate governance just makes good sense to us.
We believe that good governance is the key to long-term value creation. We make concerted efforts to make our governance
practices better every day. We believe sound corporate governance is integral to enhancing and retaining stakeholders’ trust.
Our corporate Governance goals are centered around conscience, openness, fairness, professionalism, and accountability.
To ensure long-term value creation for all our stakeholders.
2. Our Vision
“Become a life insurance and pension business leader in providing significant value for all stakeholders through true customer
delight.”
3. Details of Board and its Committee
Board Composition and category of Directors
The Company recognizes the importance of a diverse Board in its success and it believes that a truly diverse Board would
leverage differences in thought, perspective, knowledge, skill and industry experience, which will enrich Board discussions
and enable effective decision making. The Board has an optimal mix of Executive and Non-Executive Directors who have
considerable expertise in their respective fields including competencies required in context of Company’s businesses. The
Board effectively separates the functions of governance and management and balances deliverables.
Role of the Chairman and Chief Executive Officer
The role of the Chairman and the Managing Director & CEO are distinct and separate. There is a clear demarcation between
the roles and responsibilities of the Chairman and that of the Managing Director & CEO. Mr. Sanjeev Chadha, Non-Executive
Director serves as the Chairman of the Company. The Chairman leads the Board to provide direction and focus, while ensuring
that there is a clear structure for the effective operation of the Board and its Committees.
The Board is apprised of all the key matters and there is a proper channel for flow of information between the management and
the Board. The strategic plans, operational matters, governance & compliance matters, HR financial results, internal controls
are placed before the Committees, as per their roles and before then Board for deliberations as criticality of the subject matter.
The Board makes elaborate discussions on these matters and seeks clarifications, wherever required before approving any
item. The Committees makes necessary recommendations to the Board which are relevant from the business, statutory and
compliance standpoint. The Board considers suggestions and recommendations, if any, before approving/noting any matter
placed before it.
The Company Secretary is responsible for collation, review and distribution of all the agenda papers and information to be
presented to the Board and the Committees thereof. The notice of the Board and Committee meetings, Agenda notes and
relevant attachments are circulated well in advance to facilitate deliberations.
The Board of Directors and its Committees provide leadership and guidance to the Company's management, wherever required.
The Board and the Committees operates within the framework of a well-established practices and defined responsibilities
which enables it to discharge its fiduciary duties best the interest of the Company and the stakeholders ensuring fairness in
the decision-making process.
As per the Companies Act, 2013 and Clause 5.1 of IRDAI Corporate Governance Guidelines, the composition of the Board of
Directors represents a combination of Executive, Non-Executive and Independent Directors. The Board of Directors comprises
of 8 Directors including 4 Independent Directors, 3 Non-Executive Directors and a Managing Director & CEO of the Company
as on March 31, 2023.

52 IndiaFirst Life Insurance Company Limited

 None of the Directors are related to each other.
The Board has two woman Directors and therefore the Company in in compliance with the requirements of the Companies
Act, 2013, IRDAI Corporate Governance Guidelines and SEBI (Listing Obligations and Disclosure requirements) Regulations,
2015 and amendments thereof in respect of appointment of one woman Director on the Board.
The composition of the Board of Directors as on March 31, 2023 is as under:

Sr. Directors Category No. of other No. of Committee2 No. of Shares Directorship in other
No. Directorship1 As member As Chairman/ & convertible listed entities (category
Chairperson Securities held of directorship)
in the Company
1. Mr. Sanjiv Chadha Chairman, 5 2 Nil Nil Bank of Baroda
Nominee (Managing Director & CEO)
Director
2. Mr. Narendra Nominee 16 3 Nil Nil • Computer Age
Ostawal Director Management Services
Limited (Nominee )
• Fusion Micro Finance
Private Limited
• Avanse Financial
Services Limited
• Home First Finance
Company India Limited
3. Mr. Joydeep Dutta Nominee Nil Bank of Baroda as an
Roy Director Executive Director
4. Mr. Arun Chogle Independent Nil 1 Nil Nil Nil
Director
5. Mr. K. S. Independent 1 Nil Nil
Gopalakrishnan Director
6. Mr. Hemant Kaul Independent Nil • Indostar Capital Finance
Director Limited
• Transcop International
Limited
7. Ms. Harita Gupta Independent 1 1 Nil Nil Macrotech Developers
Director Limited
8. Ms. R. M. Managing 1 Nil NRB Bearing Limited
Vishakha Director &
CEO

Notes:
*As per disclosure(s) received, the Directors did not hold Memberships in more than ten Committees and Chairpersonship
in more than five Committees.
1
Directorships held in Public Limited Companies (excluding Private Limited Companies), Section 8 Companies, and
Foreign Companies are mentioned.
2
Committees Includes only Audit Committee and the Stakeholders’ Relationship Committee of Public Limited Companies
(including IndiaFirst Life Insurance Company Limited).

Annual Report 2022-23 53

Directors' Report

Sr. Name of the Director Field of Specialization/ Skills Expertise/ Competencies Fundamental
No for the Effective Functioning of the Company
1 Mr. Sanjiv Chadha • Governance
• Strategy & Corporate Planning
• Business Management
2 Mr. Narendra Ostawal • Governance
• Strategy & Corporate Planning
• Business Management
• Accountancy & Finance
3 Mr. Joydeep Dutta Roy • Governance
• Strategy & Corporate Planning
• Business Management
• Information Technology
4 Mr. Arun Chogle • Governance experience
• Functional expertise in Marketing and Communications
• Corporate Planning and Strategic thinking
• Accountancy and Financial Management
• Business/General Management experience
5 Mr. K. S. Gopalakrishnan • Finance
• Strategy and Planning
• Governance
• Risk Management
• Insurance and Pensions
• General Management
6 Mr. Hemant Kaul • Governance
• Strategy & Corporate Planning
• Risk Management
• Insurance
7 Ms. Harita Gupta • Information Technology
• Governance
8 Ms. R. M. Vishakha • Governance
• Strategy & Corporate Planning
• Business Management
• Accountancy & Finance
• Insurance
• Risk Management
During F.Y. 2022 - 23 the following changes have taken place in the Board of the Company:
Resignation:
Mr. Vikramaditya Singh Khichi, Nominee Director of Bank of Baroda resigned from the Board of the Company w.e.f. July 31, 2022
in view of his superannuation from Bank of Baroda.
Mr. Ramesh Singh, Nominee Director of Union Bank of India has resigned from the Board of the Company w.e.f. September 09, 2022
Roles and Responsibilities of the Board
The Board's responsibilities include various matters as provided under the IRDAI Corporate Governance Guidelines, including;
• Overall direction of the business of the Company, including projected capital requirements, revenue streams, expenses and
the profitability.
• Obligation to fully comply with the various regulations and other statutory requirement.
• Addressing conflict of interests.

54 IndiaFirst Life Insurance Company Limited

• Ensuring fair treatment of shareholders, policyholders and employees.
• Ensuring information sharing with and disclosure to shareholders, including investors, policyholders, regulators, consumers,
financial analysts and/or rating agencies.
• Developing a corporate culture that recognizes and rewards adherence to ethical standards.
Board and Committee Meetings through Video Conferencing:
During the year 2022-23 Directors attended meetings through Video Conferencing (VC) and Other Audio-Visual Means (OAVM) and
in person in compliance with the applicable provisions of the Companies Act and the rules framed thereunder.
Meetings of the Board of Directors
The Company is in compliance with the principles covered in Secretarial Standards (‘the Standards’) for scheduling the meetings
of the Board and Committees. During F.Y. 2022 - 23, the Board met 7 (Seven) times and with a gap of not more than 120 days as
prescribed in the Act and Standard. Detailed agenda of the meeting was prepared and circulated to the Directors atleast seven
days in advance and on a shorter notice by obtaining requisite consents. The Senior Management also attended the Board meetings
to provide additional inputs on the agenda items.
The details of attendance at the Board Meetings and Annual General Meeting held during F.Y. 2022 - 23:

Board Q1 (Date of Q1 (Date of Q2 (Date of Q2 (Date of Q3 (Date of Q3 (Date of Q4 (Date of Attendance

Meeting) Meeting) Meeting) Meeting) Meeting) Meeting) Meeting) at the AGM
held on
30-09-2022
Name of the Director, 12.04.2022 11.05.2022 18.07.2022 26.07.2022 18.10.2022 11.11.2022 06.02.2023 30.09.2022
Nature of Directorship
Mr. Sanjiv Chadha, Chairman Present Present Present Present Present Present Present No
of the Board, Nominee
Director, Non-Executive
Mr. Vikramaditya Singh Khichi, LOA# Present LOA Present NA NA NA NA
Nominee Director, Non-
Executive1
Mr. Narendra Ostawal, Present Present LOA Present LOA LOA Present No
Nominee Director, Non-
Executive
Mr. Joydeep Dutta Roy, LOA Present Present Present Present LOA Present No
Nominee Director, Non-
Executive
Mr. Ramesh Singh, Present Present Present Present NA NA NA NA
Nominee Director,
Non-Executive2
Mr. Arun Chogle, Independent Present Present Present Present Present Present Present Present
Director
Mr. K. S. Gopalakrishnan, Present Present Present Present Present Present Present Present
Independent Director
Mr. Hemant Kaul Independent LOA LOA Present Present LOA Present Present No
Director
Ms. Harita Gupta Independent Present Present Present Present Present Present Present Present
Director
Ms. R. M. Vishakha, MD & Present Present Present Present Present Present Present Present
CEO

• 1
Mr. Vikramaditya Singh Khichi, Nominee Director of Bank of Baroda resigned from the Board of the Company w.e.f. July 31,
2022 in view of his superannuation from Bank of Baroda.
• 2
Mr. Ramesh Singh, Nominee Director of Union Bank of India has resigned from the Board of the Company w.e.f. September
09, 2022

Annual Report 2022-23 55

Directors' Report

• #
LOA stands for Leave of Absence
• NA stands for Non-Applicable as the Director was not entitled to attend the meeting
Within fifteen days from the date of the conclusion of the Meetings of the Board and its Committee, the draft Minutes thereof
were circulated to all the members of the Board and its Committees for their comments. Within seven days from the date of
circulation thereof directors provided their observations, if any. Thereafter, Minutes were finalized and entered in the Minutes
Book within the specified time limit of thirty days.
Independence of Directors
In the opinion of the Board, all the Independent Directors fulfil the criteria prescribed under Section 149(6) of the Act, Regulation
16(1)(b) of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 and are independent of the management
of the Company.
Familiarisation Programme for Directors
The details of familiarisation programme for Directors for the financial year 2022-23 have been hosted on the website of the
Company under the web link: https://www.indiafirstlife.com/.
Independent Directors are familiarised through presentations on economy and industry overview, business overview, key
regulatory developments, governance, strategy, investment, human resource and operating performance which are made to
the Directors from time to time. The details of the familiarisation programmes have been hosted on the website of the Company.
Board Committees
The Board has constituted various Committees in line with governance needs, and considering the provisions of Corporate
Governance Guidelines, IRDAI Regulations, the Act and the SEBI Listing Regulations. These Committees prepares the
groundwork for decision making. The details of Committees of the Board as on March 31, 2023 are as under:
Mandatory Committees:
I. Audit Committee
The Company has constituted the Audit Committee as per the charter prepared which in line with the regulatory
requirements mandated pursuant to Section 177 of the Companies Act, 2013 read with rules made thereunder and as
per clause 7.1 of IRDAI Corporate Governance Guidelines.
The Audit Committee oversees financial statement, financial reporting and internal control systems with a view to ensure
accurate, timely and proper disclosure, transparency and quality of financial reporting on annual and quarterly basis.
The Audit Committee is directly responsible for recommendation of the appointment, remuneration except for Statutory
auditors and overviewing the work and performance of the auditors. The Company is regulated under 139(7) and hence
the CAG had nominated the appointment of joint Statutory auditors along with the remuneration which were duly noted
by the Audit Committee.
The purpose of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities of monitoring financial
reporting processes, reviewing the Company's statutory and internal audit Reports.
The Audit Committee’s functions include reviewing the adequacy of internal control functions and systems, its structure,
reporting process, audit coverage and frequency of internal audits. The responsibility of the Committee is also to review
the findings of any internal investigations by the internal auditors in matters relating to suspected fraud or irregularity or
failure in internal control systems of material nature and report the same to the Board.
Composition
The Audit Committee consist of Four (4) Independent Directors and (2) Non-Executive Directors. Independent Director is
the Chairman of the Audit Committee. All members of the Audit Committee including Chairman have financial & accounting
knowledge and have an ability to read and understand the financial statements. The Chairman of the Audit Committee is
having requisite financial and accounting expertise. The Committee may invite any person to be in attendance to assist
in its deliberations. The Company Secretary acts as a Secretary to the Committee.

56 IndiaFirst Life Insurance Company Limited

 Meetings of Audit Committee
The Committee meets at least four times a year and not more than 120 days lapses between successive meetings. During
F.Y. 2022 - 23, the Committee met Four (4) times and in a gap of not more than 120 days. Senior Management of the
Company is invited by the Chairman to provide inputs, if any, on the matters reviewed / discussed by the Committee.
There were four meetings of the Audit Committee during F.Y. 2022-23. The details of participation of the members at the
Audit Committee Meetings held during the F.Y. 2022 - 23 are as under:
Attendance at Audit Committee Meetings as on March 31, 2023:

Audit Committee Q1 (Date of Q2 (Date of Q3 (Date of Q4 (Date of

Meeting) Meeting) Meeting) Meeting)
Name of the Members, Designation 11.05.2022 26.07.2022 11.11.2022 06.02.2023
Mr. K. S. Gopalakrishnan Independent Director, Present Present Present Present
Chairman of the Committee
Mr. Joydeep Dutta Roy, Nominee Director, Member Present Present LOA Present
Mr. Ramesh Singh, Nominee Director, Member 1
Present Present NA NA
Mr. Narendra Ostawal, Nominee Director, Member Present Present LOA Present
Mr. Arun Chogle, Independent Director, Member Present Present Present Present
Mr. Hemant Kaul, Independent Director, Member Present Present Present Present
Ms. Harita Gupta, Independent Director, Member Present Present Present Present

• Mr. Ramesh Singh, Nominee Director of Union Bank of India resigned from the Board of the Company and its
1

Committee w.e.f. September 09, 2022

II. Investment Committee
The Investment Committee has been constituted pursuant to the Regulation 9 of the IRDA (Investment) Regulations,
2000 as amended from time to time and Clause 7.2 of IRDAI Corporate Governance Guidelines. The primary function of
the Investment Committee is to formulate the policies pertaining to liquidity, prudential norms, exposure limits, stop loss
limits, management of all investment and market risks, management of assets liabilities mismatch, investment audits and
investment statistics, etc. and to ensure adequate returns on Policyholders’ and Shareholders’ funds consistent with the
protection, safety and liquidity of such funds.
Composition
The Investment Committee consists of Two (2) Non-Executive Directors, Two (2) Independent Directors, the Managing
Director & CEO, the Deputy CEO, the Chief Financial Officer, the Chief Investment Officer, the Chief Risk Officer and the
Appointed Actuary of the Company. The Committee may invite any person to be in attendance to assist in its deliberations.
The Company Secretary acts as Secretary to the Committee.
Meetings of Investment Committee
The Committee meets at least four times a year and not more than 120 days lapses between successive meetings.
During F.Y. 2022 - 23, the Committee met 4 (four) times and in a gap of not more than 120 days. Senior Management of
the Company is invited by the Chairman to provide inputs, if any, on the matters reviewed / discussed by the Committee.
There were four meetings of the Investment Committee during F.Y. 2022-23. The details of participation of the members
at the Investment Committee Meetings held during the F.Y. 2022 - 23 are as under:
Attendance at Investment Committee Meetings as on March 31, 2023:

Investment Committee Q1 (Date of Q2 (Date of Q3 (Date of Q4 (Date of

Meeting) Meeting) Meeting) Meeting)
Name of the Members, Designation 11.05.2022 26.07.2022 11.11.2022 06.02.2023
Mr. Joydeep Dutta Roy, Nominee Director, Present Present LOA Present
Chairperson1

Annual Report 2022-23 57

Directors' Report

Investment Committee Q1 (Date of Q2 (Date of Q3 (Date of Q4 (Date of

Meeting) Meeting) Meeting) Meeting)
Name of the Members, Designation 11.05.2022 26.07.2022 11.11.2022 06.02.2023
Mr. Narendra Ostawal, Nominee Director, Member Present Present LOA Present
Mr. Ramesh Singh, Nominee Director, Member 2
Present Present NA NA
Mr. K. S. Gopalakrishnan, Independent Director, Present Present Present Present
Member
Mr. Hemant Kaul, Independent Director, Member Present Present Present Present
Ms. R. M. Vishaka, MD & CEO, Member Present Present Present Present
Mr. Rushabh Gandhi, Deputy CEO, Member Present Present Present Present
Mr. Kedar Patki, Chief Financial Officer, Member Present Present Present Present
Dr. Poonam Tandon, Chief Investment Officer, Present Present Present Present
Member
Mr. Sunder Natarajan, Chief Risk Officer, Member Present Present Present Present
Ms. Bhavna Verma Appointed Actuary, Member Present Present Present Present

• 1
Pursuant to reconstitution of Committee w.e.f. September 12, 2022, Mr. Joydeep Dutta Roy was appointed as a
Chairman of the Investment Committee.
• Mr. Ramesh Singh, Nominee Director of Union Bank of India resigned from the Board of the Company and its
2

Committee w.e.f. September 09, 2022

III. Risk Management Committee
The Risk Management Committee has been constituted pursuant to clause 7.3 of the IRDAI Corporate Governance
Guidelines. The Committee is responsible for putting in place and oversight of Company's Risk management Strategy. It
assists the Board in effective operation of the risk management system by performing analysis and quality reviews and
report details on the risk exposures and the actions taken to manage the exposures.
The primary functions of the Risk Management Committee includes review and recommending risk management
strategies, policies, standards and risk tolerance for the Board's approval, review and recommend to the Board the capital
management, reserving and solvency policies of the Company, ensure adequate and effective operational procedures,
internal controls and systems for identifying, measuring, monitoring and controlling risks are in place to implement the
Board approved policies and standards; oversee the formal development of risk management policies within the Company
encompassing all products and businesses.
Composition
The Risk Management Committee consists of Two (2) Independent Directors, Two (2) Non-Executive Directors, the
Managing Director & CEO, the Deputy CEO and the Chief Risk Officer. The Chief Financial Officer, the Chief Investment
Officer, the Appointed Actuary and the Chief Operating Officer are invitees to the Committee. The Committee may invite
any person to be in attendance to assist in its deliberations. The Company Secretary acts as Secretary to the Committee.
Meeting of Risk Management Committee
The Committee meets at least four times a year and not more than 120 days lapses between successive meetings.
During F.Y. 2022 - 23, the Committee met 4 (four) times and in a gap of not more than 120 days. Senior Management of
the Company is invited by the Chairman to provide inputs, if any, on the matters reviewed / discussed by the Committee.
There were four meetings of the Risk Management Committee during F.Y. 2022-23. The details of participation of the
members at the Risk Management Committee Meetings held during the F.Y. 2022-23 are as under:

58 IndiaFirst Life Insurance Company Limited

 Attendance at Risk Management Committee Meetings as on March 31, 2023:

Risk Management Committee Q1 (Date of Q2 (Date of Q3 (Date of Q4 (Date of

Meeting) Meeting) Meeting) Meeting)
Name of the Members, Designation 10.05.2022 26.07.2022 11.11.2022 06.02.2023
Mr. Narendra Ostawal, Nominee Director, LOA Present LOA Present
Chairperson1
Mr. Joydeep Dutta Roy, Nominee Director, Member Present Present LOA Present
Mr. Ramesh Singh, Nominee Director, Member 2
Present Present NA NA
Mr. K. S. Gopalakrishnan, Independent Director, Present Present Present Present
Member
Mr. Hemant Kaul, Independent Director, Member LOA Present Present LOA
Ms. R. M. Vishaka, MD & CEO, Member Present Present Present Present
Mr. Rushabh Gandhi, Present Present Present Present
Deputy CEO, Member3 NA NA Present Present
Mr. Sunder Natarajan, Chief Risk Officer, Member4 Present Present Present Present

• Pursuant to reconstitution of Committee w.e.f. September 12, 2022, Mr. Narendra Ostawal was appointed as a
1

Chairman of the Risk Management Committee.

• Mr. Ramesh Singh, Nominee Director of Union Bank of India resigned from the Board of the Company and its
2

Committee w.e.f. September 09, 2022

• Pursuant to reconstitution of Committee w.e.f. September 12, 2022 Mr. Rushabh Gandhi, Deputy CEO and
3&4

Mr. Sunder Natarajan, Chief Risk Officer of the Company were appointed as the Members of the Committee
IV. Policyholders Protection Committee
The Policyholders Protection Committee has been constituted pursuant to the clause 7.4 of the IRDAI Corporate
Governance Guidelines with responsibility to put in place proper procedures and effective mechanism to address
complaints and grievance of the policyholders and to ensure compliance with statutory requirements. The Policyholders
Protection Committee reviews the Grievances Redressal Mechanism and the status of complaints at the periodic intervals.
The primary functions of the Policyholders Protection Committee include, to put in place proper procedures and effective
mechanism to address complaints and grievances of policyholders including mis - selling by intermediaries, ensure
compliance with the statutory requirements as laid down in the regulatory framework; review of the mechanism at periodic
intervals; ensure adequacy of disclosure of "material information" to the policyholders. These disclosures shall, for the
present, comply with the requirements laid down by the Authority both at the point of sale and at periodic intervals; review
the status of complaints & claims at periodic intervals, to provide the details of grievances at periodic intervals in such
formats as may be prescribed by the Authority; to review the standards for policy holder servicing from time to time.
Composition
The Policyholders Protection Committee consists of Two (2) Independent Directors, two (2) Non-Executive Directors,
the Managing Director & CEO, the Deputy CEO and the Customer Representative. The Chief Financial Officer, the Chief
Risk Officer, and the Chief Operating Officer are invitees to the Committee. The Committee may invite any person to be
in attendance to assist in its deliberations. The Company Secretary acts as a Secretary to the Committee.
Meeting of Policyholders Protection Committee
The Committee meets at least four times a year and not more than 120 days lapses between successive meetings. During
F.Y.2022 - 23, the Committee met 4 (four) times and in a gap of not more than 120 days. Senior Management of the
Company are invited by the Chairman to provide inputs, if any, on the matters reviewed / discussed by the Committee.
There were four meetings of the Policyholders Protection Committee during F.Y. 2022-23. The details of participation of
the members at the Policyholders Protection Committee Meetings held during the F.Y. 2022 - 23 are as under:

Annual Report 2022-23 59

Directors' Report

Attendance at Policyholders Protection Committee Meetings as on March 31, 2023:

Policyholders Protection Committee Q1 (Date of Q2 (Date of Q3 (Date of Q4 (Date of

Meeting) Meeting) Meeting) Meeting)
Name of the Member, Designation 10.05.2022 26.07.2022 11.11.2022 06.02.2023
Mr. Joydeep Dutta Roy, Nominee Director, Present Present LOA Present
Chairperson1
Mr. Ramesh Singh, Nominee Director, Member2 Present Present NA NA
Mr. Narendra Ostawal, Nominee Director, Member LOA Present LOA Present
Mr. Arun Chogle, Independent Director, Member Present Present Present Present
Ms. Harita Gupta, Independent Director, Member Present Present Present Present
Ms. R. M. Vishaka, MD & CEO, Member Present Present Present Present
Mr. Rushabh Gandhi, Deputy CEO, Member3 NA NA Present Present
Mr. Vinay Menon, Customer Representative, Invitee4 Present NA NA NA
Mr. Bindu Ananth, Customer Representative, Invitee5 NA Present Present Present

• Pursuant to reconstitution of Committee w.e.f. September 12, 2022, Mr. Joydeep Dutta Roy was appointed as a
1

Chairperson of the Policyholder Protection Committee.

• Mr. Ramesh Singh, Nominee Director of Union Bank of India has resigned from the Board of the Company and its
2

Committee w.e.f. September 09, 2022

• Pursuant to reconstitution of Committee w.e.f. September 12, 2022 Mr. Rushabh Gandhi, Deputy CEO of the
3

Company was appointed as a Member of the Committee

• 4
The tenure of Mr. Vinay Menon as Customer Representative expired w.e.f. May 31, 2022
• 5
Ms. Bindu Ananth has been appointed as a Customer Representative w.e.f. June 01, 2022
V. Nomination & Remuneration Committee
The Remuneration Committee of the Board has been reconstituted and renamed as Nomination & Remuneration
Committee in compliance with the Section 178 of the Companies Act, 2013 read with clause 7.5 of the IRDAI Corporate
Governance Guidelines.
The aim of the Committee is to review the Board structure, the size and composition and recommendation for appointment
/ re-appointment of directors & senior Management of the Company. The Committee also reviews "fit and proper" criteria
for the appointment of directors as laid down in the Corporate Governance Guidelines.
The Nomination & Remuneration Committee has recommended to the Board of Directors a policy relating to remuneration
for the directors, Key Managerial Personnel and other employees as required under section 178 (3) of the Companies
Act, 2013.
The terms of reference of the Nomination and Remuneration Committee, include the following:
(1) Formulating the criteria for determining qualifications, positive attributes and independence of a director and
recommending to the Board a policy, relating to the remuneration of the directors, key managerial personnel
and other employees. The Nomination and Remuneration Committee, while formulating the above policy, should
ensure that:
(2) (i) The level and composition of remuneration be reasonable and sufficient to attract, retain and motivate directors
of the quality required to run the Company successfully;
(ii) relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
(iii) remuneration to directors, key managerial personnel and senior management involves a balance between
fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of
the Company and its goals;

60 IndiaFirst Life Insurance Company Limited

(3) For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate
the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a
description of the role and capabilities required of an independent director. The person recommended to the Board
for appointment as an independent director shall have the capabilities identified in such description. For the purpose
of identifying suitable candidates, the Committee may:
a. use the services of an external agencies, if required;
b. consider candidates from a wide range of backgrounds, having due regard to diversity; and
c. consider the time commitments of the candidates.
(4) Formulating the criteria for evaluation of the performance of the independent directors and the Board;
(5) Devising a policy on Board diversity;
(6) Identifying persons who qualify to become directors or who may be appointed in senior management in accordance
with the criteria laid down, recommending to the Board their appointment and removal;
(7) Determining whether to extend or continue the term of appointment of the independent director, on the basis of the
report of performance evaluation of independent directors;
(8) Recommend to the Board, all remuneration, in whatever form, payable to senior management;
(9) To ensure that the proposed appointments/ re-appointments of key managerial personnel or directors are in
conformity with the Board approved policy on retirement/superannuation;
(10) Administering, monitoring and formulating detailed terms and conditions of the IndiaFirst Life Insurance Employee
Stock Option Plan 2022, as applicable; and
(11) Carrying out any other functions as may be required / mandated and/or delegated by the Board as per the provisions
of the Companies Act, SEBI Listing Regulations, regulations prescribed by IRDAI, uniform listing agreements and/or
any other applicable laws or by any regulatory authority and performing such other functions as may be necessary
or appropriate for the performance of its duties.
Composition
The Committee consists of four (4) Independent Directors and two (2) Non-Executive directors. The Managing Director
& CEO, the Deputy CEO, the Chief Financial Officer and the Chief People Officer are invitees to the Committee. The
Committee may invite any person to be in attendance to assist in its deliberations. The Company Secretary acts as a
Secretary to the Committee.
Meeting of Nomination and Remuneration Committee
There were three meetings of the Nomination and Remuneration Committee during F.Y. 2022-23. The details of participation
of the members at the Nomination and Remuneration Committee Meetings held during the F.Y. 2022 - 23 are as under:
Attendance at Nomination and Remuneration Committee Meetings as on March 31, 2023:

Nomination and Remuneration Committee Q1 (Date of Q2 (Date of Q3 (Date of

Meeting) Meeting) Meeting)
Name of the Member, Designation 11.05.2022 26.07.2022 06.02.2023
Mr. Arun Chogle, Independent Director, Chairperson Present Present Present
Mr. Sanjiv Chadha, Nominee Director, Member Present Present Present
Mr. Ramesh Singh, Nominee Director, Member1 Present Present NA
Mr. Narendra Ostawal, Nominee Director, Member Present Present Present
Mr. K. S. Gopalakrishnan, Independent Director, Member2 NA NA Present
Mr. Hemant Kaul, Independent Director, Member Present Present Present
Ms. Harita Gupta, Independent Director, Member Present Present Present

Annual Report 2022-23 61

Directors' Report

• Mr. Ramesh Singh, Nominee Director of Union Bank of India resigned from the Board of the Company and its
1

Committee w.e.f. September 09, 2022

• 2
Pursuant to reconstitution of Committee w.e.f. September 12, 2022 Mr. K. S. Gopalakrishnan, Independent Director
of the Company was appointed as a Member of the Committee
Performance evaluation criteria for Independent Directors
The performance evaluation criteria for Independent Directors was determined by the Nomination & Remuneration
Committee of the Board. An indicative list of parameters on which evaluation of performance of Independent Directors
was carried out, includes their involvement, contribution, knowledge, competency, initiative taken, commitment, integrity,
independence and offering guidance to and understanding of the areas which were relevant to them in their capacity as
Members of the Board.
VI. With Profits Committee
The With Profits Committee has been constituted pursuant to the Regulation 44 & 45 of Chapter XII of IRDAI (Non-Linked
Insurance Products) Regulations, 2013 read with clause 7.7 of the IRDAI Corporate Governance Guidelines and other
applicable provisions of the Insurance Act, 1938 & Regulations as amended from time to time.
The primary function of the With Profits Committee includes approving the asset share methodology including the
deductions for expenses and crediting of investment return to the asset share, recommending bonus to the policyholders
and preparing report summarizing the Committee's view to be sent to IRDAI along with the Actuarial Report and Abstract.
Composition
The With Profits Committee consists of Two (2) Independent Directors, the Managing Director & CEO, the Deputy CEO,
the Chief Financial Officer, the Appointed Actuary and the Independent Actuary. The Committee may invite any person
to be in attendance to assist in its deliberations. The Company Secretary acts as a Secretary to the Committee.
Meeting of With Profits Committee
Further to consider a valid quorum One third members or two members present, whichever is higher shall form the
necessary quorum. For this, participation of members or video conference will be considered.
There was one (1) meeting of the With Profits Committee during F.Y. 2022-23. The details of participation of the members
at the With Profits Committee Meetings held during the F.Y. 2022 - 23 is as under:
Attendance at With Profits Committee Meetings as on March 31, 2023:

With Profits Committee Date of the Meeting

Name of the Member, Designation 10.05.2022
Mr. K. S. Gopalakrishnan Independent Director, Chairperson Present
Mr. Hemant Kaul, Independent Director, Member LOA
Ms. R. M. Vishakha, MD & CEO, Member Present
Mr. Rushabh Gandhi, Deputy CEO, Member Present
Mr. Kedar Patki, Chief Financial Officer, Member2 Present
Mr. Richard Holloway, Independent Actuary, Member Present
Ms. Bhavna Verma, Appointed Actuary, Member Present

VII. Corporate Social Responsibility Committee

The Corporate Social Responsibility (CSR) Committee has been constituted pursuant to Section 135 of the Companies
Act, 2013, the Companies (Corporate Social Responsibility Policy) Rules, 2014 and Schedule VII of the Companies
Act, 2013.
The function of CSR Committee includes approving the amount of expenditure to be incurred on CSR activities and
review the progress of CSR activities, annually report to the Board for status of implementation of CSR Policy.

62 IndiaFirst Life Insurance Company Limited

 Composition
The Corporate Social Responsibility Committee consists of two (2) Non-Executive Directors, two (2) Independent Directors
and the Managing Director & CEO. The Deputy CEO, the Chief Financial Officer and the Chief People Officer are the
invitees to the Committee. The Committee may invite any person to be in attendance to assist in its deliberations. The
Company Secretary acts as a Secretary to the Committee.
Meeting of Corporate Social Responsibility
During the year under review the Company was not required to conduct Corporate Social Responsibility Committee meeting.
Composition of Corporate Social Responsibility Committee Meetings as on March 31, 2023:

Corporate Social Responsibility Committee

Name of the Members, Designation
Mr. Joydeep Dutta Roy, Nominee Director, Chairperson1
Mr. Ramesh Singh, Nominee Director, Member2
Mr. Narendra Ostawal, Nominee Director, Member
Mr. Arun Chogle, Independent Director, Member
Ms. Harita Gupta, Independent Director, Member
Ms. R. M. Vishakha, MD & CEO, Member

• 1
Pursuant to reconstitution of Committee w.e.f. September 12, 2022, Mr. Joydeep Dutta Roy was appointed as a
Chairperson of the Corporate Social Responsibility Committee.
• 2
Mr. Ramesh Singh, Nominee Director of Union Bank of India resigned from the Board of the Company and its
Committee w.e.f. September 09, 2022
VIII. Stakeholders’ Relationship Committee
The Stakeholders’ Relationship Committee has been constituted on September 12, 2022 and its composition is as
required under of the applicable provisions of the Securities Exchange Board of India (Listing Obligation and Disclosure
Requirements) Regulations, 2015 (“SEBI (LODR) Regulations, 2015”) and the Companies Act, as amended read with
the rules framed thereunder.
The functions of Stakeholders’ Relationship Committee include to consider and resolve the grievances of the security
holders related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue
of new/duplicate certificates, general meetings, etc. of the Company, to approve/ ratify the allotment of shares, to approve
the request lodged with the Company for transfer, transmission, de-materialisation, rematerialisation of shares.
Composition
The Stakeholders’ Relationship Committee consists of two (2) Non-Executive Directors, one (1) Independent Director
and the Managing Director & CEO. The Deputy CEO and the Chief Financial Officer are the invitees to the Committee.
The Committee may invite any person to be in attendance to assist in its deliberations. The Company Secretary acts as
a Secretary to the Committee.
Meeting of Stakeholders’ Relationship Committee
During the year under review, the Company was not required to conduct Stakeholder Relationship Committee meeting.
Composition of Stakeholder Relationship Committee Meetings as on March 31, 2023:

Stakeholder Relationship Committee

Name of the Members, Designation
Mr. K. S. Gopalakrishnan, Chairman
Mr. Joydeep Dutta Roy, Nominee Director, Member
Mr. Narendra Ostawal, Nominee Director, Member
Ms. R. M. Vishakha, MD & CEO, Member

Annual Report 2022-23 63

Directors' Report

During the year under review, the Company have not received any complaints from the shareholders of the Company.
Non mandatory Committee
IX. Allotment Committee:
The Allotment Committee is governed by a charter which in line with the regulatory requirements mandated pursuant to
the Companies Act, 2013. The Allotment Committee is responsible for allotment of Securities.
Composition
The Allotment Committee consists of three (3) Members which includes two (2) Non-Executive Directors and the Managing
Director & CEO as of March 31, 2023. The Deputy CEO and the Chief Financial Officer are the invitees to the Committee.
The Committee may invite any person to be in attendance to assist in its deliberations. The Company Secretary acts as
a Secretary to the Committee.
Meeting of Allotment Committee
There was one (1) meeting of the Allotment Committee during F.Y. 2022-23. The details of participation of the members
at the Allotment Committee Meeting held during the F.Y. 2022 - 23 are as under:
Attendance at Allotment Committee Meeting as on March 31, 2023:

Allotment Committee Date of the Meeting

Name of the Members, Designation 12.07.2022
Mr. Narendra Ostawal, Nominee Director, Chairman1 Present
Mr. Vikramaditya Singh Khichi, Nominee Director, Member2 Present
Mr. Joydeep Dutta Roy, Nominee Director, Member3 NA
Mr. Ramesh Singh, Nominee Director, Member4 Present
Ms. R. M. Vishakha, MD & CEO, Member Present

• 1&3
Pursuant to reconstitution of Committee w.e.f. September 12, 2022, Mr. Narendra Ostawal was appointed as a
Chairman of the Committee and Mr. Joydeep Dutta Roy was appointed as a member of the Allotment Committee
• 2
Mr. Vikramaditya Singh Khichi, Nominee Director of Bank of Baroda resigned from the Committee w.e.f. July 31,
2022 due to superannuation from Bank of Baroda
• Mr. Ramesh Singh, Nominee Director of Union Bank of India has resigned from the Board of the Company and its
4

Committee w.e.f. September 09, 2022

X. Initial Public Offer (IPO) Committee:
The IPO Committee was formed to complete various legal statutory and procedural formalities, including appointment of
various intermediaries, filing the draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India
(“SEBI”) and Insurance Regulatory and Development Authority of India (“IRDAI”) and filing the red herring prospectus
(“RHP”) and the prospectus in relation to the Offer with the Registrar of Companies, Maharashtra at Mumbai (“RoC”) and
with the stock exchanges where the Equity Shares are proposed to be listed or any other statutory agencies or relevant
authorities as may be required and other matters incidental thereto.
Composition
The IPO Committee consists of four (4) Members which includes three (3) Non-Executive Directors and the Managing
Director & CEO as of March 31, 2023. The Deputy CEO and the Chief Financial Officer are the invitees to the Committee.
The Committee may invite any person to be in attendance to assist in its deliberations. The Company Secretary acts as
a Secretary to the Committee.
Meeting of IPO Committee
There was one (1) meeting of the IPO Committee during F.Y. 2022-23. The details of participation of the members at the
Allotment Committee Meeting held during the F.Y. 2022 - 23 are as under:

64 IndiaFirst Life Insurance Company Limited

 Attendance at IPO Committee Meeting as on March 31, 2023:

Allotment Committee Date of the Meeting

Name of the Members, Designation 21.10.2022
Mr. Hemant Kaul, Independent Director, Chairman Present
Mr. Joydeep Dutta Roy, Nominee Director, Member Present
Mr. Narendra Ostawal, Nominee Director, Member Present
Ms. R. M. Vishakha, MD & CEO, Member Present

4. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Aashish K. Bhatt and Associates,
Practicing Company Secretaries, to undertake the Secretarial Audit of the Company for F.Y. 2022 - 23. The Secretarial Audit
Report as required to be provided in the format prescribed in Form MR - 3 forms part of the Annual report. Annexure 8 and
the same is self-explanatory.
5. Key Managerial Personnel (‘KMP’)
In Compliance with the requirement of the Companies Act, 2013, the Company has appointed Chief Executive Officer, Chief
Financial Officer and Company Secretary as the Key Managerial Personnel.
Key Management Person (KMPs) as per Corporate Governance guidelines of IRDAI
As per the Corporate Governance Guidelines issued by IRDAI, Key Management Person means members of the core
management team of an insurer including all whole-time directors/ Managing Director / CEO and the functional heads one
level below the Managing Director / CEO, including the CFO, Appointed Actuary, Chief Investment Officer, Chief Risk Officer,
Chief Compliance Officer and the Company Secretary. The KMPs as on date of this report are as under:

Name the KMP Designation Remark

Ms. R. M. Vishakha Managing Director & CEO
Mr. Rushabh Gandhi Deputy CEO --
Mr. Kedar Patki Chief Financial Officer --
Mr. Atri Chakraborty Chief Operating Officer --
Mr. Praveen Menon Chief People Officer --
Mr. Bikash Choudhary Executive Vice President Appointed w.e.f. December 01, 2022
Mr. Sankaranarayanan Raghavan Chief Technology and Data Officer --
Dr. Poonam Tandon Chief Investment Officer --
Mr. Sunder Natarajan Chief Risk Officer --
Ms. Bhavna Verma Appointed Actuary --
Mr. Chinmay Kallianpur Chief Compliance Officer --
Ms. Sweta Bharucha Company Secretary Resigned w.e.f. April 15, 2022
Mr. Aniket Karandikar* Company Secretary Appointed w.e.f. June 14, 2022

*Mr. Aniket Karandikar was appointed as Company Secretary and Compliance Officer of the Company as per Companies Act
2013 and SEBI (LODR) Regulations 2015 in the Board Meeting held on May 11, 2022 w.e.f. June 14, 2022.
6. Management Report
Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority of India (Preparation of
Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2000, the Management Report forms a part
of the financial statements.

Annual Report 2022-23 65

Directors' Report

7. Other Key Governance Elements

Compliance
The Company has in place relevant systems and processes to ensure compliance with the provisions of applicable laws and
regulations. In accordance with the compliance procedures of the Company, relevant Heads of the Departments confirm
compliances with applicable laws and regulations. Further, Compliance Certificate furnished by each functional head and the
Managing Director & CEO is placed before the Board on a quarterly basis.
Key Policies and Framework
From a governance perspective, the Company has put in place various policies including Risk Management Policy, Anti Money
Laundering Policy, Asset Liability Management Policy, Policy on appointment of Directors and remuneration, Code of conduct,
Whistle blower policy, Policy for determination of materiality of events, Code of conduct for prohibition of Insider Trading,
Prevention of Sexual Harassment Policy etc. Each of these policies are approved/ noted by the Board/ Board Committees,
as may be applicable. Brief details in respect of some of these policies are:
i) Policy on Directors' appointment and remuneration
The Company has in place Remuneration Policy for Non-Executive Directors, Managing Director/CEO/Whole-Time
Directors and Key Managerial Persons and Policy on Appointment of Directors and Key Management Personnel ("Policy")
in line with the requirement under Section 178 of the Companies Act, 2013 ("Act"), IRDAI CG Guidelines and guidelines
on Remuneration of Directors and Key Managerial Personnel issued by IRDAI as recommended by the Nomination &
Remuneration Committee and approved by the Board of Directors. The Policy serves as a framework for determining
the appointment and remuneration of Directors, Key Managerial Personnel and Senior Management, seeks to balance
the fixed and incentive pay, and reflects the short and long term performance objectives of the Company.
ii) Code of Conduct for Prevention of Insider Trading
The Company has in place a Code of Conduct for Prevention of Insider Trading which provides a framework
for dealings in securities by the Directors and designated employees of the Company as required under the
IRDAI Regulations and Security and Exchange Board of India (Prohibition of Insider Trading) Regulations 2015.
iii) Code of Conduct & Whistle Blower Policy
The Company is committed to the highest standards of personal, ethical and legal conduct in its business. The Company
has adopted a Code of Conduct, which is approved by the Board of Directors. IndiaFirst Life encourages and promotes
responsible and ethical business behavior by its employees in all transactions/engagements with all internal and external
Stakeholders, including customers. IndiaFirst Life encourages and supports employees/ whistleblowers to report any
suspected instances of unethical/improper behavior and provides a mechanism through its 'Whistle Blower Policy'. The
said Policy provides the employees with a channel for communicating any suspected instances/complaints of violations
and a platform for their resolution through a proper governance mechanism.
No whistle blower has been denied access to the Chairman of the Audit Committee.
The Whistle Blower Policy has been disclosed on the Company's website under the web link: https://www.indiafirstlife.com.
8. Other Disclosures
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL)
The Company is committed and dedicated in providing a healthy and harassment free work environment to every individual of
the Company, a work environment that does not tolerate sexual harassment. We highly respect dignity of everyone involved
at our work place, whether they are employees, suppliers or our customers. We require all employees to strictly maintain
mutual respect and positive attitude towards each other. The said policy is available on the Company’s website and the web
link thereto is https://www.indiafirstlife.com/statutory-disclosure
The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

66 IndiaFirst Life Insurance Company Limited

Number of complaints pending as on the beginning of the financial year - Nil
Number of complaints filed during the financial year - Nil
Number of complaints pending at the end of the financial year - Nil
Transactions with Non-Executive Directors
The Non-Executive/ Independent Directors of the Company do not have any material pecuniary relationships or transactions
with the Company, its Directors or, its Senior Management, other than:
i. insurance policies, if any, taken by any of them in the ordinary course of business;
ii. sitting fees paid to certain Non-Executive Directors, including Independent Directors, for attending Board and
Committee Meetings.
Criteria for making payments to Non-Executive/ Independent Directors:
The Non-Executive/ Independent Directors of the Company are paid remuneration by way of sitting fees based on the criteria
laid down by the Nomination & Remuneration Committee and the Board.
Details of remuneration paid to Non-Executive/ Independent Directors during F.Y. 2022-23

Sr. Particulars of Remuneration Name of the Directors Total Amount

No (` In Lakhs)
- Independent Directors Mr. Arun Chogle Mr. K. S. Mr. Hemant Kaul Ms. Harita Gupta
Gopalakrishnan
Fee for attending board 14.80* 16.60* 13.00 14.80* 59.20
committee meetings
Commission - - - - -
Others, please specify - - - - -
Total (1) 14.80 16.60 13.00 14.80 59.20
2 Other Non-Executive Directors Nominee Nominee 1
Nominee - -
Directors Bank of Director of Union Directors of
Baroda2 Bank of India Carmel Point
Investments India
Private Limited
Fee for attending board 24.20 10.60 Nil 34.80
committee meetings
Commission - - - - -
Others, please specify - - - -- -
- Total (2) 24.20 10.60 Nil 34.80
Total = (1+2) 94.00
Total Managerial Remuneration - - - - -
Overall Ceiling as per the Act - - - - -

Note:
1
The Company has received a Letter dated June 28, 2019 from Carmel Points Investment India Private Limited from waiving
their rights from receiving sitting fees.
2
The sitting fees payable to nominee Directors of Bank of Baroda were paid to Bank of Baroda.
*During the year under review the Company had paid sitting fees of ` 60000 each to the directors for attending 7th Independent
Directors Meeting held during F.Y. 2021-22
Performance criteria Managing Director & CEO and Executive Director
The performance of Executive Director and other KMPs are assessed on pre-defined balanced scorecard covering financial,
customer, and operational indicators of performance at an individual and organisation level as per their role in the organization.
Variable pay for performance is directly linked to the organisation performance which is aligned with the aforementioned
indicators of performance including new business/ renewal premium, profit, market share, employee engagement etc.

Annual Report 2022-23 67

Directors' Report

Disclosures of Remuneration pursuant to IRDAI Guidelines

IRDAI guidelines on Remuneration of Non-Executive Directors and Managing Director/Chief Executive Officer/
Whole Time Directors of Insurers issued vide reference no. IRDA/F&A/GDL/LSTD/154/08/2016 dated August
5, 2016 requires the Company to make following disclosures on remuneration on an annual basis in the
Annual Report:
A, Qualitative Disclosures
(i) Information relating to the design and structure of remuneration processes is given below:
The Nomination & Remuneration Committee (“the Committee”) is the body which oversees the nomination of Directors
and remuneration aspects of the company.
The functions of the Committee include overseeing appointment of Directors, CEO/WTDs & KMPs through a defined
process established by the organisation. Committee also reviews and approves, on an annual basis, the corporate goals
and objectives with respect to the compensation for the Chief Executive Officer/ Whole Time Directors and KMPs. The
Committee also evaluates at least once in a year the Chief Executive Officer’s/ Whole Time Director’s/KMP’s performance
in light of the established goals and objectives and based upon these evaluations, set their annual compensation, including
salary, bonus, equity and non-equity incentive compensation as per the guidelines issued by IRDAI. The Company has
under the guidance of the Board and the Committee, follows compensation practices intended to drive meritocracy
and fairness.
Features of Remuneration Policy
The Company has a Remuneration Policy for Non-Executive Directors, Managing Director/CEO/Whole-Time Directors
and Key Managerial Persons as defined u/s 178 of the Companies Act and IRDAI CG Guidelines. The same is attached
as Annexure 9 to the Director’s Report.
(ii) Description of the ways in which current and future risks are taken into account in the remuneration process
• The Company ensures the effectual positioning of the compensation in line with the overall risk framework of the
organisation. Different aspects of remuneration have been designed to ensure their applicability over a timeframe
and cover the associated risks. The total compensation is aligned to the predefined balanced scorecard covering
the people, financial, customer and operational indicators of performance.
• The compensation payouts are regulated by compliant guidelines of the Malpractice matrix under the enterprise risk
management framework of the Company. Deferred payouts are guided and controlled by the framework in cases
of integrity or any such related parameter.
• Significant component of the remuneration are spread across the time horizon risk in the form of Short Term and
Long Term Incentive Plans.
(iii) Description of the ways in which the insurer seeks to link performance during a performance measurement
period with levels of remuneration
The Company follows a compensation philosophy of pay for performance and meritocratic growth in the organisation.
There is linkage between pay and performance. In line with Company's pay for performance philosophy the compensation
is designed to ensure that every employee will have at least a part of the total Compensation which will be linked to
individual and / or Company performance. For senior management, the variable payouts depend upon the individual
contribution and overall performance of the organisation. The performance is assessed on predefined balanced scorecard
and the payout rate varies with the level of performance where significant merit increase and variable payouts are
awarded to top performers. The organisation strives for higher variable pay at senior levels thereby ensuring more focus
on performance driven payouts.

68 IndiaFirst Life Insurance Company Limited

Quantitative Disclosures
The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of Executive Directors:

Sr. Particular As on March 31, 2023 (` in lakhs)

No.
1 Number of WTD/ CEO/ MD having received a variable remuneration award 1
during the financial year
Number and total amount of sign on awards made during the financial year 0
Details of guaranteed bonus, if any, paid as joining / sign on bonus 0
Total amount of outstanding deferred remuneration, split into cash, shares and Approved:
share linked instruments and other forms 1. Long Term Incentive Plan 90.29 Lacks
2. Phantom Stocks:
178013 units @ ` 54.35
213405 units @ ` 63.26
Subject to IRDAI approval:
ESOP's 944652 units @ ` 75.11
Total amount of deferred remuneration paid out in the financial year ` 141.00 Lakhs
Breakup of amount of remuneration awarded for the financial year to show fixed
and variable, deferred and non-deferred -
Fixed: ` 350.00 lakhs
Variable: Long Term Incentive Plan ` 78.58 Lacks subject to
Deferred IRDAI approval
Non-Deferred Bonus of ` 157.15 Lacks subject to IRDAI approval
Share Linked Instrument ESOP's 760760 units @ ` 100.75 subject to IRDAI
approval

Service contracts, notice period, severance fees

The appointment of the Executive Director is governed by resolutions passed by the Shareholders of the Company and the approval
of IRDAI, which cover the terms and conditions of such appointment, read with the service rules of the Company.
No separate service contract is entered into by the Company with Executive Directors.
Either party is entitled to terminate the appointment by giving ninety (90) days Notice from either side or by giving her ninety 90
days salary in lieu of Notice.
Stock option details, if any and whether issued at a discount as well as the period over which accrued and over
which exercisable
The details of options granted to the are covered under Annexure 4 of the Report.
Related Party Transactions
During the F.Y. 2022-23, there were no materially significant related party transactions with the Directors, the Management,
subsidiaries and/ or relatives of the Directors that may potentially conflict with the interests of the Company. During the year under
review, no material transactions were entered into by the Company with related parties, which were not in the ordinary course of
business and not on an arm’s length basis. Details of related party transactions pursuant to Accounting Standards (AS) - 18 are
covered under Notes forming part of the financial statements.
The Policy on Related Party Transactions of the Company is hosted on the website of the Company at https://www.indiafirstlife.
com/statutory-disclosure

Annual Report 2022-23 69

Directors' Report

Accounting Standards
The Company has complied with the applicable Accounting Standards notified under Section 133 of the Act, and amendments
made thereto. Details in respect of the same are also included in Audit Report and financial statements for F.Y. 2022-23.
Details of non-compliance reported by the Company and penalties, strictures imposed on the Company by the
Stock Exchanges/ SEBI or any Statutory authority, on any matter related to capital markets, during the last three
financial years
The Company has complied with all the applicable provisions of the SEBI Listing Regulations, Circulars & Notifications issued by
Stock Exchanges from time to time. There was no occasion wherein penalties or strictures imposed on the Company by the Stock
Exchanges/ Securities and Exchange Board of India (“SEBI”) or any other statutory authority, on any matter related to capital
markets, during the last three financial years viz., F.Y. 2020-21, F.Y. 2021-22 and F.Y. 2022-23.
9. Disclosures required under IRDAI Corporate Governance Guidelines
The following disclosures required in line with the IRDAI Corporate Governance Guidelines are disclosed as an annexure to
this report.
a) Quantitative and qualitative information on the Company‘s financial and operating ratios namely, incurred
claim, Commission and expenses ratios:

Quantitative and qualitative Ratio* F.Y. 2022-23 F.Y. 2021-22

information on the insurer’s
Commission 5.11% 4.89%
financial and operating
ratios, namely, incurred Claims** 10.82% 21.60%
claim, commission and Expenses*** 13.90% 13.58%
expenses ratios
* as a percentage of premium income
** Death claims excluding reinsurance
*** Policyholder operating expenses excluding service tax/GST

b) Actual solvency margin details vis-à-vis the required margin (will be updated)

F.Y. Actual solvency margin details vis-à-vis the required margin

2022-23 218% against the required solvency margin of 150%
2021-22 165% against the required solvency margin of 150%
2020-21 181% against the required solvency margin of 150%

c) Policy Persistency Ratio

Persistency As on 31.03.2023 As on 31.03.2022

By Number of By Annualized By Number of By Annualized
policies Premium policies Premium
For 13th month 72.80% 81.48% 69.43% 81.16%
For 25 month
th
60.18% 69.97% 61.40% 70.32%
For 37th month 57.14% 66.24% 52.53% 61.93%
For 49 month
th
48.96% 58.58% 45.70% 57.51%
For 61st month 39.54% 44.17% 39.27% 43.98%

d) Financial performance including growth rate and current financial position of the insurer
Refer Summary of Financial Statement & Ratios for more details

70 IndiaFirst Life Insurance Company Limited

e) Description of the Risk management architecture
The Company has robust Risk framework in place which helps in effective Risk Management on regular basis. The
Board approved Risk Framework & Policy is reviewed periodically to strengthen the systems and processes which
help to mitigate material risks faced by the organization. The Company’s risk management architecture is the structural
design that involves the Board of Directors (Board), Risk Management Committee (RMC), Sub-RMC, ERM (Enterprise
Risk Management) Team, Functional Leaders and Risk Experts as outline in the diagram below.

The Risk Management Committee provides guidance, and inputs to Sub RMC, which helps them in risk identification,
assessment and mitigation process. A Risk Register is presented to Risk Management Committee along with mitigation
plan on quarterly basis.
f) Details of number of claims intimated, disposed of and pending with details of duration
As on March 31, 2023 Nos. of Claims
Claims Outstanding at Start of Year 16
Claims Intimated in F.Y. 31274
Claims Settled 30796
Claims Repudiated 483
Claims Rejected 0
Claims O/S at End of Year 11
Details of duration of outstanding claims - as on March 31, 2023 Nos. of Claims
Less than 3 months 4
More than 3 months & less than 6 months 1
More than 6 months & less than 1 year 0
1 year & above 6
Total 11

Annual Report 2022-23 71

Directors' Report

g) All pecuniary relationships or transactions of the Non-Executive Directors vis-à-vis the insurance company
shall be disclosed in the Annual Report -
All the related party transactions were in ordinary course of business and on arm’s length basis. The related party
transactions of the Company are placed and approved/ ratified by the Audit Committee and the Board of Directors.
h) Elements of remuneration package (including incentives) of MD & CEO and all and Key Management Persons-
The details on remuneration paid to the Managing Director & CEO, Executive Director and other KMPs for F.Y. 2022-2023
are furnished below. (` in ‘000’)
F.Y. 2022-23 F.Y. 2021-22
Basic Allowances Company Total Number BasicAllowances Company Total Number
Name of the MD / Perquisites Contribution of Stock / Perquisites Contribution of Stock
& CEO, to Provident Options to Provident Options
Key Fund, granted Fund, granted
Management Gratuity, Gratuity,
Person Super- Super-
annuation annuation
and NPS and NPS
Ms. R. M. 30,577 28,000 4,555 63,132 9,44,652* 25,771 26,529 4,795 57,095 NA
Vishakha (MD & (Subject
CEO) to IRDAI
approval)
Mr. Kedar Patki 10,746 5,378 593 16,717 2,23,345 9,246 4,505 515 14,266 NA
(CFO)
Ms. Sweta 105 219 6 330 NA 2,377 1,278 155 3,810 NA
Bharucha(Company
Secretary upto
April 14, 2022)
Mr. Aniket 2,691 250 159 3,100 30,931 NA NA NA NA NA
Karandikar
(Company
Secretary w.e.f.
June 15, 2022)
Other KMPs1 68,392 50,457 6,309 1,25,158 15,32,188 59,353 43,616 5,549 1,08,518 NA

Note: 1 Remuneration of other KMP's include the list of KMPs as defined under IRDAI Corporate Governance Guidelines,
excluding remuneration of Managing Director & CEO and Executive Director and KMP as per Companies Act 2013.
i) Payments made to group entities from the Policyholders Funds -
This information is grouped together under the related party transactions which are covered under Financials of
the Company.
j) Any other matters, which have material impact on the insurer’s financial position
Nil
8. Other Key Governance Elements
a) Reporting to IRDAI
In accordance with the compliance procedures of the Company quarterly confirmation on regulatory as well as internal
process compliances is obtained from members of the senior management.
b) Accounting Standards Compliance & Disclosure
The Company has complied with the applicable accounting standards.
c) Disclosure relating to Deed of Covenants
During the year ender review the Company has complied with signing of Deed of Covenants from all the Directors as
required under CG guidelines of IRDAI.

72 IndiaFirst Life Insurance Company Limited

 d) Payments made to group entities from the Policyholders Funds:
The detail of payment made to group entities by the Company has been disclosed in Note no. 32 “Related party
disclosures as per Accounting Standard 18” of Schedule 16B: Significant accounting policies and notes forming part of
the financial statements and as per the IRDAI Corporate Governance Guidelines.
e) Any other matters which have material impact on the financial position:
There are no matters which have material impact on the financial position except those disclosed in the Annual Report.
f) Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock
Exchange or SEBI or any statutory authority, on any matter related to capital markets, during the last
three years:
NIL
g) Non-compliance of any requirement of corporate governance report with reasons thereof:
None
h) Disclosures with respect to demat suspense account/ unclaimed suspense account:
Nil
i) Presentations made to institutional investors or to the analysts:
None
9. SHAREHOLDERS & GENERAL INFORMATION OF THE COMPANY:
I. Corporate information

1 Incorporation Date June 19, 2008

2 Registered Office address 12th and 13th Floor, North [C] wing,
Tower 4, Nesco IT Park, Nesco Center,
Western Express Highway,
Goregaon (East), Mumbai - 400063
3 Corporate Identification Number (CIN) U66010MH2008PLC183679
4 Financial year 2022-23
5 Forthcoming 15th Annual General Meeting Friday, 29th September, 2023 at 03.30 P.M. through Video Conference/
Day, Date and Time Other Audio Visual Means (VC/OAVM)
Venue
6 Dividend Payment Date Not Applicable
7 Listing on Stock Exchanges The Non-Convertible Debentures of the Company are listed on WDV
segment of National Stock Exchange of India Limited (NSE) The
address of the respective Stock Exchanges is given below:
National Stock Exchange of India Ltd.:
Exchange Plaza, C-1, Block G,
Bandra-Kurla Complex,
Bandra (East), Mumbai - 400 051
8 Payment of listing fees The Company has paid the annual listing fees for the relevant periods
to NSE
9 ISIN (Equity) INE381Y01016
ISIN (Debt) INE381Y08029

Annual Report 2022-23 73

Directors' Report

10 Registrar to an Issue & Share Transfer Agents KFin Technologies Limited (KFin)
(Formerly KFin Technologies Private Limited)
Selenium Tower B, Plot 31-32, Gachibowli, Financial District,
Nanakramguda,
Hyderabad - 500 032
Email id: [email protected]
Website: www.kfintech.com
Tel No. : +91 - 40 6716 2222
Toll Free No. : 1800-309-4001
11 Plant Location Since the Company is in the business of Life Insurance, the disclosure
with regard to plant location is not applicable
12 Address for Correspondence Mr. Aniket Karandikar
IndiaFirst Life Insurance Company Ltd.,
12th and 13th Floor, North [C] wing,
Tower 4, Nesco IT Park, Nesco Center,
Western Express Highway,
Goregaon (East), Mumbai - 400063
13 Outstanding Global Depository Receipts / American The Company has not issued any such securities
Depository Receipts / warrants and convertible bonds,
conversion date and likely impact on equity
14 Commodity Price Risks / Foreign Exchange Risk This is not applicable since the Company does not have any exposure
and Hedging Activities in derivatives or liabilities denominated in foreign currency
15 Details of utilisation of funds raised through preferential Nil.
allotment or qualified institutions placement as specified No funds were raised through preferential allotment or qualified
under Regulation 32 (7A) institutions placement during F.Y. 2022-23
16 Name of Debenture Trustees with contact details Axis Trustee Services Limited
The Ruby, 2nd Floor (SW)
29, Senapati Bapat Marg,
Dadar West, Mumbai - 400 028
Contact No: 022 6230 0451
Email id: [email protected]
17 Whether the board had not accepted any recommendation Nil
of any committee of the board which is mandatorily
required, in the relevant financial year
18 Credit Rating and revision thereof AA Stable
19 Stock code Not Applicable
22 market price data- high, low during each month in last Not Applicable
financial year
24 In case the securities are suspended from trading, the Not Applicable
directors report shall explain the reason thereof

II. Dematerialisation of Shares & Liquidity:

The details of equity shares dematerialised held as on March 31, 2023 are given under:

Number of Equity Shares Percentage (%)

75,43,70,630 100

The Company confirms that the entire Promoter’s holdings are in electronic form and the same is in compliance with the
directions issued by the SEBI.
III. Share Transfer System:
SEBI has mandated transfer of securities only in dematerialised form with effect from April 1, 2019, except for transmission
and transposition of securities.
Share Transfer System of the Company is managed by KFin Technologies Limited (Formerly KFin Technologies Private
Limited) Registrar & Share Transfer Agent of the Company.

74 IndiaFirst Life Insurance Company Limited

IV. Details of General Meetings
(i) Annual General Meeting:
Details of the past three Annual General Meetings and Special resolutions passed thereat

AGM F.Y. AGM Venue Date of AGM Time of Special Resolution Name and No. of
Meeting passed members present
14th 2021-22 Through Video September 30, 2022 03.30 p.m 1. Transfer Fund from 1. Mr. Rajeev Kumar,
Conferencing / Other Audio Shareholders; (Authorised
Visual Means (VC / OAVM account to Policy- representative of Bank
holders account of Baroda)
2. Approve the revision 2. Mr. V. S. Murugan,
in remuneration and (Authorised
performance related Representative of
payouts for F.Y. Union Bank of India)
ended March 31, 3. Mr. Aniket Karandikar,
2022 of MD & CEO of (Authorised
the Company Ms. R. representative
M. Vishakha of Carmel Point
Investments India
Private Limited),
4. Mr. Rajesh Inder
Malhotra,
5. Mr. Subrat Kumar,
6. Mr. Purshotam,
7. Mr. Arun Kumar,
8. Mr. Vikas Babu
Chittiprolu,
13th 2020-21 Board Room No.1, 12th September 29, 2021 03.00 p.m 1. Transfer Fund from 1. Mr. Srimanta Kumar
Floor, North [C] Wing, Tower Shareholders; Misra, (Authorised
4, Nesco IT Park, Nesco account to Policy- representative of Bank
Center, Western Express holders account of Baroda)
Highway, Goregaon (East), 2. Reappointment of 2. Mr. Chandra Prakash
Mumbai - 400063 and Mr. Arun Chogle Srivastava, (Authorised
through Video Conferencing (DIN: 08089484) Representative of
/ Other Audio Visual Means as an Independent Union Bank of India)
(VC / OAVM) Director for the 2nd 3. Mr. Kedar Patki,
term (Authorised
3. Approval for representative
the revision in of Carmel Point
remuneration and Investments India
performance related Private Limited)
payouts for F.Y. 4. Mr. Rajesh Inder
ended March 31, Malhotra,
2021 of MD & CEO of
the Company Ms. R. 5. Mr. Subrat Kumar,
M. Vishakha 6. Mr. Purshotam,
7. Mr. Arun Kumar,
8. Mr. Vikas Babu
Chittiprolu,

Annual Report 2022-23 75

Directors' Report

AGM F.Y. AGM Venue Date of AGM Time of Special Resolution Name and No. of
Meeting passed members present
12th 2019-20 Board Room No.1, 12th September 28, 2020 04.00 Transfer Fund from 1. Mr. Alok Kumar
Floor, North [C] Wing, Tower p.m., Shareholders; account Sinha, (Authorised
4, Nesco IT Park, Nesco to Policyholders Representative of Bank
Center, Western Express account of Baroda),
Highway, Goregaon (East), 2. Mr. Debraj Bag,
Mumbai – 400063 and (Authorised
through Video Conferencing Representative of
/ Other Audio Visual Means Union Bank of India),
(VC / OAVM)
3. Mr. Narendra
Ostawal, (Director
and Authorised
Representative
of Carmel Point
Investments India
Private Limited),
4. Mr. Radhakant Mathur,
5. Mr. Rajesh Inder
Malhotra,
6. Mr. Rajneesh Sharma,
7. Mr. Arun Kumar,
8. Mr. Vikas Babu
Chittiprolu,

The Ministry of Corporate Affairs (“MCA”) has, vide its circular dated May 5, 2022, read together with circulars dated April
8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, December 8, 2021 and December 14, 2021 (collectively referred
to as “MCA Circulars”), permitted convening the AGM through Video Conferencing (“VC”) or Other Audio Visual Means
(“OAVM”), without physical presence of the members at a common venue till December 31, 2022. In accordance with,
the said circulars of MCA, the AGM of the Company was conducted through Two-way Video Conferencing facility.
Accordingly, the Company conducted its 14th Annual General Meeting dated September 30, 2022 in compliance with the
above notifications.
(ii) Extraordinary General Meeting:

For the Date & time Special Resolution Venue Members Present
Financial Year passed
2022-2023 June 20, 2022 at Nil Board Room No.1, 12th 1. Mr. Rajeev Kumar,
05. 00 P.M. Floor, North [C] Wing, Tower (Authorised representative
4, Nesco IT Park, Nesco of Bank of Baroda)
Center, Western Express 2. Mr. Sandeep
Highway, Goregaon (East), Khuntia, (Authorised
Mumbai – 400063 and Representative of Union
through Video Conferencing Bank of India)
/ Other Audio Visual Means
(VC / OAVM) 3. Mr. Aniket Karandikar,
(Authorised representative
of Carmel Point
Investments India Private
Limited),
4. Mr. Purshotam,
5. Mr. Rajesh Inder Malhotra,
6. Mr. Subrat Kumar
7. Mr. Arun Kumar,
8. Mr. Vikas Babu
Chittiprolu,

76 IndiaFirst Life Insurance Company Limited

For the Date & time Special Resolution Venue Members Present
Financial Year passed
2022-2023 September 09, 1. Approval of the Board Room No.1, 12th 1. Mr. Rajeev Kumar,
2022 at 04.30 amendments to the Floor, North [C] Wing, Tower (Authorised representative
p.m Shareholders Agreement 4, Nesco IT Park, Nesco of Bank of Baroda)
2. Alteration of Articles Center, Western Express 2. Mr. Sandeep
of Association of the Highway, Goregaon (East), Khuntia, (Authorised
Company Mumbai – 400063 and Representative of Union
through Video Conferencing Bank of India)
/ Other Audio Visual Means
(VC / OAVM) 3. Mr. Aniket Karandikar,
(Authorised representative
of Carmel Point
Investments India Private
Limited),
4. Mr. Purshotam,
5. Mr. Rajesh Inder Malhotra,
6. Mr. Subrat Kumar
7. Mr. Arun Kumar,
8. Mr. Vikas Babu
Chittiprolu,
2022-2023 October 12, 2022 1. Approval of IndiaFirst Through Video Conferencing 1. Mr. Rajeev Kumar,
at 04.00 p.m. Life Insurance Employee / Other Audio Visual Means (Authorised representative
Stock Option Plan 2022 (VC / OAVM) of Bank of Baroda)
("ESOP Scheme 2022”) 2. Mr. Alok Gupta,
(Authorised
Representative of Union
Bank of India)
3. Mr. Aniket Karandikar,
(Authorised representative
of Carmel Point
Investments India Private
Limited),
4.Mr. Purshotam,
5. Mr. Rajesh Inder Malhotra
6. Mr. Subrat Kumar
7. Mr. Arun Kumar,
8.Mr. Vikas Babu Chittiprolu,
October 20, 2022 1. Approval for the Initial Through Video Conferencing 1. Mr. Rajeev Kumar,
at 04.00 p.m. Public offer of Equity / Other Audio Visual Means (Authorised representative
Shares of the Company. (VC / OAVM) of Bank of Baroda)
2. Approval of the 2. Mr. V S Murugan,
Amendment cum (Authorised
Termination agreement to Representative of Union
Shareholders Subscription Bank of India)
Agreement (SHA) 3. Mr. Aniket Karandikar,
3. Approval of the new (Authorised representative
Articles of Association of Carmel Point
(AOA) of the Company Investments India Private
Limited),
4.Mr. Purshotam,
5. Mr. Subrat Kumar,
6. Mr. Arun Kumar
7. Mr. Vikas Babu
Chittiprolu,

Annual Report 2022-23 77

Directors' Report

(iii) Whether any Special Resolutions were put through postal ballot last year, details of voting pattern:
No Special Resolution was put through postal Ballot during the year under review
(iv) Whether any special resolution is proposed to be conducted through postal ballot
No special resolution is currently proposed to be conducted through postal ballot.
V. Shareholding details of the Company:
Distribution of shareholding as at March 31, 2023

Sr. No. Name of Shareholders No. of Shares Held % to paid up capital

1 Bank of Baroda 49,03,40,879 65
2 Union Bank of India 6,78,93,337 09
3 Carmel Point Investments India Private Limited 19,61,36,364 26
4 Mr. Purshotam 10 0
5 Mr. Rajesh Inder Malhotra 10 0
6 Mr. Manmohan Gupta 10 0
7 Mr. Arun Kumar 10 0
8 Mr. Vikas Babu Chittiprolu 10 0
Total Shares held 75,43,70,630 100

10. Means of Communications

As per the IRDAI Guidelines on public disclosures, the Insurance Companies are required to disclose their financials (Balance
Sheet, Profit & Loss Account, Revenue Account and Key Analytical Ratios) by newspaper publication and host the same on their
websites within stipulated timelines. Quarterly/ Annual results of the Company are submitted to the IRDAI, Stock Exchanges
and are also hosted on the Company’s website at www.indiafirstlife.com. Details of new business are posted on the IRDAI
website at www.irdaindia.org. The quarterly financials are also published in the newspapers.
Results:
The quarterly, half-yearly and annual results are normally published in one leading national (English) business newspaper and in
one vernacular (Marathi) newspaper and other languages paper as per the requirement of IRDAI. The results and presentations
are submitted and published on Stock Exchanges and are also displayed on the Company’s website at www.indiafirstlife.com
Website:
The Company’s website i.e. www.indiafirstlife.com contains a dedicated section which displays details/ information of interest
to various stakeholders.
Reporting under IRDAI Corporate Governance Guidelines (IRDAI CG Guidelines)
A detailed report on status of Compliance with the “Corporate Governance Guidelines” (IRDAI CG Guidelines) is filed on an
annual basis in Compliance with IRDAI circular No. IRDA/F&A/GDL/CG/ 100/05/2016 dated May 18, 2016.
Reporting of Internal Auditor:
The Internal Auditor directly reports to the Audit Committee.
Fit and proper declaration for investors and continuous monitoring requirement
provide details of compliance with mandatory requirements and adoption of the non-mandatory requirements

78 IndiaFirst Life Insurance Company Limited

DECLARATION OF COMPLIANCE TO THE CODE OF CONDUCT BY DIRECTORS AND SENIOR MANAGEMENT PERSONNEL
I, R. M. Vishakha, Managing Director & CEO confirm that all the Board members and senior managerial personnel have affirmed
compliance with the Code of Conduct and Ethics for Members of the Board and Senior Management for the financial year 2022-23

Place: Mumbai Sd/-

Date: May 09, 2023 R. M. Vishakha
Managing Director & CEO

Certification for compliance of the Corporate Governance Guidelines

I, Aniket Karandikar, hereby certify that to the best of my knowledge and information available with me, the Company has complied
with the corporate governance guidelines for Insurance Companies as amended from time to time and nothing has been concealed
or suppressed.

_________________
Company Secretary and Compliance Officer
Place: Mumbai
Date: May 09, 2023

Annual Report 2022-23 79

Directors' Report

Annexure 2

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity: U66010MH2008PLC183679

2. Name of the Listed Entity: IndiaFirst Life Insurance Company

3. Year of incorporation: Date of Incorporation June 19, 2008

Date of issuance of license by IRDAI November 5, 2009

4. Registered office address: 12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express
Highway, Goregaon (East), Mumbai - 400063.

5. Corporate address: 12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express
Highway, Goregaon (East), Mumbai - 400063.

6. E-mail: [email protected]

7. Telephone: +91 22 6857 0500

8. Website: https://www.indiafirstlife.com

9. Financial year for which reporting is being done: F.Y. 2022-2023

10. Name of the Stock Exchange(s) where shares are listed: Not Applicable
Equity shares are yet to be listed on Stock Exchanges, meanwhile Companies Non-Convertible Debentures (NCD) are
listed on WDV segment of National Stock Exchange

11. Paid-up Capital: As on March 31, 2023, total paid up capital of the company stood at ` 754,37,06,300 consisting of
754,370,630 Equity shares of ` 10/- each

12. Name and contact details (telephone, email address) of the person who may be contacted in case of any
queries on the BRSR report:
a. Name: Mr. Sunder Natarajan
b. Designation: Chief Risk Officer
c. Telephone Number: 022. 6857 0521
d. E-mail ID: [email protected]

13. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e., only for the
entity) or on a consolidated basis (i.e., for the entity and all the entities which form a part of its consolidated
financial statements, taken together): The company does not have any subsidiary

80 IndiaFirst Life Insurance Company Limited

II. Products/services

14. Details of business activities (accounting for 90% of the turnover):

S. No. Description of Main Activity Description of % of Turnover of

Business Activity the entity

1 Financial and Insurance Services Life Insurance 100%

15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

S. No. Product/ Service NIC Code % of total

Turnover contributed

1 Life Insurance 6511 100%

III. Operations

16. Number of locations where plants and /or operations/offices of the entity are situated:

Location Number of plants Number Total

of offices

National NIL 29 29

International NIL NIL NIL

17. Markets served by the entity:

a. Number of locations

Locations Number

National (No. of States) Across 16 states

International (No. of Countries) NIL

b. What is the contribution of exports as a percentage of the total turnover of the entity? NIL

c. A brief on types of customers

The life insurance business demands assessment of both evident and concealed risks, systematic and prudent
product design, alignment of underlying needs with the most apt product, selling through diversified and customer-
suited distribution channels, while ensuring viability and profitability. At IndiaFirst Life we are passionate about serving
our custome` We believe life’s certainties far outweigh the uncertain and we would like our customers to prepare
for those moments. While designing products, we always abide by our “Customer First” philosophy and make sure
to create meaningful tools for them.

Annual Report 2022-23 81

Directors' Report

As of March 31, 2023, we offer 31 retail products, 18 group products and six riders (across the retail and group
portfolios), besides policies under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme. Thus, we
cater to the protection, savings, health, and retirement needs of our customers by leveraging multiple distribution
capabilities and augmenting various investment options. The propositions under the categories of Participating
Plans, Non-Participating Savings Plans, Protection Plans, Unit Linked Insurance Plans, Group Protection Plans,
Corporate Funds Plans, Riders and PMJJBY form a complete suite of offerings that help our customers prepare
for the certainties of life. Our all-encompassing product suite addresses the varied needs of our customers be they
from the mass market, affluent or HNI segments. Our products are easy to understand and optimally priced with a
developed comprehensive risk management framework/policy.

We are careful to inculcate inclusivity in our product suite as we design products for customers from all financial
strata. We acknowledge the need of inclusion at the bottom of the pyramid and frequently design products to address
the unique needs of this mass market segment. We have been one of the front runners in offering the PMJJBY
scheme to the masses and have covered approximately 85 lac customers in that product.

We actively support financial inclusion initiatives in India by partnering with common service centres (CSC) and
microfinance institutions (MFI). Our commitment extends further through distribution partnerships with reputable
brokers, fintech companies, and start-ups. Additionally, we offer a range of corporate fund products as part of our
comprehensive portfolio.

Our dedication to meeting customer and societal needs is reflected in our policies under the PMJJBY scheme, which
ensures broader insurance coverage nationwide. We also provide micro insurance products like the IndiaFirst Life
Insurance Khata Plan (a pay-as-you-go innovative solution for those with seasonal/ varying income), the IndiaFirst
Life Micro Bachat Plan (for those looking to save systematically while paying premiums for a limited duration) and the
IndiaFirst Life Group Microinsurance Plan (for corporate customers looking for a comprehensive protection). These
plans have been tailored to the requirements of the weaker and vulnerable segments of society.

Bancassurance or selling through banks comes naturally to us as an organization with our esteemed stakeholders
being the banking giants of India viz, Bank of Baroda and Union Bank of India. Their extended distribution reach
helps us address insurance needs even in the remotest Indian villages and, thus, helps us address the maximum
possible social segments of our country.

IV. Employees

18. Details as at the end of the Financial Year:

S. No. Particulars Total (A) Male Female

No. (B) % (B/A) No. (C) % (C/A)

EMPLOYEES

1. Permanent (D) 3595 2725 75.8% 870 24.2%

2. Other than Permanent (E) 54 30 55.6% 24 44.4%

3. Total employees (D+E) 3649 2755 75.5 894 24.5

82 IndiaFirst Life Insurance Company Limited

 a. Differently abled Employees

S. No. Particulars Total (A) Male Female

No. (B) % (B/A) No. (C) % (C/A)

1. Permanent (D) 5 3 60% 2 40%

2. Other than Permanent (E) 0 0 0 0 0

3. Total differently 5 3 60% 2 40%

employees (D+E)

19. Participation/Inclusion/Representation of women

Total No. and percentage

of Females

(A) No. (B) % (B/A)

Board of Directors 8 2 25%

*Key Management Personnel 12 3 25%

* Key Management Personnel as defined by the Insurance Regulatory and Development Authority of India (IRDAI).

20. Turnover rate for permanent employees and workers

F.Y. 2022-2023 F.Y. 2021-2022 F.Y. 2020-2021

Male Female Total Male Female Total Male Female Total

Permanent Employees 45% 46% 45% 38% 42% 39% 38% 35% 37%

Permanent Workers Not Applicable

V. Holding, Subsidiary and Associate Companies (including joint ventures)

21. (a) Names of holding/subsidiary /associate companies/joint ventures.

S. No. Name of the Indicate whether % of shares Does the entity indicated
holding / subsidiary holding / Subsidiary held by at column A, participate in
/ associate / Associate / listed entity the Business responsibility
companies / joint Joint Venture initiatives of the listed
ventures (A) entity? (Yes/No)

1 Bank of Baroda Holding 65% No

Annual Report 2022-23 83

Directors' Report

VI. Corporate Social Responsibility (CSR) Details

22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Compliance as per Section 135 of Companies
Act, 2013 is applicable to the company, however obligation to spend CSR amount for F.Y. 2022-23 is NIL

(ii) Turnover (in `) - 59,73,63,97,092/- (Net Premium)

(iii) Net worth (in `) - 10,68,99,38,133/-

VII. Transparency and Disclosures Compliances

23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:
Stakeholder Grievance Redressal Mechanism in Place F.Y. 2022-23 F.Y. 2021-22
group from (Yes/No)
whom
complaint is
received
(If yes, then provide web-link for grievance Number of Number of Re- Number of Number of Re-
redress policy) complaints complaints marks complaints complaints marks
filed during pending filed during pending
the year resolution the year resolution
at close of at close of
the year the year
Communities Corporate Social Responsibility policy is NIL NIL - NIL NIL -
uploaded under below mentioned link:

https://www.indiafirstlife.com/
documents/311537/3071636/
Corporate_Social_Responsibility_Policy.
pdf/e0f2cf1f-5c60-f25d-6674-
d7453d698455?t=1666331787203
Investors Details of Debenture Trustee of Debenture NIL NIL - NIL NIL -
(other than holders other than shareholders are
shareholders) uploaded under below mentioned link:

https://www.indiafirstlife.com/
documents/311537/5782405/Debenture-
Trustee.pdf/e3e75ba9-d6a9-c970-d190-
55d330c9a8a0?t=1660731538505
Shareholders The Statutory disclosure are uploaded NIL NIL - NIL NIL -
under below mentioned link:

https://www.indiafirstlife.com/statutory-
disclosure
Employees https://www.indiafirstlife.com/ 251 NIL - 184 NIL -
and workers documents/311537/3071636/Anti-Fraud-
Policy_New.pdf/b59aad80-22d5-4322-
9868-8ed144a3bb32?t=164803004287

https://www.indiafirstlife.com/
documents/311537/3071636/whistle-
blower-policy.pdf/70a1568d-2b7a-5787-
a1c2-ee3cfcd92b9d?t=1666331656741

https://www.indiafirstlife.com/
documents/311537/3071636/
Prevention+of+Sexual+Harassment+Policy.
pdf/4d3d64b1-9f7a-b414-d2fb-
6a446102d65f?t=1666331830351

84 IndiaFirst Life Insurance Company Limited

Stakeholder Grievance Redressal Mechanism in Place F.Y. 2022-23 F.Y. 2021-22
group from (Yes/No)
whom
complaint is
received
(If yes, then provide web-link for grievance Number of Number of Re- Number of Number of Re-
redress policy) complaints complaints marks complaints complaints marks
filed during pending filed during pending
the year resolution the year resolution
at close of at close of
the year the year
Customers https://www.indiafirstlife.com/grievance- 3357 40 - 2571 75 -
redressal-process
Value Chain https://www.indiafirstlife.com/ NIL NIL - NIL NIL -
Partners documents/311537/3071636/Anti-Fraud-
Policy_New.pdf/b59aad80-22d5-4322-
9868-8ed144a3bb32?t=164803004287

https://www.indiafirstlife.com/
documents/311537/3071636/whistle-
blower-policy.pdf/70a1568d-2b7a-5787-
a1c2-ee3cfcd92b9d?t=1666331656741

https://www.indiafirstlife.com/
documents/311537/3071636/ESG+policy.
pdf/0a2adda4-f72b-cd42-32e5-
4028295d7ca9?t=1684119278662

https://www.indiafirstlife.com/
documents/311537/3071636/
Prevention+of+Sexual+Harassment+Policy.
pdf/4d3d64b1-9f7a-b414-d2fb-
6a446102d65f?t=1666331830351

Annual Report 2022-23 85

Directors' Report

24. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters
that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk
along-with its financial implications, as per the following format

S. Material Indicate Rationale for identifying the In case of risk, approach to Financial
No. issue identified whether risk/opportunity adapt or mitigate implications
risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)

1 Business Ethics Risk High ethical standards build IndiaFirst Life proactively Negative
and Conduct & Opportunity trust, enhance reputation, addresses risks related to and Positive
and attract ethical-minded business ethics and conduct
custome` It mitigates legal by implementing a strong
and compliance risks and code of Conduct, providing
prevents reputational damage. regular compliance and
Neglecting ethics poses fraud awareness trainings,
financial and reputation risks. and establishing clear
Prioritizing ethics allows policies and procedures. The
companies to establish trust, company has a Vigilance &
sustain growth, and mitigate Ethics Committee which is a
unethical risks. sub-Committee of the Risk
Management Committee to
oversee implementation of
Anti-Fraud policy and the
vigilance and ethics matte`
By fostering transparency
and accountability, the
company aims to minimize
legal and reputational risks,
build trust with stakeholders,
and drive sustainable growth.

2 Corporate Risk Effective governance enhances IndiaFirst Life proactively Negative

Governance & Opportunity transparency, accountability, mitigates c o r p o r a t e and Positive
and decision-making. It builds governance risks through
investor confidence, fosters strong structures, regulatory
relationships, and ensures compliance, transparency,
c o m p l i a n c e. N e g l e c ti n g and an ethical culture. This
governance risks reputation, builds trust, minimizes legal
non-compliance, and poor and reputational risks, and
per formance. Prioritizing supports sustainable growth.
governance improves
p e r fo r m a n c e, m i ti g a te s
risks, and maintains a
competitive edge.

86 IndiaFirst Life Insurance Company Limited

S. Material Indicate Rationale for identifying the In case of risk, approach to Financial
No. issue identified whether risk/opportunity adapt or mitigate implications
risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)

3 Cyber Security and Risk Cybersecurity risks IndiaFirst Life prioritizes Negative
Data Privacy for businesses include adapting and mitigating and Positive
unauthorized access, data risks in cyber security and
breaches, financial losses, data privacy. This includes
and reputational damage. implementing robust
Cybercriminals exploit security measures, ensuring
v u l n e r a b i l i t i e s, causing compliance, and investing
operational disruption, loss of in advanced technologies.
trust, penalties, and litigation. By safeguarding customer
Robust practices like network data and maintaining trust,
security and employee training the company minimizes
are crucial for protecting assets potential cyber threats to its
and maintaining stakeholder operations and reputation.
trust in the digital age.

4 Risk Management Opportunity Risk Management is a process, Company has a Board Positive
effected by an entity’s Board of Approved Risk Management
Directors, management, and Framework policy in place
other personnel, applied in to identify risks and take
strategy setting and across the corrective measures to
enterprise to identify potential mitigate /manage the risks.
events and developments It also has a Risk appetite
that may affect the entity, statement approved by the
and manage risk (including board including guardrails to
ESG risks) to be within its operationalize the same.
risk appetite/risk tolerance,
as applicable. This provides
reasonable assurance
regarding the achievement of
entity objectives.

Annual Report 2022-23 87

Directors' Report

S. Material Indicate Rationale for identifying the In case of risk, approach to Financial
No. issue identified whether risk/opportunity adapt or mitigate implications
risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)

5 Business Risk Business Continuity Planning The company proactively Positive

Continuity & Opportunity e n s u r e s preparedness adapts and mitigate risks in
Planning for unforeseen events, business continuity planning.
minimizing disruptions and This involves developing a
safeguarding business comprehensive strategy,
interests. Implementing BCP protecting critical systems,
enables quick recover y, and establishing clear
maintains trust, and meets communication protocols.
regulations. Neglecting BCP Regular testing and updates
risks downtime, losses, ensure e f f e c t i ve n e s s,
damage, and non-compliance. minimizing disruptions
Prioritizing BCP enhances and safeguarding
resilience, mitigates risks, and stakeholder interests.
ensures sustainability.

6 Effective Risk Managing regulator y The company proactively Positive

Management and & Opportunity changes presents risks and adapts and mitigate risks
implementation of opportunities for businesses. in managing regulatory
regulatory changes Staying compliant mitigates changes and laws. This
and laws. legal and financial risks, involves closely monitoring
maintains reputation, and developments, ensuring
fosters innovation. Failure compliance, and providing
to manage changes ongoing training. The
leads to non-compliance, implementation of regulatory
legal consequences, and compliances is tracked
reputational damage. through an automated
Proactive management tool and Compliance
ensures compliance, navigates Dashboards are presented
complexities, and builds to Senior Management
stakeholder trust. periodically. By prioritizing
regulator y compliance,
the company minimizes
legal and compliance
risks and protects
stakeholder interests.

88 IndiaFirst Life Insurance Company Limited

S. Material Indicate Rationale for identifying the In case of risk, approach to Financial
No. issue identified whether risk/opportunity adapt or mitigate implications
risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)

7 Customer Opportunity Customer engagement and The Company has well Positive
engagement & Risk satisfaction offer valuable documented Grievance & Negative
and satisfaction b u s i n e s s o p p o r tu n i ti e s. Redressal policy and
B y e nsu r ing cu sto m e r procedures. A dedicated
satisfaction and engagement, and independent Complaints
companies foster loyalty, Management Unit ensures
build relationships, and that all customer grievances
drive profitability. Satisfied are addressed in a timely
customers become brand manner with appropriate
advocates, increasing resolution. There is adequate
retention and positive word-of- oversight and supervision
mouth. Neglecting customer on grievances by internal
engagement risks churn and Management Forums. The
missed growth opportunities. summary of grievances
Prioritizing satisfaction creates and Net promoter score
a competitive edge and used to measure customer
drives success. satisfaction are reviewed
quarterly by Policyholders
Protection Committee, a
committee of the Board.

8 Employee well- Opportunity Employee well-being, training, Employee policies aimed at Positive
being, training, and development offer valuable their well-being like Health
and development opportunities for businesses. insurance for self and family,
Prioritizing employee well- Life insurance.
being improves job satisfaction Structured training roadmap.
and retention. Investing in Learning & development
training enhances skills and roadmap basis individual
producti v it y. N e gle cting needs etc.
employee well-being and
development risks low morale
and decreased productivity.
Therefore, prioritizing these
areas fosters a talented
workforce and drives success.

Annual Report 2022-23 89

Directors' Report

S. Material Indicate Rationale for identifying the In case of risk, approach to Financial
No. issue identified whether risk/opportunity adapt or mitigate implications
risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)

9 Diversity, Equity, Opportunity The Human Capital policy NA. The Company aims Positive
and Inclusion includes policy on Diversity, to embed the values
Equity, and Inclusion. Through of diversity across our
this Policy, the Company business by providing equal
aims at promoting diversity & opportunity and promoting
inclusion as a culture which an inclusive workforce.
allows all employees to bring
their authentic selves to work
and contribute with their skills,
experience, and perspective
for creating unmatched value
for all stakeholder

10 Financial Inclusion Risk Financial inclusion, with Anti-selection could lead to Positive
(Innovative, & Opportunity af fordable savings and adverse claims experience. & Negative
Affordable savings protection plans, of fers
and protection business opportunities. By
plans) providing accessible services,
companies empower
underser ved populations,
bridge the wealth gap, and
foster inclusive growth. Offering
affordable insurance to lower-
income individuals ensures
financial security and creates
positive social impact. This
taps into new markets, builds
loyalty, and drives sustainable
growth while benefiting society.

11 Financial Literacy Opportunity Financial literacy and insurance NA. Positive

and Insurance awareness offer business
awareness oppor tunities. Promoting
financial literacy empowers
individuals to make informed
decisions and manage their
money effectively. Increasing
insurance awareness educates
people about its benefits.
Businesses can provide
resources, products, and
advisory services to meet
these needs, building trust
and engagement.

90 IndiaFirst Life Insurance Company Limited

S. Material Indicate Rationale for identifying the In case of risk, approach to Financial
No. issue identified whether risk/opportunity adapt or mitigate implications
risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)

12 Responsible Opportunity Responsible investments NA. The Company’s ESG Positive

Investments are an oppor tunity for policy and strategies aims
businesses. It aligns to improve the share of high
portfolios with sustainability, ESG compliant investee
attracts conscious investors, companies in the portfolio for
and enhances financial mitigating ESG related risks.
performance. By embracing
this practice, companies
contribute to a more sustainable
e c o n o my a n d c a ptu re
market demand for socially
responsible investments.

13 Carbon neutrality Opportunity Carbon neutrality is an NA. The Company is in Positive

opportunity for life insurance process to partner with a
companies. It aligns with Sustainability Consultant
customer demands for for Car bon Footprint
sustainabilit y, e nhance s (CFP) framework set-up,
re pu tation, a nd dr i ve s verification, and assurance
competitive advantage. from certification agencies.
The aim is to disclose
Company’s CFP in BRSR
in subsequent years and lay
down a sustainable roadmap
to achieve carbon neutrality
by year 2050.

14 Public Opportunity The Company through trade Working in transparent Positive

policy advocacy bodies and associations, coalitions; ensuring that
puts forth several suggestions public policy advocacy is
with respect to insurance consistent with Company’s
sector. This helps drive values and engaging
financial inclusion. policymakers and regulators
ef fectively on ESG
related topics.

Annual Report 2022-23 91

Directors' Report

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
Policy and management processes
1A. Whether your entity’s policy/
policies cover each principle
and its core elements of
Yes
the National Guidelines
on Responsible Business
Conduct (NGRBC). (Yes/No)
1B. Has the policy been approved
Yes
by the Board? (Yes/No)
1C. Web Link of the Policies, if
https://www.indiafirstlife.com/statutory-disclosure
available
2. Whether the entity has
The company has well documented Standard Operating Procedures for all Board approved
translated the policy into
policies. The company is in process of documenting a SOP for the ESG policy.
procedures (Yes /No)
3. Do the enlisted policies extend The company has not mandated any vendors, suppliers, business partners etc. to
to your value chain partners? participate in the business responsibility initiatives of the Company. However, they are
(Yes/No) encouraged to adopt business responsibility initiatives and follow the model expected
from responsible business entities.

Our value chain partners are contractually obligated to comply with requirements
pertaining to safety and healthy environment, prohibition of child labor and forced labor,
non-discrimination, employment conditions, provision of wages and working hours.

4. Name of the national

and international codes/
certifications/ labels/ standards
(e.g., Forest Stewardship
Council, Fair trade, Rainforest IndiaFirst has adopted the ISO 31000:2018 Risk Management framework. (Principle 1)
Alliance, Trusted) standards
(e.g., SA8000, OHSAS, ISO,
BIS) adopted by your entity
and mapped to each principle.
5. Specific commitments, goals a. Committed to provide insurance to the socially and economically weaker sections
and targets set by the entity of society in need of a financial shield. Helping to uplift the marginalized and most
with defined timelines, if any. impacted segments of society through our specially designed micro-insurance
products.
b. Our Company is an equal opportunity employer with zero tolerance for discrimination
based on gender, religion, caste, or class. We uphold the culture of an inclusive
environment and are committed to promoting the diversity of our workforce. We are
committed to increasing gender diversity from 25% to 30% in FY24 by specifically
tapping women employees across Functions.
c. Committed to adopt ESG considerations in our investment portfolio.
d. We shall endeavor to increase the share of green energy in our overall energy
consumption, reduce energy consumption, conserve water, ensure responsible waste
management and work on reducing our carbon footprint and GHG emissions.
e. The company is committed to become carbon neutral by the year 2050

92 IndiaFirst Life Insurance Company Limited

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
6. Performance of the During the year, company set an ESG policy which was approved by the Risk management
entity against the specific committee and the Board. The company has committed to become carbon neutral by the
commitments, goals, and year 2050. The company will continue to focus on environment related initiatives which
targets along with reasons in are based on the ethos of responsible consumption and recycling wherever possible. The
case the same are not met. Corporate Office is in Green Building in Mumbai which is an attempt to reduce the carbon
footprint of the company from running its operations.

Additionally, the company is in process to partner with a Sustainability Consultant for

Carbon Footprint (CFP) framework set-up, verification, and assurance from certification
agencies. The aim is to disclose company’s CFP in BRSR in subsequent years and lay
down a sustainable roadmap to achieve carbon neutrality by the year 2050.
Governance, leadership, and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets, and
achievements (listed entity has flexibility regarding the Placement of this disclosure)

It is my great pleasure to share with you our maiden report on sustainability. As an organization, we have always been
committed to creating value for our customers, distributors, employees and shareholders, while also being mindful of our
impact on society and the environment.

Sustainability principles are integrated in our business activities and have guided our vision to build an enduring institution
that serves the insurance and long-term saving needs of customers. Our sustainability framework is structured on the three
core principles namely Environmental, Social, and Governance.

Environmental responsibility is paramount to us. We actively pursue initiatives to reduce our carbon footprint and strive for
carbon neutrality. Our goal is to contribute to the global effort in mitigating climate change and building a greener future.
Social responsibility guides our conduct towards all stakeholders. We prioritize ethical practices, transparent governance,
and responsible product offerings. By benefiting marginalized sections of society, we aim to create a positive impact and
contribute to their well-being. Effective Governance is vital for maintaining stakeholder trust. We embrace transparent
practices and strong corporate governance principles to mitigate risks and create opportunities for growth and sustainable
development.

We prioritize Cyber Security and Data Privacy to safeguard stakeholder information. Our investments in robust cybersecurity
measures ensure the integrity of our operations and protect the interests of our customers. Risk Management allows us
to proactively identify and address risks. Our framework enables us to navigate uncertainties and seize opportunities for
sustainable growth, protecting stakeholder interests. Business Continuity Planning ensures uninterrupted services. By
developing comprehensive contingency plans, we mitigate risks and enhance customer loyalty and trust.

We are committed to effectively managing regulatory changes and laws. By remaining compliant, we mitigate risks and
position ourselves to capitalize on evolving regulatory frameworks. Customer engagement and satisfaction are at the core
of our growth. We tailor our products and services to meet their needs, building long-lasting relationships and unlock
new business opportunities. Employee well-being, training, and development drive our success. By prioritizing their needs,
we foster a motivated workforce, enhancing innovation, productivity, and long-term organizational success. Diversity and
inclusion are integral to our values. By creating an inclusive culture, we drive innovation and better decision-making, resulting
in improved business performance.

Financial Inclusion provides opportunities for growth. We offer innovative and affordable savings and protection plans to
under-serve segments, contributing to their financial well-being and a more inclusive society. Financial Literacy and Insurance
awareness empower individuals. Through education initiatives, we enhance financial literacy and promote informed decision-
making, fostering economic well-being. Responsible Investments align our financial goals with sustainability. By considering
ESG factors, we contribute to positive change while generating financial returns for stakeholders.

Annual Report 2022-23 93

Directors' Report

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
Moving forward, we remain committed to continuous improvement and meeting stakeholder expectations. By incorporating
ESG norms into our practices and products, we navigate the evolving landscape effectively.

We at IndiaFirst Life would like to take this opportunity to sincerely thank all our stakeholders including shareholders,
distributors and customers for their continued support and trust. I would like to place on record my appreciation for all
employees for their hard work and enthusiasm who have ensured continuous services to our customers. I also express my
sincere thanks to the Government of India, IRDAI and other regulators for their support and guidance. Last but not the least
is to place on record my thanks and appreciation to all the Board members for their valuable inputs and guidance.

I am sure that IndiaFirst Life will remain committed to being a responsible corporate citizen with sustainability at its core
and will continue to work towards creating a better world for future generations to come. Our journey towards sustainable
development is ongoing and we shall fulfil our responsibility to society and the environment, providing financial protection
and supporting the well-being of Indian families.
8. Details of the highest authority Mr. Sunder Natarajan, Chief Risk Officer
responsible for implementation
and oversight of the Business
Responsibility policy(ies).
9. Does the entity have a During the year, the Company has formulated ESG policy which was approved by Risk
specified Committee of the Management Committee and the Board. The Risk Management Committee of the Board
Board/ Director responsible of Directors will have oversight on the ESG of the Company. In addition to areas relating to
for decision making on risk management that are directly within the purview of the Risk Management Committee,
sustainability related issues? it will review the Company’s action plan on various aspects of ESG, external reporting and
(Yes / No). If yes, provide stakeholder feedback.
details.
The members of the Risk Management Committee for F.Y. 2022-23 were as follows:
Name RMC Committee Designation
Mr. Narendra Ostawal Chairman Nominee Director of CPIIPL
Mr. Joydeep Dutta Roy Member Nominee Director of BOB
Mr. Kavassery Sankaranarayanan Member Independent Director
Gopalakrishnan
Mr. Hemant Kaul Member Independent Director
Ms. R M Vishakha Member MD & CEO
Mr. Rushabh Gandhi Member Deputy CEO
Mr. Sunder Natarajan Member Chief Risk Officer

10. Details of Review of NGRBC by the Company:

Subject for Review Indicate whether review was undertaken by Director/Committee of the Board/
Any other Committee and Frequency (Annually/ Half yearly/ Quarterly/ Any
other – please specify)
P P P P P P P P P
1 2 3 4 5 6 7 8 9
Performance against above policies Internal Management Review Forums help provide governance across functions and
and follow up action review implementation of policies, procedures which is actively monitored by compliance,
risk oversight, and audit supervision.

94 IndiaFirst Life Insurance Company Limited

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
Compliance with statutory The company complies with all applicable regulations.
requirements of relevance to the
principles, and rectification of any The company deploys an automated monitoring tool. For each regulatory compliance,
non-compliances the tool creates tasks in simple and easy to understand language. Recommendations
for implementation of the tasks are available in the tool along with target dates of
implementation. These tasks are assigned to the respective process owners to update
the status of compliance and to furnish documentary evidence of the compliance. This
has enhanced the overall compliances as the tool provides necessary information at
operational and tactical level of laws and guidance of implementation. Additionally, the tool
aids senior management with a holistic view of the organization's compliances and control
mechanism through Compliance Dashboards.

Additionally, the company has an automated tool which assists in AML compliances.
11. Has the entity carried out Policies wherever stated have been approved by the Board/Committee of the Board /
independent assessment/ Senior Management of the company. All policies and processes are subject to audits and
evaluation of the working of its reviews done internally in the company from time to time.
policies by an external agency?
(Yes/ No). If yes, provide name From a best practices perspective as well as from a risk perspective, policies are periodically
of the agency. evaluated and updated by various business heads and approved by the management or
Board.

Principle-wise policies are as follows:

Principle Particulars Names of policies

P1 Ethics & Transparency Policy on Code of Conduct for Board of Directors and Senior
Management Personnel

Policy on succession planning for Board and senior management

Policy on Appointment of Senior Management Team

Nomination and remuneration policy

Policy on familiarization program for independent directors

Policy to promote Diversity on the Board of Directors

Policy for evaluation of the performance of the Board of Directors

Code of Practices and Procedures for Fair Disclosure of

Unpublished Price Sensitive Information(‘UPSI’)

Code of conduct for regulating, monitoring, and reporting of

trading by insiders

Determination of materiality policy

Business Continuity Management Policy

Risk Framework policy

Investments policy

Stewardship policy

Preservation of Documents policy

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Directors' Report

Principle Particulars Names of policies

Whistleblowing policy

Anti-Fraud policy

Procurement policy

Related Party Transactions policy

Financial Delegation policy

Debenture Redemption Reserve Policy

Outsourcing policy

Expense allocation policy

Dividend Distribution policy

Anti Money Laundering policy

Employee Dealing policy

Environment, Social, Governance policy

P2 Product responsibility Product Approval and Pricing policy

Asset Liability Management policy

With Profit Bonus Declaration/Bonus Framework / Policy

Declaration of Interest rates policy

P3 Well-being of employees Human Capital policy

Policy on Sexual Harassment at workplace

Nomination and remuneration policy

Policy on Appointment of Senior Management Team

Nomination and remuneration policy

P4 Responsible to stakeholders Policy on appointment of Insurance Agents

Policy on Payment of Commission or Remuneration or Reward

Debenture Redemption Reserve Policy

Outsourcing policy

Dividend Distribution policy

Reinsurance and Retention Policy

Grievance Redressal policy

96 IndiaFirst Life Insurance Company Limited

Principle Particulars Names of policies

P5 Respect for Human Rights Policy on Sexual Harassment at workplace

Policy to promote Diversity on the Board of Directors

Whistleblowing policy

Information Security policy

P6 Environment Protection Business Continuity policy

Environment, Social, Governance policy

P7 Public Policy advocacy Insurance Awareness policy

Corporate Communications policy

P8 Inclusive Growth Corporate Social Responsibility policy

P9 Customer Engagement Group Underwriting policy

Life Underwriting policy

Health Underwriting policy

Protection of Policyholders Interest policy

Suitability policy

Grievance Redressal policy

Guidelines on servicing of orphan policies

Insurance Awareness policy

Information Security policy

Business Continuity and Disaster Recovery policy

Investment policy

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Directors' Report

12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated:

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
Policy and management processes
The entity does not consider the
principles material to its business
(Yes/No)
The entity is not at a stage where it
is able to formulate and implement
the policies on specified principles
(Yes/No)
Not applicable
The entity does not have the
financial or/ human and technical
resources available for the task
(Yes/No)
It is planned to be done in the next
financial year (Yes/No)
Any other reason (please specify)

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent
and Accountable

Essential Indicators

1. Percentage coverage by training and awareness programs on any of the principles during the financial year:

Segment Total number of Topics / principles % age of persons in

training and awareness covered under the respective category
programs held training and its impact covered by the
awareness programs

Board of Directors Refer Note 1

Key Managerial Personnel Refer Note 2

Employees other than BoD Refer Note 2

and KMPs

Workers Not applicable

Note 1: Policy on Familiarization Programme for Independent Directors: The company believes in planned orientation and
training program for the Independent Directors of the company to understand and get updated on the business and
operations of the Company and nature of the industry in which the company operates. The Independent Directors
are kept aware and are being regularly updated by the company, as and when required, about the changes in the
regulatory framework and their role, responsibility, and duties.

98 IndiaFirst Life Insurance Company Limited

 Note 2: The Company has created an ecosystem in which employees can develop their capability and potential through
capability development opportunities. These capability development opportunities come in various forms like
coaching, mentoring programs and our capability development programs. These capability development initiatives
focus on the learning and Knowledge, Skills, and Attitude. The company has used game-based learning platforms
and virtual platforms to reach out to not only our employees but also our distribution partners and build their
capabilities on our products and processes. Along with the knowledge of products and processes, the company
also continuously invest in helping managers and leaders build an emotional connect with their teams. A unique
learning initiative that was launched during the year was the Self-Paced Learning Journey. It is a customized, self-
paced, need-based learning journey based on identified performance gaps. The company continues to arrange
workshops, mentoring, coaching, on-the-job training, functional and cross-functional projects to ensure capability
and leadership development.

The Company conducts awareness programs on various topics including information and cyber security, vigilance awareness,
compliance and fraud awareness, diversity, equity, and inclusion etc.

Additionally, the company organizes various non-work-related educational initiatives for their employees such as

• Phygital Training programs on topics such as the art of rejuvenation, emotional intelligence, mental resilience, etc.
• Wellness webinars/ sessions on topics such as new age parenting, disrupting negative thoughts, understanding
microaggressions in the workplace, battling burnout, self-defense, importance of financial freedom, etc.
• Employee Assistance Program for psychological safety.

2. Details of fines/ penalties/ punishment/ award/ compounding fees/ settlement amount paid in proceedings (by
the entity or by directors/ KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial
year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in
Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on
the entity’s website):
During the year, no fines/ penalties were levied on the company.

Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary
or non-monetary action has been appealed:
Not Applicable

3. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
The company has a board-approved Human Capital Policy which includes a Gift policy and a Conflict-of-Interest policy.
Additionally, the company conducts Compliance awareness programs annually in which employees are sensitized on the
Conflict-of-Interest and Gift policies.

4. Number of Directors/ KMPs/ employees/ workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
During the reporting period, there were NIL instances of disciplinary action by law enforcement agencies for charges of
bribery/ corruption.

5. Details of complaints with regard to conflict of interest:

During the reporting period, there were NIL instances of conflict of interest involving directors and KMP.

Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the principles during the financial year:
The company conducted classroom and virtual training sessions for its insurance advisors and zonal marketing associates.
The topics covered included leads management, objective handing, sales practices and techniques and training on products

Annual Report 2022-23 99

Directors' Report

and processes. Soft skills training titled ‘Brand You’ was also imparted. During the year, 9 training sessions were held and
74 advisors were trained.

Course Name No of No of
sessions held advisors trained

LEAD (EAP 0-15 Days Program) Classroom 2 21

LEAD 2.0 (ZMA) Classroom 3 57

Product & Process Training for Agency 4 74

Total Trained 9 152

2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?
(Yes/No) If yes, provide details of the same.
The Board complies provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and has an
appropriate combination of Executive and Non-Executive Directo` The Board comprises 50% independent director

Pursuant to the provisions of Section 184 of the Companies Act, 2013, the statement of disclosure of interest containing the
list of Directorship is taken from each Director at the beginning of every financial year. Whenever there is a change in any
Directorship disclosure, the same is placed on the next Board meeting agenda by the respective Director(s). This helps to
identify related-party transactions. Whenever related-party transactions are discussed during the meetings, the interested
Director does not participate in such discussions.

Further, the Board has approved the Code of Conduct, which is applicable to Directors and Senior Managers and covers
aspects like fair dealing, honesty & integrity, and Conflict of Interest.

PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe.

Essential Indicators

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
Considering the company’s nature of business, R&D outlay and capital expenditure was by way of investments in Information
Technology. Accordingly, investments were made by way of addition to capital assets in the form of IT infrastructure and
applications to give impetus to the Company’s digital initiatives. The company embraced digitization and had undertaken
various initiatives to reduce paper consumption. Specifically:

Enhanced efficiency in conduct of Board meetings

The company conducts paperless Board meetings. The agenda of the meetings of the Board and Committees of the Board
are circulated on an app and can be accessed by the Directors on their tablets.

Business Agility
The company implemented the following initiatives:

• Launched a new sales lead management system developed on low code, no code for all channels of distribution.
• Launched an enhanced CSC portal with new products and ability to launch new products at a quicker time.
• Made modifications to the instant issuance process with the learning in getting higher throughput from the instant issuance
process. This not only improved customer experience but also further enhanced our digitization initiatives.

100 IndiaFirst Life Insurance Company Limited

 Customer on-boarding
Customer on-boarding is done through an app named Simplify where the customers can upload their KYC documents and
authentication is done by OTP.

Enhanced Customer Service

Customer experience and customer servicing are the cornerstones of any technological development. In line with the same,
the Company undertook the following initiatives:

• Customers have an option to raise queries, requests and complaints either on the company’s website, on IRIS chat bot
or on WhatsApp which are easily accessible to customer
• Revamped IRIS chatbot and WhatsApp bot so that both are on same platform giving similar experience to the customer
between the chat bot channels. During the year, company launched a new voice bot for automated outgoing renewal
call reminders through WhatsApp, SMS etc.
• Implemented customer communication management application which helps communicate with the customers on emails,
WhatsApp and SMS through personalized messaging.

PMJJBY Portal
Customer acquisition and the claims process is automated. Customers and the bank staff can register a claim and track status
of their claims on a portal. PMJJBY claim portal is enabled with majority of our partner banks.

With the introduction of the PMJJBY portal, the digitization initiatives of the company are further enhanced. This has not only
improved the turnaround time for registration and settlement of claims, but also helped save paper as 100% of claims are now
registered on the PMJJBY claims portal.

Insights & Decisions

Data science is an integral part of our philosophy and is used to make processes more sustainable. During the year, a new
predictive model was implemented which helped sales personnel to compare and understand what a super flyer does and
what are the levers that are available. The Company created five more predictive models in claims and litigation thus improving
the overall processing efficiency.

For the Company’s innovation and digital initiatives, for F.Y. 22-23 the company has been recognized by Silver Feather Awards.
In addition to this, IndiaFirst Life has been recognized for its leading practice of Artificial Intelligence/Machine Learning and
data insights in the IDC Future Enterprise Awards.

2 a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) b. If yes, what percentage of inputs
were sourced sustainably?
The nature of the Company’s business is to provide insurance, investments, and pension. Therefore, consumption of resources
is limited to running its operations.

3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end
of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) Other waste.
Since the Company is engaged in the business of issuance of insurance, the company does not generate any waste which
is hazardous. The company has a policy for disposing the electronic devices in accordance with e-waste guidelines. Further
the company has adopted digitization initiatives which has helped reduce paper consumption in day-to-day processing.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
This is not applicable to the company.

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Directors' Report

Leadership indicators

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
The primary business of the Company is providing life insurance and pension coverage. The life cycle of an insurance policy
commences with need-based selling, sourcing of policies, underwriting and issuance and thereafter, servicing of the policies
and finally ends with payment at the time of policy maturity or claim settlement. Details are elucidated as below:

Sourcing of Insurance policies.

The sales personnel and intermediaries perform suitability assessment and need-based analysis for custome` Policies are
sourced taking into consideration the customer’s needs so that customers can realize their current and future life goals.
Insurance policies are sourced through multiple channels, including online channels, and each channel and sourcing
intermediary is expected to stringently adhere to regulatory and company guidelines. The sourcing to issuance process is
completely digitized which not only improves efficiency and effectiveness, but also is environmentally friendly. The hassle of
handling, storing and retrieval of physical documents is also significantly reduced.

Underwriting and policy issuance

The insurance policies are underwritten in accordance with the underwriting policies and procedures. Pre-defined rules are set
in the policy administration system which facilitate straight-through processing of a significant proportion of the applications,
depending upon the customer’s risk profile, product, premium, sum assured, etc. For applications to be manually underwritten,
underwriters assess individual risks and take decisions on equitable basis, thus maintaining a healthy portfolio.

The adoption of technology has helped the company scale and process insurance applications quickly.

The policy document is made available to customers in both electronic and physical format. The introduction of electronic
insurance accounts where the insurance policy is stored digitally eliminates the need for printing and dispatching of the physical
policy document.

Policy Servicing
The servicing stage involves various transactions including renewing the contract through payment of renewal premiums,
financial transactions such as switching of funds in unit linked products or servicing requests from policyholders such as
address change, nominee change etc.

As life insurance is a long-term contract, the company connects with the customer through the policy life cycle and services
the various needs that customers may have from time to time. Apart from the servicing option available at the company’s
branches, the company provides end to end digital solutions for policy servicing through its website, platforms of its partners.
To the extent permitted, the company also communicates with customers via SMS and emails to reduce the use of paper.
The company provides 24/7 customer service through a Chat bot named IRIS which responds to customer queries. During
the year, the company handled 65% of customer interactions through digital self-service channels. The company actively
participates in the ‘Digital India’ initiative and makes every effort to provide all its services digitally, so customers do not need
to travel or engage physically. These digital solutions not only reduce solid waste through avoidance of paper but also reduce
carbon emission by avoiding the need to travel to branches/offices.

Maturity, Surrender and Claims Settlement

Based on the nature and design of the product and the policy's terms and conditions, an insurance policy can be terminated
in several ways. This includes closure upon maturity, surrender by the policyholder, or settlement of a claim in the unfortunate
event of the insured person's demise. Additionally, an insurance policy may also be terminated based on specific events outlined
in the contract's terms and conditions. In such cases, the contract termination results in the payment being made according
to the specified terms and conditions. The policyholder, claimant, or nominee, as applicable, will receive a communication
containing the payment details.

102 IndiaFirst Life Insurance Company Limited

 "Maturity" refers to the termination of the contract at the end of the premium payment period or the contracted period. On the
other hand, policy surrender occurs when the customer voluntarily chooses to terminate the policy before the completion of
the contract period. When a maturity claim is made, the customer is entitled to receive the benefits outlined in the insurance
product's terms and conditions at the end of the maturity period. The same process applies to policy surrender, after specified
deductions adhering to the policy's terms and conditions. However, in the case of policy surrender, the payout is made before
the maturity period or the contract's expiry.

The Company highly encourages electronic payments as it offers customers efficiency and convenience compared to
the traditional method of printing and dispatching cheques. Therefore, customers are encouraged to opt for receiving
online payments.

Our claim’s philosophy ensures speedy and efficient service to genuine claimants by providing wider access and awareness
for claim intimation across various touch points i.e., bank branches, website, WhatsApp and IndiaFirst Life offices. The ease of
operations through digital touchpoints offers greater convenience to claimants at their time of distress. Further, the company
handles every claim with a high degree of sensitivity and ensures complete handholding of the claimant at every step of the
settlement process.

IndiaFirst Life had claims settlement ratio of 97.04% for Individual claims for F.Y. 2022-23, whereas it was 98.58% for Group
Claims. For the year ended March 31, 2023, the company settled a total of 30,796 death claims amounting to ` 656.75 Crores,
14,992 PMJJBY death claims amounting to ` 299.85 Crores, and ended the financial year with zero pendency.

Customer Grievance Redressal

We are committed to IRDAI’s initiatives on better customer service and customer grievance handling. We have set up a robust
Grievance Redressal mechanism for addressing all customer complaints effectively and efficiently keeping in line with IRDAI
guidelines. In F.Y. 2022-23 we were successful in resolving 100% of complaints within 15 days as stipulated by IRDAI. Customer
grievances per 10,000 policies/ members covered was at 2.3 in F.Y 2022-23

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of
your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same.
Not Applicable, considering the nature of business.

3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
NIL

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format:
NIL

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Not Applicable, considering the nature of business.

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Directors' Report

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains.

Essential Indicators

1A. Details of measures for the well-being of employees:

Category % of employees covered by

Total Health Accident Maternity Paternity Day

(A) insurance insurance Benefits Benefits Care Facilities

Number % (B Number % (C Number % (D Number % (E Number % (F/

(B) / A) (C) / A) (D) / A) (E) / A) (F) A)

Permanent employees

Male 2725 2725 100% 2725 100% - - 2725 100% 2725 100%

Female 870 870 100% 870 100% 870 100% - - 870 100%

Total 3595 3595 100% 3649 100% 870 100% 2725 100% 3595 100%

Other than Permanent employees

Male 30 30 100% 30 100% 30 100% 30 100%

Female 24 24 100% 24 100% 24 100% 24 100%

Total 54 54 100% 54.00 100% 24 100% 30 1.0 54 100%

1B. Details of measures for the well-being of workers:

Not Applicable. As per definition of SEBI, workers are not applicable.

2. Details of retirement benefits, for Current Financial Year and Previous Financial Year.

1. Benefits F.Y. 2022-23 F.Y. 2021-22

No. of No. of Deducted No. of No. of Deducted

employees employees and employees employees and
covered as a covered deposited covered as a covered deposited
% of total as a % of with the % of total as a % of with the
employees total workers authority employees total workers authority
(Y/N/N.A.) (Y/N/N.A.)

PF 100% Y 100% Y

Gratuity 100% Y 100% Y

NA NA
ESIC 10% Y 10% Y

Others - NA NA NA NA
Please Specify

3. Accessibility of workplaces: Are the premises / offices of the entity accessible to differently abled employees
and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any
steps are being taken by the entity in this regard.
The Corporate Office is easily accessible to differently abled employees. We have separate washrooms for differently abled
employees. In addition to that, there are wide gates, slopes, lifts, and elevators which are friendly for differently abled.

104 IndiaFirst Life Insurance Company Limited

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
a web-link to the policy.
IndiaFirst Life is an equal opportunity employer and does not discriminate between abled and differently abled employees.

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Permanent Employees Permanent Workers

Gender
Return to Retention rate Return to Retention rate
work rate work rate

Male 57 100%

Female 136 100% Not applicable

Total 193 100%

6. Is there a mechanism available to receive and redress grievances for the following categories of employees? If
yes, briefly provide details of the mechanism.
The company provides employee feedback opportunity through our ‘AMBER’, ‘HR Connect’ and GPTW programs, to identify
employee dissatisfaction and engagement levels and thereafter to take proactive measures to positively impact employee
morale and workplace motivation.

The company has a well-documented employee grievance redressal mechanism that supports employees in registering a
complaint and ensuring an unbiased view. Further, the company has also constituted an Internal Complaints Committee (ICC)
and an Appeal Committee to investigate matters pertaining to Sexual Harassment at the workplace.

In addition to that, a whistleblowing policy has been formulated for employees and Directors to report concerns about unethical
behavior, actual or suspected fraud or violation of the company’s code of conduct or anti-fraud policy.

7. Membership of employees in association(s) or Unions recognized by the listed Company.

NIL. The company does not have any employee associations. However, Company recognizes the right to freedom of association
of employees.

8. Details of training given to employees:

F.Y. 2022-23 F.Y. 2021-22

Category
On Health and On On Health and On
safety measures Skill upgradation safety measures Skill upgradation
Total (A) Total (D)
No. (B) % (B/A) No. (C) % (C / No. (E) % (E / No. (F) % (F /
A) D) D)

Male 2755 - - 2720 98.73 2590 - - 2257 87.14

Female 894 - - 833 93.18 784 - - 639 81.51

Total 3649 - - 3553 97.37 3374 - - 2896 85.83

The company conducts sessions on health and overall, well-being of employees. During the year, the company conducted
six webinars on overall well-being including Battling burnout, understanding microaggressions etc. In addition, fire drills were
conducted at the corporate office.

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9. Details of performance and career development reviews of employees

Career progression at IndiaFirst Life is based on the tenets of “reward for performance and promote for potential” and intends
to create a meritocratic and performance-based culture at IndiaFirst. The career elevation plan provides clarity and brings
transparency to the promotion process by clearly outlining the criteria in terms of vintage, performance, and other relevant
paramete` The focus of the process is not only on evaluating employees but also on providing feedback on development
areas which will help them improve in their current and future roles.

The ‘Career Kundali’ project has been conceptualized with a view to make career growth opportunities wider and more
transparent for our employees. Through this project, we are successfully defining relevant career movements wherever
possible; vertical, horizontal, and lateral, for most roles in the organisation after careful and thorough identification of functional
and sub-functional competencies. In the next phase, we will take the project ahead and bring into practice these career
movements by linking the same to our career elevation and internal job posting policy.

F.Y. 2022-23 F.Y. 2021-22

Category
Total (A) No. (B) % (B / A) Total (C) No.(D) % (D / C)

Male 2755 2369 86% 2590 2187 84%

Female 894 756 85% 784 669 85%

Total 3649 3125 86% 3374 2856 85%

10. Health and safety management system

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/No).
If yes, the coverage such system?
• Central to our ‘Employee First philosophy, we launched several initiatives to support employees during the pandemic.
One of these is the ‘Employee Assistance Program (EAP)’ a 24x7 confidential service assisting employees deal with
the challenges at work and home. The company offered its employees and their families virtual covid-related support
by partnering with Seva at Home. In addition, the company partnered with Seva for a free health check-up drive in the
corporate office for those older than 40 years along with doctor consultation.

• Periodic fire drills are conducted at the corporate office. Fire marshals in the company have been identified and trained
to manage any exigency effectively.

b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
Not applicable since our company is a financial services entity.

However, to minimize pandemic -related risks, the company undertook several precautions at its offices, which included:

• Appropriate sanitation measures at regular frequency within the office premises

• Installation of hands-free sanitizer dispenser
• Rostering of employees in office
• Social distancing
• Air purifiers in corporate office

The Company also adhered to all government directives and issued travel and health advisories to employees who were advised
to work from home as required or on a rotational basis to ensure distancing, employee safety and business continuity.

106 IndiaFirst Life Insurance Company Limited

c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
such risks. (Y/N)
This is not applicable considering the nature of business.

d. Do the employees/ worker of the entity have access to non-occupational medical and health care services? (Yes/
No)
The Company offers group mediclaim policy for its employees and their dependents. Any hospitalization expenses (Grade-wise
entitlement) for self and dependents including parents/in-laws are covered as a part of the policy irrespective of the location
where the employee is ill.

11. Details of safety related incidents, in the following format:

Safety Incident/Number Category F.Y. 2022-23 F.Y. 2021-22

Lost Time Injury Frequency Rate (LTIFR)* Employees

(per one million-person hours worked)
Workers

Total recordable work-related injuries Employees

Workers
NIL NIL
No. of fatalities Employees

Workers

High consequence work-related injury Employees

or ill-health (excluding fatalities)
Workers

12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
All our offices are equipped with safety standards such as fire extinguishers, water sprinklers, smoke detectors, CCTV cameras,
access control, security personnel and housekeeping services.

As part of the Human Capital philosophy, the endeavor is to ensure inclusivity and diversity, thereby enabling the whole self to
be presented by employees. We also have taken other initiatives such as hybrid work culture, creche facility, access to gym
facilities and subsidized food facilities at the corporate office.

Other sports initiatives such as the corporate cricket team, marathon training and participation, indoor and outdoor sports are
also part of the engagement initiatives to build the sporting spirit and camaraderie amongst employees.

To provide work life balance, the company has a well-documented leave policy for its employees, including maternity, paternity
leave and sabbatical options.

13. Number of Complaints on the following made by employees and workers:

FY2022-23 FY2021-22

Working Conditions
NIL
Health & Safety

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14. Assessments for the year:

% of your plants and offices that were assessed (by entity or statutory authorities
or third parties)

Health and safety practices

No Assessment was done by statutory authorities or third parties.
Working Conditions

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and
significant risks/concerns arising from assessments of health and safety practices and working conditions.
Not applicable

Leadership Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of (A)Employees(Y/N)
(B)Workers(Y/N).
The Company provides comprehensive support to families in the unfortunate event of an employee's demise. This support
includes the following benefits:

• Group Term cover: This provides financial protection to the employee's family in the form of a lump-sum payment.
• Group Personal Accident cover (if applicable): Offers additional coverage in the event of an accident resulting in the
employee's death.
• Retiral benefits: This encompasses various benefits such as the Provident Fund (PF), gratuity, and the Employees Deposit
Linked Insurance Scheme.
• The company extends an employment opportunity to the spouse or age-eligible child of the deceased employee. This
provides them with a chance to continue their professional journey within the company.
• The company also offers education support to the children of the deceased employee till the 12th standard.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partner
The Company is compliant with deduction of statutory dues of employees towards income tax, provident fund, professional
tax, ESIC, etc. as applicable from time to time. Value chain partners, i.e., housekeeping/ security services people are equally
responsible to comply as per the contract with the company and the company ensures that the same is complied with.

3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-health /
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:

No. of employees/workers that are

rehabilitated and placed in suitable
Total no. of affected employees/ workers
Particulars employment or whose family members
have been placed in suitable employment

F.Y. 2022-23 F.Y. 2021-22 F.Y. 2022-23 F.Y. 2021-22

Employees NIL NIL NIL NIL

Workers Not Applicable Not Applicable Not Applicable Not Applicable

108 IndiaFirst Life Insurance Company Limited

4. Does the entity provide transition assistance programs to facilitate continued employability and the management
of career endings resulting from retirement or termination of employment? (Yes/No)
NIL

5. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that
we reassessed

Health and safety practices

NIL
Working Conditions

6. Provide details of any corrective actions taken or underway to address significant risks/ concerns arising from
assessments of health and safety practices and working conditions of value chain partner
Not applicable

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholder

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.
Stakeholders are individuals and groups with multitude of interests, expectations and demands as to what the Company
should provide to the society. Key stakeholders of the company are those that make a fundamental impact on the company’s
operations and performance. These include primary and second stakeholders Primary stakeholders have a direct stake in
the organization and its success. Secondary stakeholders have a public or special interest/ stake in the company. Accordingly,
our key stakeholders are:

• Employees
• Shareholders and investors
• Customers
• Business Partners
• Government & Regulatory Bodies
• Communities and NGOs

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2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.

Stakeholder Whether Channels of communication Frequency of Purpose and scope of

Group identified as (Email, SMS, Newspaper, engagement engagement including key topics
Vulnerable & Pamphlets, Advertisement, (Annually/ and concerns raised during
Marginalized Community Meetings, Notice Half yearly/ such engagement
Group (Yes/ Board, Website), Other Quarterly
No) / others
– please
specify)

Customer No • Corporate website Ongoing • Create innovative and customer-

• Bank branch and centric products
FPC assistance • Nudge customers to self-
• Service camps Self-serve service avenues
touch points like BOTs, apps, • Increase operational efficiency
customer portal etc. through automation, data
• Engagement for claim insights and security measures
processing and settlement • Augmentation of touchpoints,
• Customer satisfaction survey both physical and virtual to
improve availability and reach

Shareholders No • Quarterly Board meetings As and when • Consistent and predictable

• Annual General Meeting (AGM) required as delivery of growth along
• Annual report, Public per law with profitability
Disclosures Media interactions • Differentiated business model
with multiple sources of
value generation

Employees No • Feedback, recognition, and Ongoing • Fair, transparent & timely

talent management performance appraisal process
• Learning & • Increased employee
development initiatives engagement, mobile-based
• Employee engagement, learning program
wellness, and safety initiatives • Adoption of holistic approach
• CEO Town Hall, Achievers towards wellness, physical and
First events and Foundation mental health
Day events • Building a talent pipeline
for specific roles through
Succession planning

Partners, No • One-on-one meetings Ongoing • Offer compelling

Vendors • Annual reviews value proposition to
& Reinsurers • Contracts, emails, calls, distribution partners
virtual interactions • Innovative product propositions
• Periodic surveys and market leading digital
capabilities to cater to evolving
customer needs
• Timely payment for services
• Digital services and well-
defined information and cyber
security policy

110 IndiaFirst Life Insurance Company Limited

 Stakeholder Whether Channels of communication Frequency of Purpose and scope of
Group identified as (Email, SMS, Newspaper, engagement engagement including key topics
Vulnerable & Pamphlets, Advertisement, (Annually/ and concerns raised during
Marginalized Community Meetings, Notice Half yearly/ such engagement
Group (Yes/ Board, Website), Other Quarterly
No) / others
– please
specify)

Communities Yes • CSR partnerships and Ongoing • Adoption of sustainable

implementation of CSR business practices
related projects • Working with
• CSR-related disclosures in • communities / weaker sections
public domain • Employees
volunteering opportunities
• Sourcing policies for rural areas
• Engaging with vendors
employing less privileged and
rural resources

Regulators No • Compliance with regulatory Ongoing • Play a proactive role in creating

requirements, notifications, awareness about need
circulars, and guidelines for insurance
• Regular meetings, seminars, and • Comply with all the
participation in industry forum applicable regulations
• Periodic submissions, regulatory
visits, and interaction

Leadership Indicators

1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
The Company prioritizes consistent engagement with key stakeholders to enhance communication regarding its performance
and strategy. The Board of Directors receives periodic updates on various topics, including industry overview, customer service
updates, digital initiatives, financial performance, and strategy.

Moreover, the Directors are briefed on regulatory developments, circulars, and amendments by regulatory authorities such as
the IRDAI, SEBI, and Ministry of Corporate Affairs. Their valuable feedback is sought on these matters.

In accordance with the IRDAI’s Corporate Governance Guidelines, the company has a Protection of Policyholders Committee
which oversees various compliance matters related to policyholder protection such as customer grievances and redressal,
claims and consumer awareness and education. The Committee is headed by a Non-Executive Director and includes an
expert/representative of customers as an invitee to enable the company to formulate policies and assess compliance thereof.

The Board-level CSR Committee oversees effective implementation of the CSR policy and the activities to be undertaken for
the communities in accordance with Section 135 of the Companies Act 2013.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on
these topics were incorporated into policies and activities of the entity.
The company interacts with critical stakeholders on a regular basis to ensure that our business is aligned with the stakeholder
interests in a sustainable manner while being a profitable proposition.

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PRINCIPLE 5 Businesses should respect and promote human rights.

Essential indicators

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
in the following format:

F.Y. 2022-23 F.Y. 2021-22

Total(A) No. of %(B/A) Total (C) No. of %(D/C)

Category
employees/ employees/
workers workers
covered (B) covered (D)

Permanent employees 3595 3595 100% 3272 3272 100%

Other than 54 45 100% 102 102 100%

permanent employees

Total Employees 3649 3649 100% 3374 3374 100%

Details of minimum wages paid to employees and workers, in the following format:

F.Y. 2022-23 F.Y. 2021-22

Equal to More than Equal to More than

Category Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage
(A) (D)
% (F
No.(B) %(B/A) No.(C) %(C/A) No.(E) %(E/D) No.(F)
/D)

Permanent Employees

Male 2725 NIL NIL 2725 100% 2549 NIL NIL 2549 100%

Female 870 NIL NIL 870 100% 723 NIL NIL 723 100%

Other Permanent Employees

Male NIL NIL NIL 30 100% 41 NIL NIL 41 100%

Female NIL NIL NIL 24 100% 61 NIL NIL 61 100%

2. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)?
The Internal Complaints Committee and Appeals Committee looks into any complaints received under POSH.

3. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The company has a well-documented employee grievance redressal mechanism that supports employees in registering a
complaint and ensuring an unbiased view. Further, the company has also constituted an Internal Complaints Committee (ICC)
and an Appeal Committee to investigate matters pertaining to Sexual Harassment at the workplace (POSH).

112 IndiaFirst Life Insurance Company Limited

 In addition to that, a whistleblowing policy has been formulated for employees, directors, vendors, and intermediaries to report
concerns about unethical behavior, actual or suspected fraud or violation of the company’s code of conduct or anti-fraud
policy. The Vigilance & Ethics Committee oversees investigation of whistleblowing complaints and recommends appropriate
action. The findings of the whistleblowing complaints are also presented to the Audit Committee of the Board.

4. Number of Complaints on the following made by employees and workers:

Category F.Y. 2022-23 F.Y. 2021-22

of Complaints
Filed during Pending Remarks Filed during Pending Remarks
the year resolution the year resolution
at the end at the end
of year of year

Sexual
Harassment

Discrimination
at workplace

Child Labor
NIL NIL
Forced Labor/
Involuntary Labor

Wages

Other human rights

related issues

5. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
To safeguard the complainant against any adverse consequences, company maintains utmost confidentiality of the
Complainant. All related parties against whom the complaint has been reported are sensitized of any retaliatory action against
the complainant. In case any incident of retaliation is observed or brought to notice of the management, company takes
appropriate action on the reported matter and ensures that the complainant does not undergo adverse consequences.

6. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
No

7. Assessments for the year

% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)

Child labour

Forced/involuntary labour
The business does not employ child labour, forced labour,
Sexual harassment involuntary labour, or any other sort of discriminatory hiring
practices. During the reporting period, no external audits were
Discrimination at workplace
carried out.
Wages

Others – please specify

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8. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 9 above.
Not applicable

Leadership Indicators

1. Details of a business process being modified / introduced because of addressing human rights grievances/
complaints.
The member composition of the Internal Complaints Committee and Appeals Committee is reviewed and modified as
appropriate as and when required.

2. Details of the scope and coverage of any human rights due diligence conducted.
All the Company’s policies and processes are approved by the Board/the Board Committee/the Senior Management of the
company. Internal audits and evaluations of the company's policies and procedures are periodically conducted. The organization
ensures compliance with all relevant regulations at regular intervals through audits and a due-diligence mechanism.

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
The corporate office is easily accessible to differently abled employees. We have separate washrooms for differently abled
employees. In addition to that, there are wide gates, slopes, lifts, and elevators which are friendly for differently abled.

4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with

such partners) that were assessed

Child labour

Forced/involuntary labour
IndiaFirst Life expects its value chain partners to be in compliant
Sexual harassment
with the laws and regulation. In this reporting, no specific
Discrimination at workplace assessment with respect of value chain partners was conducted.

Wages

Others – please specify

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 4 above.
Not applicable.

114 IndiaFirst Life Insurance Company Limited

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment.

Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:

Parameter F.Y. 2022-23 F.Y. 2021-22

(in Gigajoules) (in Gigajoules)

Total electricity consumption(A) 4636.02 3746

Total fuel consumption(B) - -

Energy consumption through other sources(C) - -

Total energy consumption (A+B+C) 4636.02 3746

Energy intensity per rupee of turnover (Total energy consumption/ 0.7761 per ` One Crore 0.7514 per ` One Crore
turnover in rupees) of Turnover of Turnover

Note: Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N) If
yes, name of the external agency.
No independent assessment/ evaluation/ assurance has been carried out by an external agency.

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken,
if any.
Not applicable

3. Provide details of the following disclosures related to water, in the following format
As Company is not a manufacturing organization, the table prescribed in the BRSR is not applicable to the company. The
Company’s water usage is restricted to human consumption and efforts are made to ensure that water is utilized judiciously. At
the corporate office building, an STP plant (sewage treatment plant) is installed, and recycled water is utilized in the washrooms.

4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
Not applicable

5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format
Not Applicable

6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:

Parameter Unit F.Y. 2022-23 F.Y. 2021-22

Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, Metric tonnes of
HFCs, PFCs, SF6, NF3, if available) CO2 Equivalent

Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, Metric tonnes of 651.90 806.78
HFCs, PFCs, SF6, NF3, if available) CO2 Equivalent

Total Scope 1 and Scope 2 emissions per rupee of Turnover 0.1091 per 0.1618 per
` 1 Crore ` 1 Crore
of Turnover of Turnover

Please note: All these are self-calculated estimates. No independent assessment has been carried out by external agency.

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7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
• The Company is committed to being carbon-neutral by 2050 and will take decisive steps towards the same on carbon,
water, and waste management. The company has adopted digitization initiatives since its inception. Digitization helps
reduce energy consumption, environmental impact and greenhouse gas emissions.

• Reducing carbon footprint by reduction in electric consumption. Our corporate office is in a green platinum building
optimizing AC utilization and reduction in electric consumption. The corporate office building has a full glass façade
which allows inflow of natural light during the daytime and reduces light consumption. The office has been designed
with individual AC thermostat installation, to control AC airflow, along with temperature control, for each enclosed area /
cabin etc. in the office. Thus, optimizing AC usage and reducing wastage of AC consumption in the office.

• The company sensitizes its employees to imbibe climate-conscious decisions in all spheres of activity. We have eliminated
use of plastic water bottles in the office premises, reduced consumption of paper cups and undertake segregation of
wet, plastic, and dry waste.

• Increase digitalization initiatives to reduce paper consumption.

• Adopted sustainable procurement practices in the supply chain.

• During the year, the company replaced 80W tube lights with 40W LEDs in seven office locations thereby reducing
carbon emissions.

• The Company took initiatives to use sustainable products in their day-to-day operations. For example, the company
eliminated use of 650 plastic bottles and replaced them with equivalent steel bottles. Reusable cups were introduced,
which replaced paper cups for tea/coffee, thereby reducing use of 13,500 paper cups per month.

8. Provide details related to waste management by the entity, in the following format:

Parameter F.Y. 2022-23 F.Y. 2021-22

Total Waste generated (in metric tons)

Plastic waste (A) Not Applicable Not Applicable

E-waste (B) NIL NIL

Bio-medical waste (C) Not Applicable Not Applicable

Construction and demolition waste (D) Not Applicable Not Applicable

Battery waste (E) NIL NIL

Radio-active waste (F) Not Applicable Not applicable

Other Hazardous waste. Please specify, if any. (G) Not Applicable Not Applicable

Other Non-hazardous waste generated (H). Please specify, Not Applicable Not Applicable
if any. (Break-up by composition i.e., by Materials relevant
to the sector)

Total (A+B+C+D+E+F+G+H)

116 IndiaFirst Life Insurance Company Limited

 For each category of waste generated, total waste recovered through recycling, re-using or Other recovery
operations (In metric tonnes)

Category of Waste

(i) Recycled

(ii) Re-used
Not Applicable Not Applicable
(iii) Other recovery operations

Total

For each category of waste generated, total waste disposed by nature of disposal method (in Metric tonnes)

Category of Waste

(i) Incineration

(ii) Landfilling
Not Applicable Not Applicable
(iii) Other disposal operations

Total

Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No independent assessment has been carried out by an external agency.
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted
by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the
practices adopted to manage such wastes.
The Company has process to dispose e waste in accordance with e waste management guidelines.

10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals / clearances are required, please specify details in the following format:
Not applicable since no operations in such areas

11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:
Not Applicable

12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection
act and rules there under (Y/N). If not, provide details of all such non-compliances, in the following format:
Based on nature of business, the company complies with applicable environmental norms.

Leadership Indicators

1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources, in the following format:

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Directors' Report

Parameter FY2022-23 FY2021-22

Energy from renewable sources

Total electricity consumption (A)

Total fuel consumption (B)

NIL
Energy consumption through other sources (C)

Total energy consumed from Renewable sources (A+B+C)

Energy from non-renewable sources

Total electricity consumption (D) 4636.02 3746

Total fuel consumption (E) 0 0

Energy consumption through other sources (F) 0 0

Total energy consumed from non-renewable sources (D+E+F) 4636.02 3746

Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No independent assessment has been carried out by an external agency.

2. Provide the following details related to water discharged:

Not applicable

3. Water withdrawal, consumption, and discharge in areas of water stress (in kiloliters):
For each facility /plant located in areas of water stress, provide the following information:
(i) Name of the area
(ii) Nature of operations
(iii) Water withdrawal, consumption, and discharge in the following format:
Not applicable

4. Please provide details of total Scope 3 emissions & its intensity, in the following format:

Parameter Unit F.Y. 2022-23 F.Y. 2021-22

Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, Metric tons of 148.25 191.56
N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent

Total Scope 3 emissions per ` of turnover 148.25 191.56

Total Scope 3 emission intensity (optional) – the relevant metric 0.0248 per 0.0384 per
may be Selected by the entity ` 1 Crore ` 1 Crore
of turnover of Turnover

Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency – No independent assessment has been carried out by an external agency.

118 IndiaFirst Life Insurance Company Limited

5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities.
Not applicable

6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency or reduce impact due to emissions / effluent discharge/ waste generated, please provide details of
the same as well as outcome of such initiatives.
During the year, the Company replaced 80W tube lights with 40W LEDs in seven office locations thereby reducing
carbon emissions.

7. Does the entity have a business continuity and disaster management plan? Give details in100words/ weblink.
IndiaFirst Life has a team to manage the Business Continuity Management (BCM). The company has a Board approved
Business Continuity Policy (BCP) which is reviewed annually. The BCP policy considers all activities related to business
resilience. Business Impact Analysis (BIA) is carried out for the critical functions to assess the level of risk in case of unavailability
of people, processes, and technology. Accordingly, recovery time objective (RTO) and recovery point objective (RPO) are
defined for the identified critical business functions to ensure the resumption of services at minimum operating levels in case of
a disaster. The BCP drill is conducted and tested for the functions on annual basis. During the year, BCP drill was successfully
conducted in November 2022.

Apart from business continuity for company’s operations, the company has BCP process for insurance claims pertaining to
disasters and natural calamities which is available on company website. Implementation of the Policy ensures continuity of
critical operations and provide services and support to all its customers and stakeholders within a reasonable timeframe after
any interruptions.

8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard.
Given the nature of business, there has been no adverse impact on environment.

9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.4
The Company did not take up any assessments for evaluating the environmental impacts of the value chain partner However,
the Company has expressly stated the compliance to statutory laws and regulations in contracts with the vendor

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PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent.

Essential Indicators

1. A. Number of affiliations with trade and industry chambers/associations

B. List the top 10 trade and industry chambers/associations (determined based on the total members of such
body) the entity is a member of/affiliated to.
The Company is a member 7 trade associations and industry chambers as follows:

S. No. Name of the trade and industry chambers/ associations Reach of trade and industry chambers
/ associations (State/National)

1 Life Insurance Council National

2 IIS (International Insurance Society) International

3 CII National Council National

4 CII Pension and Insurance committee (co-chair) National

5 CII National committee of financial inclusion National

6 CII’s B20 Task Force Committee on Financial Inclusion for National

Economic Empowerment

7 Honorary member of IMC Chamber of Commerce and Industry National

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
entity, based on adverse orders from regulatory authorities.
Not applicable

Leadership Indicators

1. Details of public policy positions advocated by the entity:

The Company directly and through partnerships supports financial inclusion projects. One of these projects is the government’s
PMJJBY scheme, which was launched to create a universal social security system, especially for the poor and the under-
privileged.

We have also strategically focused on supporting financial inclusion initiatives in India through our arrangements with CSCs and
MFIs to provide life insurance products for village-level entrepreneu` As a part of the IRDAI’s initiative of improving insurance
penetration, the company has been supporting insurance awareness, literacy, and outreach programs in the state of Madhya
Pradesh in FY23. Through the State Insurance Plan program, the company has driven engagement at bank branches,
undertaken training at CSCs to drive distributor awareness and driven participation under PMJJBY in the state.

PRINCIPLE 8: Businesses should promote inclusive growth and equitable development.

This principle is about, Corporate Social Responsibility projects, Social Impact Assessments undertaken by the Company and
mechanisms to redress community grievances.

120 IndiaFirst Life Insurance Company Limited

For the financial year 2022-23, the principle is not applicable to the company. However, we do believe in the importance of this
principle, and we strive to operate our business in a way that is fair and equitable to all our stakeholde` For example, we pay our
employees a living wage, offer competitive benefits, and provide opportunities for advancement regardless of race, gender, or other
personal characteristics. We also source our products and materials from suppliers that share our commitment to social responsibility.
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner.

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company has a robust grievance redressal mechanism to resolve complaints /grievances from customers. The Company
has well documented Grievance Redressal policy and procedures that involves receipt of the complaint, registration of the
grievance followed by prompt action to ensure effective resolution of the grievance. A dedicated and independent Complaints
Management Unit ensures that all customer grievances are addressed in a timely manner with appropriate resolution. The
Company strictly adheres to regulatory guidelines in ensuring fair, efficient, and timely resolution of customer complaints.
There is adequate oversight and supervision on grievances by internal Management Forums. The summary of grievances is
reviewed quarterly by Policyholders Protection Committee, sub-committee of the Board.

The complaints may be received through any of the following ways:

• Written letter duly signed by the policyholder at any of our branch (address available on company website) or directly sent
to Head office.
• Email from the registered id of the policyholder at [email protected]
• Complaint registered by policy holder on IGMS (Integrated Grievance Management System), National Consumer Helpline,
Centralised Public Grievance Redress and Monitoring System (CPGRAMS)

Complaint Resolution process

• Acknowledgement letter/ email is sent to the customer within 3 working days of receipt of the complaint.
• An internal investigation is conducted by the Complaints Management Unit which involves understanding the customer’s
grievance by taking additional inputs from the customer/ nominee over telephone or personal meetings.
• The decision on the complaint is taken based on the merits of the complaint and in accordance with the Company’s
policies and procedures.
• Grievances are resolved within the prescribed regulatory Turn Around Time (TAT) of 15 days from date of receipt
of grievance.

Grievance Redressal Process

If customer is dissatisfied with the resolution, complainant may escalate to Grievance Redressal Officer who will review the
complaint and decision will be communicated to the customer. If the customer is not satisfied with the resolution, the complaint
may be escalated to the Insurance Ombudsman, the contact details are shared with the customer and are accessible on the
Company’s website.

Feedback Mechanism
Company conducts Net Promoter Score survey at various stages in policy lifecycle to understand customer experience and
to obtain feedback. A dedicated team is assigned to call the customers to understand and resolve their issues in case they
have any feedback or negative experience.

Annual Report 2022-23 121

Directors' Report

2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
information about:

Turnover of products As a percentage to total turnover

Environmental and social parameters relevant to the product

This is not Applicable considering the nature
Safe and responsible usage
of business.
Recycling and/or safe disposal

3. Number of consumer complaints in respect of the following:

F.Y. 2022-23 F.Y. 2021-22

Received Pending Remarks Received Pending Remarks

Category of complaints
during resolution during resolution
the year at end the year at end
of year of year

Data privacy NIL NIL - NIL NIL -

Advertising NIL NIL - NIL NIL -

Cyber-security NIL NIL - NIL NIL -

Delivery of essential NIL NIL - NIL NIL -

services

Restrictive Trade Practices NIL NIL - NIL NIL -

Unfair Trade Practices 2654 29 - 2094 63 -

Others 372 4 - 209 9 -

Unfair business practices are primarily allegations pertaining to policy features not explained or incorrectly explained, false
returns assured, signature or documents tampering, payment misappropriation and spurious or hoax calls.

4. Details of instances of product recalls on account of safety issues:

Considering the nature of business, this is not applicable.

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
The Company has Board approved Cyber Security policy which is accessible to all employees of the Company on the
Company’s intranet. The Information and Cyber security policy (ICSP) of IndiaFirst Life Insurance defines the standard guidelines
& the overall framework for implementing and sustaining such compliant and effective security program aimed at protecting
the confidentiality, integrity, and availability of the information assets in line with clearly established objectives.

This policy is applicable to all employees including probationers and trainees, all outsourced and contracted personnel, and
representatives, consultants, and directors of IndiaFirst Life and is addressed in contracts with third parties who utilize business
applications and information owned by Company.

This Policy covers all Information Systems environments operated by the Company or contracted with a third party by IndiaFirst
Life. It applies equally to servers, minicomputer, personal. computers and network environments within IndiaFirst Life as well
as information being. transmitted over any type of network. It includes information on computer files, on paper, or on any
other media.

122 IndiaFirst Life Insurance Company Limited

 Information Security Committee (ISC) a sub-Committee of Risk Management Committee of the Board periodically reviews
Information and Cyber security policy and monitors implementation of the policy. ISC provides the management direction and
support for the information security initiatives in the organization.

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services.
Not applicable.

Leadership indicators

1. Channels / platforms where information on products and services of the entity can be accessed (provide web
link, if available).
Information relating to all the products and services provided by the Company are available on the Company’s website www.
indiafirstlife.com. In addition, the Company actively uses various social media and digital platforms to disseminate information
on its products and services.

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
On welcome calls, customers are advised not to pay heed to any spurious calls. The Company’s touchpoints are mentioned
on customer communications and on the website. Quarterly communication is sent to active customers to educate them
on fraud and spurious calls. Spurious call disclaimer forms integral part of all our customer communications and website.
Communications promoting in-house digital platforms, updates in that provide various customer services is sent to customers
periodically.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

A multilingual Company website in three languages, Hindi, Gujarati, and Telugu was launched. The initiative simplifies consumer
understanding products, services, and concepts.

The Company has a communication mechanism in place to inform customers in advance about relocation or closure of
Financial Planning Centers (FPC) along with details of the alternate servicing FPC/ branch. In case of any natural calamity,
Company has set up Nodal officers at impacted areas and also sent out communications to customers informing them
about same also shared simplified assisted claim process to ensure smooth processing. During pandemic and calamities,
communications were sent to promote self-help and digital modes of services. Extensive communications were also dispatched
to create awareness about COVID-19 precautions and details of vaccination drives being conducted. These details are also
updated on the company's website.

4. Does the entity display product information on the product over and above what is mandated as per local
laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to
consumer satisfaction relating to the major products / services of the entity, significant locations of operation
of the entity or the entity as a whole? (Yes/No)
The Company engages with its customers via customer satisfaction surveys. Feedback link is part of email communication
format to capture customer’s feedback on the overall experience of the engagement. The Net Promoter Score for FY23 was 36.

5. Provide the following information relating to data breaches:

During the year, there were no data breaches.

Annual Report 2022-23 123

 Annexure 3

MANAGEMENT DISCUSSION
AND ANALYSIS
Industry structure and developments the world, with an average age of about 29 years. The life insurance
industry helps in mobilization of long-term savings, provides
Post liberalization of the life insurance industry in India in the year protection and long-term income and annuity solutions. Each of
2000, the industry has seen both highs and lows, driven by a these segments has different demand drivers and India’s changing
multitude of factors including dynamic regulatory changes, global demographic profile bodes well for the industry. The need for
financial meltdown, Pandemic, evolving consumer behavior and long-term savings and protection plans is expected to rise, as the
a changing competitive landscape. Life insurers navigated these insurable population is expected to touch ₹100 Crores by 2035.
changes through recalibration of their business models – a tied
agency-dominated distribution to a bancassurance model to a multi- Acceptance of nuclear family culture and improvement in healthcare
channel one, innovation in the product space catered to the varying facilities has led to increase in life expectancy and hence we can
needs of the customers and processes became more efficient for a expect increase in demand for protection products in coming years.
better customer experience.
Low Insurance Penetration:
In past one year, Life Insurance industry has seen numerous India is under-insured, both in terms of penetration and density as
transformations in terms of regulatory changes and proposals for compared to other developed nations. Penetration of life insurance
amendments. These regulatory developments have created plenty sector is very much dependent on GDP growth, per capita income,
of growth opportunities for the industry while ensuring that insurers customer awareness on importance for life insurance, financial
stay relevant with changing times and latest digital disruptions savings as a percentage of GDP, urbanization and growth in
along with customer’s interest. digitization.
The Insurance Regulatory and Development Authority India (IRDAI) Protection gap in India is amongst the highest in the world at
is vigilant and progressive and is determined to achieve its mission 83%. Till 2020 we did not witness substantial growth in Insurance
of ‘Insurance for all by 2047’, with aggressive plans and strategies penetration, but post pandemic people have understood the
to address the industry’s challenges. The growth of the Life importance of protection products which will lead to increase in
insurance market is being supported by regulatory initiatives, strong Insurance penetration. Also, since the lines of business are widening,
demographic factors, meaningful partnerships, product innovations retail borrowing in India is expected to rise leading to demand for
and vibrant distribution channels. loan linked protection products.
Pre COVID, insurance industry was largely dominated by offline Demand from semi-urban and rural areas to support growth for
channels like corporate agents, offline brokers or banks. With life insurance players:
outbreak of Covid, rapid digitization, product innovation and On the lending side, the retail loans outstanding credit of banks
progressive regulation policies have made it possible for consumers increased considerably in the urban and semi-urban as well as rural
to buy insurance through multiple distribution channels with the areas at 16.7% and 18.9% CAGR, respectively, during Fiscal 2017
click of a button. COVID-19 pandemic has made consumers realise to the third quarter of Fiscal 2022. Therefore, the increasing use of
the importance of financial security, which can be achieved with the organised channel by consumers increases customer awareness
help of life Insurance. and also provides opportunities for life insurance players to cross-
sell. Further, increasing knowledge about financial instruments will
Opportunities aid growth from urban and semi-urban as well as rural areas. Credit
Changing Demographic Profile: growth in metropolitan region was at 13.6% CAGR between Fiscal
2017 to the third quarter of Fiscal 2022. Going forward, the focus on
As per recent UN population estimates, India has overtaken China financial inclusion by the government will also increase geographical
for being the most populated country and amongst the youngest in spread.

124
Life insurance players will look to tap the rural regions for premium systems is a necessity. The customers’ expectation of a personalised
growth along with urban and semi-urban and metropolitan regions. and improved service experience can be addressed using artificial
Players with a strong distribution network in the rural region and intelligence, cloud computing, machine learning algorithms and
semi -urban and urban are likely to have an advantage over their bots.
competitors.
Financialisation of savings:
Rising income levels to make insurance products more affordable: The Indian economy continues to perform well and remains the
Even though insurance is considered a non-discretionary expense, fastest growing Asian economy, and one of the fastest growing in the
considering that an estimated 83% of households in India had an world. Life insurance Assets Under Management (AUM) has grown
annual income of less than ₹2 lacs in Fiscal 2012, affordability of by 11% in F.Y. 2021-22, which indicates there has been improvement
insurance products remains a major constraint. Growth in household in financialization of savings. The life insurance industry is uniquely
incomes and, consequently, disposable incomes are critical to the positioned to cover a range of customer needs across fixed income
overall growth in demand for insurance products in India. The share and equity platforms. Over time, higher personal disposable incomes
of households falling in middle or upper middle-income bracket of resulting in higher household savings is likely to be channeled into
₹2 lacs to ₹5 lacs and ₹5 lacs to ₹10 lacs has increased from 16% different financial savings instruments including life insurance.
in Fiscal 2012 to 23% in Fiscal 2017 and is estimated up to 35%
in Fiscal 2022, providing potential target segment for insurance The government has been constantly making efforts to promote
service providers. financial inclusion and spread awareness on importance of insurance
by offering low-cost insurance schemes through small finance banks
Going forward, amongst various income segments, middle and and payments bank.
upper middle segment is expected to drive growth. Within these
segments, ₹5 lacs to ₹10 lacs income segment bucket is expected Rising Yields:
to increase at a much faster pace as compared to others and this will A new interest rate regime is a silver lining for the life insurance
help fuel demand for insurance products, especially life insurance industry. Insurers will, over time, benefit from higher investment
products going forward. returns that will help offset the higher claims they are liable for.

Advancements in diagnosis and treatments to reduce mortality

rate:
Threats
The healthcare industry, similar to other industries, is constantly
evolving with advancements in technology. Developments in Indian insurance industry is highly competitive with 25 companies
information technology have helped create systems, which ensure operating in the market. Indian consumer demands are changing
faster and reliable services. On one hand, these systems help continuously which requires companies to modify their offering in
increase the reach and quality of healthcare delivery systems alignment with customer needs.
across the country. However, on the other hand, they also enable
healthcare delivery providers to improve efficiency by helping them This poses an opportunity as well as risk to the industry as inability
in resource planning and maintaining patient records. We believe to meet the consumer demand would hamper the growth.
that with the advent of 5G, smartphone penetration and increasing
health-conscious population, digital healthcare penetration will
grow leading to improved mortality rate, which, in turn, will aid lower
claims for life insurance companies and support their profitability.

Digitisation:
Developing technology is evolving customer behavior which leads
to urge in providing a frictionless end-to-end buying experience
for customers. Success of insurance business is highly dependent
on tech capabilities of the company. A lot of risks can be mitigated
with the help of technology and data. Previously, digital channel
used to hardly contribute to total business compared to other offline
channels, but the pandemic has changed the customer practices
and we can expect steep growth in online channels.

Given higher digital adoption by customers and distributors, it has

become imperative for insurers to develop strong technological
capabilities and highly efficient platforms, which are powered
by analytics, automation and artificial intelligence. Seamless
integration of these platforms and processes with the partners’

125
Some of the macroeconomic factors which could be of risk for the industry are:

Geo-political conflict worsening the global

economic and financial environment, Inferior fund performance in comparison to other
exacerbating inflationary pressures globally savings instruments

Global slowdown of the financial market and

economies contributing to weakness in the Changes in tax rate structure for the industry and
Indian financial and economic environment its products

Weak credit environment and economic

challenges leading to increased credit risk within Regulatory Changes
fixed income portfolio

Slowdown in the GDP and GDP per capita Competition from other financial saving
growth rates instruments

Superior return on physical savings Keeping claims fraud in check

Overview of Indian Life Insurance Industry

The life insurance industry has evolved over the past two decades post entry of private players in the year 2000 with significant changes in
distribution strategy as well as the product portfolio and technology becoming a key enabler.

Individual New business APE (`Crores)

68,378
55,077
45,192
42,031
40,125

35,578
35,668

32,496
30,466
28,842

30,420

31,457
29,058
28,699
26,230

29,171

27,802
28,185
27,346

24,519
23,066

22,706
21,369
20,052
20,774
17,862

17,342
17,524

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Private Players LIC

Private
Player 52% 46% 37% 38% 38% 49% 52% 54% 56% 58% 57% 60% 63% 66%
Shares

126
Indian Life Insurance Industry collected New Business Premium of ₹3,70,543 Crores in F.Y. 2022-23 compared to ₹3,14,262 Crores in F.Y.
2021-22, growth of 18% Year on Year.

Product Mix

67%
61%
54% 56%
51%
49%
46% 44%
39%
33%

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

Linked Products Non Linked Products

Based on New Business APE (Individual and Group)

In the last few years, private insurers have increased their focus on the under-penetrated non linked segment, both within the individual and
the group segments. Focus on the retirement space has also increased. The pandemic induced awareness for the need for higher insurance
and long-term wealth creation led to a further diversification in the long-term savings segment.

127
IndiaFirst Life’s Performance Indicators Indian Embedded Value
Our profitability and high VNB margins have enabled a self-sustaining
Value of New Business, VoNB Growth and VoNB Margin business model, reflecting our focus on long-term profitable growth.
We reported a healthy Value of New Business (VNB) Margin and This has also been reiterated by the increase in our Embedded Value
absolute VNB of 30.6% and ₹580 Crores respectively in F.Y. 2022- from ₹1865 Crores in Fiscal 2022 to ₹3079 Crores in Fiscal 2023.
23. We have achieved the same on account of a balanced product
portfolio that has an increased focus on non-participating products, Indian Embedded Value (` Crores)
supported by expansive bancassurance networks through one of our
Promoters and other bancassurance partner banks.

Value of New Business (` Crores)

3,079

63%

580 1,865
1,681
223%

357

111
FY 2021 FY 2022 FY 2023

FY 2021 FY 2022 FY 2023

Retail NOPs
IndiaFirst Life crossed the milestone of selling 3 lakh plus retail new
business policies in single Financial Year for the first time. For the
Value of New Business Margin financial year 2022-23, we have improved our industry ranking in
terms of sourcing new business policies by 1 position to 8th among
private sector.

30.6% 3,13,114
23.1% 2,65,471

1,97,564
10.5%

FY 2021 FY 2022 FY 2023

FY 2021 FY 2022 FY 2023

128
Industry Relative Growth Solvency Ratio
IndiaFirst Life has grown faster than the Overall Insurance Industry Our Solvency ratio stands at 218% as on 31st March, 2023. We
as well Private Insurance Industry. In F.Y. 2022-23 we ranked 7th raised ₹500 Crores by rights issue from existing shareholders in
amongst all private insurers in terms of YoY Growth. In F.Y. 2021-22 July 2022 which has augmented our capital base and enabled us
we were fastest growing Insurer with 50% YoY Growth. to undertake measures to create sustainable growth engines for the
future.
Industry Relative Growth - Individual New Business APE

50%
218%
181%
165%

27%
24%
22%
19%
16%

8%
3% 5%

FY 2021 FY 2022 FY 2023 FY21 FY22 FY23

Overall Insurance Private insurance IndiaFirst Life

Industry Industry Insurance
Operating Expense to Gross Written Premium Ratio
Operating expenses relating to insurance business were ₹844
Crores for the year ended March 31, 2023.
Renewal Premium and 13 Month Premium Persistency
th

Our long-standing commitment to customer centric operations has

Opex to Total (NB+RB) GWP
resulted in high Persistency Ratios in the three preceding years which
in turn has led increase in renewal premium collection. Company’s
renewal premium increased by 29% in F.Y. 2022-23 compared to
earlier year. Contribution of Renewal premium to Total premium has
13.8% 13.6% 13.9%
increased to 51% in F.Y. 2022-23 from 47% in F.Y. 2021-22.

81.5%
81.2%
3,116

78.5%
2,420

2,005 FY21 FY22 FY23

FY21 FY22 FY23

Renewal Premium Persistency Ratio - 13th Month
(INR Crores) Regular Premium

129
Asset Under Management Individual New Business APE
We have a diversified investment portfolio including investments in In F.Y. 2022-23, Individual New Business APE grew by 27% YoY,
government securities, bonds and debentures, equity shares, money which is 1.1 times the private industry growth and 1.4 times the
market instruments, mutual funds, and fixed deposits, in accordance overall industry growth. IndiaFirst Life has been growing faster
with the investment guidelines prescribed by the IRDAI from time to than the overall industry in Individual New Business APE for last 9
time. As of Fiscal 2023, Company witnessed growth of 15%. consecutive Years. We have improved our ranking amongst private
insurers from 11th position in F.Y. 2021-22 to 10th position in F.Y.
AUM (`Crores) 2022-23.

Individual New Business APE (`Crores)

15%
11% 28% 1,709
16%
21,683
CAGR :
a r
18,932 2 Ye
17,109 1,345

894

FY21 FY22 FY23

FY21 FY22 FY23

Claim Settlement Ratio

Our company stands firm on its commitment of “Ensuring Lives, Product Mix
Creating Value” by paying Death claims of INR 650 Crores in Segment Level Product Mix basis Total Premium:
F.Y. 2022-23. This has been possible, among other things, due to
user-friendly platform for claims intimation which has helped our We continue to focus on higher margin products to ensure long term
customers to smoothly process claim settlement. profitable growth while maintaining a comprehensive and balanced
mix of individual and group products to hedge dependence on any
Claim Settlement Ratio (Death) - Ind+Grp particular product segment or customer demographic.

98.7% 98.8% 98.4%

31%
42% 51%

41%
32% 24%

28% 26% 25%

FY21 FY22 FY23

FY21 FY22 FY23

-Ulip -Par -Non Par Savings

130
Segment Level Product Mix basis Individual New Business APE: Channel Mix
In terms of Individual New Business APE, our focus in on balanced Our Banca partners Bank of Baroda and Union Bank of India continue
product mix with an affinity towards non-par savings, which is to perform well with the help diversified branches across India. We
visible in below graph. Our Non-par savings moved from 36% in intend to increase business share from emerging channels in coming
Financial Year 2020-21 to 51% in Financial Year 2022-23. years with help of 1881 Individual Agents and 128 Broker Corporate
Agency partnership as on March 31, 2023.

2%
2% 4% 5% 1%
4% 3% 3% 4% 3%
3% 3%
36%
45% 51%

33% 90% 89% 94%

22% 21%

29% 29% 25%

FY21 FY22 FY23

FY21 FY22 FY23
-Corporate Agents-Banks -Individual Agents
-Ulip -Par -Non Par Savings -Non Par Protection
-Direct Business -Others

131
Directors' Report

Annexure 4

Details of the ESOPs pursuant to Section 62 of the Companies act, 2013 read with Rule 12(9) of the Companies (Share
Capital and Debentures) Rules, 2014 as on financial year ended March 31, 2023:

Particulars ESOP Plan

Number of options granted 69,70,772
Number of options vested Nil
Number of options exercised Nil
Total Number of Shares arising as a result of exercising of option Nil
Options lapsed Nil
the Exercise price ` 75.11 per option
Variation of terms of options NA
Money realised by the exercise of options Nil
Total number of options in force 69,70,772
Employee wise details of options granted to Key Managerial Personnel:
Name Designation Options granted during the year ended
on March 31, 2023
R. M. Vishakha Managing Director & CEO 9,44,652
Kedar Patki Chief Financial Officer 2,23,345
Aniket Karandikar Company Secretary 30,931
Details of employees including director(s) who have received a grant of options in any one year, of options amounting
to five percent or more of options granted during that year:
Name of the Employee Number of options granted
R. M. Vishakha 9,44,652
Rushabh Gandhi 5,42,184
Details of employees including director(s) who were granted options, during any one year, equal to or exceeding one
percent of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant:
Name of the Employee Number of options granted
For Financial Year 2022-23 NIL

132 IndiaFirst Life Insurance Company Limited

 Annexure 5

Information required under Section 197 of the Companies Act, 2013, read with Companies (Appointment and
Remuneration of Management Personnel) Rules, 2014.
A. Ratio of remuneration of each Director to the Median remuneration of all the employees of your Company for
the financial year 2022-2023 is as follows:
Name of the Director Ratio of remuneration of Director to the median remuneration
Ms. R. M. Vishakha 1:48.5
Notes:
1. The information provided above is on standalone basis.
2. The aforesaid ratio is calculated on the basis of remuneration including Retiral Benefits for the financial year 2022-2023.
3. The Company does not pay any remuneration to its Non-Executive Directors apart from sitting fees for the Board Meetings
and Committee Meetings attended by them during the Financial Year. Therefore, the above disclosure is not required for
Non-Executive Directors.
B. Details of percentage increase in the remuneration of each Director and CFO & Company Secretary in the
financial year 2022-2023:
Name Designation Increase %
Ms. R. M. Vishakha Managing Director and CEO Director 8%
Mr. Kedar Patki Chief Financial Officer 12%
Mr. Aniket Karandikar (W.e.f. June 14, 2022) Company Secretary NA
Ms. Sweta Bharucha (Upto April 15, 2022) Company Secretary NA
1) Remuneration to Managing Director and CEO is within the overall limits approved by the Shareholders.
2) The Company does not pay any remuneration to its Non-Executive Directors apart from sitting fees for the Board Meetings
and Committee Meetings attended by them during the Financial Year. Therefore, the above disclosure is not required for
Non-Executive Directors
C. Percentage increase in the median remuneration of all employees in the financial year 2022-2023:
Particulars Increase %
Median Remuneration of all employees per annum 8%
D. Number of permanent employees on the rolls of the Company as on March 31, 2023
Particulars Number of employees
Executive/Manager Cadre 3595 (including MD & CEO)
Staff -
Total 3595 (including MD & CEO)
E. Comparison of average % increase in salary of employees other than the key managerial personnel and the
percentage increase in the key managerial remuneration
Particulars Increase%*
Average salary of all employees 8.7%
Key Managerial Personnel** 9
Salary of Executive Director NA
* Increase in remuneration of Managing Director and CEO Director is based on his/ her performance and contribution to
the Company.
** Key Management Personnel as per Companies Act, 2013
F. It is affirmed that the remuneration paid is as per the Remuneration policy of the Company.

Annual Report 2022-23 133

Directors' Report

Annexure 6

Policy on appointment of Directors and Key Management Personnel

1. Preface
The primary objective of the Policy is to provide a framework and set standards for the appointment and/or re-appointment of
Directors, MD&CEO, WTDs and Key Management Persons. This Policy has been put in place in compliance with the provisions
of the following:
• Companies Act, 2013 and rules made thereunder,
• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• IRDAI Corporate Governance Guidelines, 2016 and
• Guidelines on Remuneration of Directors and Key Managerial Personnel, 2023 and
• Other applicable laws.
2. Definitions
a) “Board” in relation to a company, means the collective body of the directors of the company.
b) "Key managerial persons", shall include in relation to the Company;
• Managing Director & Chief Executive Officer (MD & CEO)
• Deputy Chief Executive Officer (Dy. CEO)
• the Whole-time Director
• the Chief Financial Officer
• Appointed Actuary
• Chief Investment Officer
• Chief Risk Officer
• Chief Compliance Officer
• the Company Secretary
• the members of management team and any other functional head one level below Managing Director & CEO and
such other officer as may be approved by the Board and
• such other officer as may be prescribed from time to time
c) "Director" means any director appointed to the Board.;
3. Criteria to be considered in appointment
A. Appointment of Directors
The Nomination & Remuneration Committee shall consider, inter alia, following factors in determining the qualification,
positive attributes, integrity, etc. for appointment/re-appointment of directors:
a) The overall experience of the Directors in the relevant field of their expertise including experience in relevant
field/ industry;
b) Academic records/ background, educational qualifications, including specialised qualifications in relevant areas like
business/ corporate Management, finance, marketing, risk, compliance, legal, etc;
c) Background of the Director and the field of his work/ specialisation;
d) Any other relevant professional qualification and experience
For the purpose of identifying suitable candidates, the Nomination & Remuneration Committee may:
I. Use the services of an external agencies, if required;
II. Consider candidates from a wide range of backgrounds, having due regard to diversity; and
III. Consider the time commitments of the candidates.

134 IndiaFirst Life Insurance Company Limited

 Also, the Nomination & Remuneration Committee/ Board shall be guided by the Board Diversity Policy, when appointing new
directors. Further, in determining the independence of the Director (for proposed Independent Directors), the Committee shall
be governed by the criteria of Independence as specified in the Companies Act, 2013 and any other regulation, as may be
applicable from time to time.
B. Appointment of Key Managerial Personnel (KMP’s) as defined under the Companies Act, 2013 and employees
with fixed annual compensation over ` 1.20 Crores
The appointment of Managing Director & Chief Executive Officer, Chief Financial Officer, and Company Secretary being
“Key Managerial Personnel” (KMP’s) as defined under the Companies Act, 2013, would be placed before the Nomination
and Remuneration Committee for approval and recommendation to the Board for final approval.
C. Appointment of Other Key Management Personnel
Appointment of Key Management Personnel as defined in section 2 above, other than those specified in 3(B) and 3(C)
above, would be governed by the procedure as detailed in section 4 of this policy.
4. Procedure for Recruitment and Appointment of Senior Management / Key Management Personnel
o At the leadership level, as a part of the Human Capital Philosophy, an internal succession plan is established based on
competency assessment and employee aspiration. Every year the same is updated and presented to NRC & Board.
o In case of any vacancy arising at the leadership level, due to attrition or otherwise, Succession plan is triggered.
o Potential successors who are identified and are a part of the succession plan are assessed by MD & CEO, Deputy CEO
& CHRO.
o Based on the positive outcome of the assessment, the position may get filled internally.
o In case the candidate identified in the succession plan is not considered ready to take on the role, the HR team initiates
the process of external hire for the vacancy.
o Applications received are evaluated basis the job requirement and preliminary screening by either Head - Human
Resources (CHRO), Deputy CEO, and/or MD & CEO.
o Screened and shortlisted profiles are shared with the management team comprising of MD & CEO and/or Deputy CEO
and/or Representative of the Man-Com team and Head –Human Resources (CHRO) for an initial assessment.
o Personal interview is conducted either through a one-on-one meeting or through a Panel interview comprising of Deputy
CEO and/or Representative of the Man-Com team and Head - Human Resources for the shortlisted candidates.
o Simultaneously, Shortlisted candidates undergo their profiling assessment through a Psychometric assessment tool.
o Post Personal Interview assessment and assessment through Psychometric assessment tool, candidates are shortlisted,
and their profiles are forwarded to MD & CEO and/or Deputy CEO for the final interview.
o MD & CEO and/or Deputy CEO conducts the final interview for all shortlisted candidates and one candidate is selected.
Profile of the final candidate is sent to CPIIPL representative for opinion.
o Selected candidate is offered the job role and the offer letter is released to the candidate with remuneration package
based on market parameters and internal parity.
5. Statutory Positions
Appointment of Statutory positions including MD & CEO, Chief Financial Officer, Appointed Actuary, Company Secretary are
subject to regulatory requirements. As a result, they may be subject to certain regulatory approvals in addition to approval
from NRC and the Board.
6. Disclosure of the Policy
As per Section 178 of the Companies Act 2013 this policy shall be disclosed on the website of the Company, and the
salient features of the policy and changes therein, if any, along with the web address of the policy, shall be disclosed in the
Board's report.
7. Review of the Policy:
The Policy will be reviewed and/ or revised as and when required by Law. The revised policy will be placed to the Nomination
and Remuneration Committee for review. The Nomination and Remuneration Committee will further recommend the revision
in the policy to the Board of Director for final approval.
*********************

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Annexure 7

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES FOR

F.Y. 2022-23
Sr. No. Particulars Remarks
1. A Brief outline of the Company’s CSR policy The Corporate Social Responsibility (CSR) policy of IndiaFirst
(including overview of projects or programs proposed sets out the framework guiding the Company’s CSR activities,
to be undertaken and a reference to the weblink to governance structure, roles and responsibilities of CSR committee
the CSR policy and project or programs.) and sub-committee. The policy sets out the rules that need to be
adhered to while taking up and implementing the CSR activities. The
policy would ensure compliance to Section 135 of the Companies
Act, 2013. The CSR policy was approved in the Board meeting held
on January 31, 2017, amended on May 06, 2021 and May 11, 2022
and October 18, 2022. Further, the projects or programs shall be
undertaken for the activities prescribed under the Schedule VII of
the Companies Act, 2013 read with the CSR policy of the Company.
The CSR policy is uploaded on the Company’s website and can
be accessed at: https://www.indiafirstlife.com/statutory-disclosure
2. Composition of CSR Committee:
Sr. No Name of Director Designation / Number of Number of meetings
Nature of meetings of CSR of CSR Committee
Directorship Committee held attended during
during the year the year
1. Mr. Joydeep Dutta Roy Chairperson, Nominee Director of Bank
of Baroda
2. Mr. Narendra Ostawal Member, Nominee Director of Carmel Point
Investments India Private Limited NIL
3. Mr. Arun Chogle Member, Independent Director
4. Ms. Harita Gupta Member, Independent Director
5. Ms. R. M. Vishakha Member, MD & CEO

During the year under review no CSR Committee meetings were held.
3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are
disclosed on the website of the company:
a) Web-link for CSR committee: https://www.indiafirstlife.com/about-us/our-team/board-of-directors
b) Web-link for CSR Policy: https://www.indiafirstlife.com/statutory-disclosure
c) Web-link for CSR projects approved by the Board: N.A as the company was not required to spend any amount towards
CSR in F.Y. 2022-23.
4. The details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable -(attach the report): N.A.

136 IndiaFirst Life Insurance Company Limited

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any:
Sr No. Financial Year years (in `) Amount available for setoff Amount required to be setoff for the financial
from preceding financial year, if any (in `)
Not Applicable
6. Average net profit of the Company as per section 135(5): The Company had average net loss of ` -1,162,821.84
7. (a) Two percent of average net profit of the company as per section 135(5): NIL
(b) Surplus arising out of the CSR projects or programs or activities of the previous financial years: N.A.
(c) Amount required to be set off for the financial year, if any: N.A.
(d) Total CSR obligation for the financial year (7a+7b-7c): Nil
8. (a) CSR amount spent or unspent for the financial year: Nil

Total Amount Amount Spent

Spent for the
Total Amount transferred to Amount transferred to any fund specified under
Financial Year.
Unspent CSR Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
Amount Date of Transfer Name of Fund Amount Date of Transfer
Nil NA NA NA NA NA

(b) Details of CSR amount spent against ongoing projects for the financial year: Nil
Sr. Name Item from Local Location Project Amount Amount Amount Mode of Mode of
No of the the area of the duration. allocated spent in transferred Implemen Implementation -
Project. list of (Yes/No). project. for the the current to Unspent tation - Through
activities project financial CSR Direct Implementing
in (in `). Year Account for (Yes/No). Agency
Schedule (in `). the project
VII to the as per
Act. Section
135(6) (in `).
State District Name CSR
Registration
No.
N.A.

(c) Details of CSR amount spent against other than ongoing projects for the financial year: N.A
Sr. Name Item from the Local Location of Project Amount Mode of Mode of implementation -
No of the list of area the duration. spent in implementation Through implementing
Project. activities (Yes/No). project. the current on agency. State. District.
in Schedule VII financial -
to the Act. Year (in `). Direct
(Yes/No).
State District Name CSR
registration
Number
Not Applicable

(d) Amount spent in Administrative Overheads : N.A.

(e) Amount spent on Impact Assessment, if applicable : N.A.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) : N.A.

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Directors' Report

(g) Excess amount for set off, if any: N.A.

Sr. No Particulars Amount in `
(i) Two percent of average net profit of the company as per section 135(5) -1,162,821.84
(ii) Total amount spent for the Financial Year Nil
(iii) Excess amount spent for the financial year [(ii)-(i)] NIL
(iv) Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any NA
(v) Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any NA

9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sr. Preceding Financial Amount Amount spent Amount transferred to any fund Amount
No Year. transferred to in the specified under Schedule VII as per remaining to
Unspent CSR reporting section 135(6), if any. be spent in
Account under Financial Year succeeding
section 135 (6) (in Lakhs.) financial
(in Lakhs.) years. (in `)
Name Amount Date of
of the (in Rs). transfer.
Fund
1. 2019-20 N.A. ` 98,64,000 NA NA NA Nil
2. 2020-21 N.A. ` 10,23,980 NA NA NA Nil
3. 2021-22 N.A. Nil NA NA NA Nil

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
1 2 3 4 5 6 7 8 9
Sr. Project Name of Financial Project Total Amount Cumulative Status of the
No. ID. the Year in Duration amount spent on the amount spent project -
Project. which the allocated project in at the end of Completed
project was for the the reporting /Ongoing.
commenced. project reporting Financial
(in `). Financial Year. (in `)
Year (in `).

N.A. as the Company did not have any ongoing projects for fulfillment of its CSR obligation

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year (asset-wise details): N.A.
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section
135(5): N.A. as the Company was not liable to spend any amount towards CSR for the financial year under review.

For and on behalf of the Board of Directors For and on behalf of the Board of Directors

Joydeep Dutta Roy R. M. Vishakha

Member and Chairman of the CSR Committee Managing Director & CEO
DIN: 08055872 DIN: 07108012
May 09, 2023 May 09, 2023

138 IndiaFirst Life Insurance Company Limited

 Annexure 8

Form No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]

To,
The Members,
IndiaFirst Life Insurance Company Limited.
12th and 13th Floor, North C wing, Tower 4,
Nesco IT Park, Western Express Highway,
Goregaon East, Mumbai - 400063.

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
governance practices by IndiaFirst Life Insurance Company Limited (hereinafter called “the Company”). Secretarial Audit was
conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts / statutory compliances and
expressing my opinion thereon.

Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial
year ended March 31, 2023 complied with the statutory provisions listed hereunder and also that the Company has proper Board-
processes and compliance-mechanism in place to the extent, in twhe manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the
financial year ended on March 31, 2023, according to the provisions of:

i. The Companies Act, 2013 (the Act) and the rules made thereunder;

ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder - Not Applicable;

iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings - Not Applicable;

v. The following regulations and guidelines prescribed under the Securities and Exchange Board of India Act,1992 (‘SEBI Act’): -

a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 -
Not Applicable;

b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 -
Not Applicable;

d) Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 -
Not Applicable;

e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;

f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993,
regarding the Companies Act and dealing with client – Not Applicable;

g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 - Not Applicable;

Annual Report 2022-23 139

Directors' Report

h) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 - Not Applicable;

Further, I report that, based on the compliance mechanism established by the Company, which has been verified on test check
basis and the Compliance certificate submitted to and taken on record by the Board of Directors of the Company, I am of the
opinion that the Company has complied with the provisions of the Insurance Act, 1938 as amended from time to time, the Insurance
Laws (Amendment) Act, 2015, and Insurance Regulatory and Development Authority Act, 1999 (“IRDAI”) and the rules, regulations,
circulars, guidelines, instructions, etc. issued by IRDAI.

I have examined compliance with the applicable clauses of the following:

i. Secretarial Standards issued by The Institute of the Company Secretaries of India,

ii. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing
Regulations’)

During the financial year under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.

I further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Director, Non-Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review
were carried out in compliance with the provisions of the Act.

Adequate notice, agenda and detailed notes have been given to all Directors to schedule the Board Meetings at least seven days
in advance or on a shorter notice and a system exists for seeking and obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the meeting.

The decisions at Board Meetings and Committee Meetings are carried out and recorded in the minutes of the Board of Directors
and Committee of the Board accordingly.

Based on the representation made by the Company and relied upon, I report that there are adequate systems and processes in
the Company commensurate with its size and operations of the Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.

I further report that during the year under report, the Company has undertaken event / action having a major bearing on the
Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc. referred to above viz.

(i) Appointment and Resignation of Key Managerial Personnel;

(ii) Granting of ESOPs to the eligible employees;

(iii) Resignation of Directors;

(iv) Re-constitution of Board and its Committees and Constitution of Committees;

(v) Allotment of shares on Rights basis to the existing shareholders of the Company;

(vi) Noting the quantum of offer for sale;

(vii) Approval of Draft Red Herring Prospectus in relation to the Initial Public Offer of the Company;

(viii) Receiving In-Principal approval by IRDAI to initiate the process of Public issue of Equity shares and other matters;

(ix) De-classification of Union Bank of India as a Promoter of the Company;

(x) Board approval for exercising the call option with respect to the Non-Convertible Debentures to the tune of ` 100 Crores;

(xi) The Company has obtained Member’s approval for the following special businesses:

(i) Issue of shares on Rights basis to the existing shareholders of the Company;

(ii) Approval of the amendment to the Subscription and Shareholders Agreement(SHA);

140 IndiaFirst Life Insurance Company Limited

 (iii) Alteration of the Articles of Association;

(iv) Approve for revision in remuneration and performance related payouts for financial year ended march 31, 2022 of MD &
CEO of the Company – Ms. R. M. Vishakha (DIN: 07108012);

(v) Approval of IndiaFirst Life insurance Employee Stock Option Plan 2022 (“ESOP Scheme 2022”);

(vi) Approval for the Initial Public Offer of Equity shares of the Company.

For Aashish K. Bhatt & Associates

Practicing Company Secretaries

Place: Mumbai Aashish Bhatt

Date: May 09, 2023 Proprietor
ACS No.: 19639, COP No.: 7023
UDIN: A019639E000266127
ICSI Unique Code S2008MH100200
Peer Review Certificate No.: 2959/2023

This Report is to be read with my letter annexed as Appendix A, which forms integral part of this report.

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Directors' Report

APPENDIX A

To,
The Members,
IndiaFirst Life Insurance Company Limited.
12th and 13th Floor, North C wing, Tower 4,
Nesco IT Park, Western Express Highway,
Goregaon East, Mumbai – 400063.

My report of even date is to be read along with this letter.

1. The responsibility of maintaining Secretarial record is of the management and based on my audit, I have expressed my opinion
on these records.

2. I am of the opinion that the audit practices and process adopted to obtain assurance about the correctness of the secretarial
records were reasonable for verification on test check basis.

3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.

4. The management is responsible for compliances with corporate and other applicable laws, rules, regulations, standards etc. My
examination was limited to the verification of procedure on test basis and wherever required, I have obtained the Management
representation about the compliance of laws, rules and regulations etc.

5. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.

For Aashish K. Bhatt & Associates

Practicing Company Secretaries

Place: Mumbai Aashish Bhatt

Date: May 09, 2023 Proprietor
ACS No.: 19639, COP No.: 7023
UDIN: A019639E000266127
ICSI Unique Code S2008MH100200
Peer Review Certificate No.: 2959/2023

142 IndiaFirst Life Insurance Company Limited

 Annexure 9

REMUNERATION POLICY FOR NON-EXECUTIVE DIRECTORS, MANAGING

DIRECTOR/CEO/WHOLE-TIME DIRECTORS AND KEY MANAGERIAL PERSONS OF
INDIAFIRST LIFE INSURANCE COMPANY LIMITED

1. INTRODUCTION
The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued the Guidelines on Remuneration of Non-
Executive Directors, Managing Director / Chief Executive Officer / Whole-time Directors and Key Managerial Persons of Insurers
vide IRDA/F&A/GDL/MISC/141/06/2023 dated June 30, 2023 (“Guidelines”).
The Guidelines are effective from F.Y. 2023-24 and have superseded the earlier guidelines issued by the IRDAI vide ref IRDA/
F&A/GDL/LSTD/155/08/2016 dated 05th August 2016.
As per the Guidelines the Company is required to:
1. Adopt a comprehensive remuneration policy for non-executive Directors.
2. Adopt a comprehensive remuneration policy for Managing Director / Chief Executive Officer / Whole-time Directors.
3. Adopt a comprehensive remuneration policy for Key Managerial Persons.
The compensation paid to the MD/CEO, Whole Time Directors (WTDs) and Key Managerial Persons shall be in line with the
Guidelines. The compensation structure has to be approved by the Board of Directors based on recommendations made by
the Nomination & Remuneration Committee (“NRC”).
2. Scope
The policy applies to all Non-Executive Directors, Managing Director/Chief Executive Officer/Whole-Time Directors, and Key
Managerial Persons of the Company and it is effective from September 30, 2023.
3. Policy for Non-Executive Directors.
Remuneration:
The Non-Executive Directors shall not be eligible for any remuneration.
Sitting Fees and reimbursement of expenses:
The sitting fees payable and reimbursement of expenses for the Board and Committee Meetings shall be as follows:
Nature of Meeting Fees and Reimbursement of expenses
Board ` 1,00,000/- per meeting.
Actual expenses for Air Fare, Hotel Costs and Local Conveyance.
Committee ` 75,000/- per meeting.
Actual expenses for Air Fare, Hotel Costs and Local Conveyance.

The sitting fees for the shareholders’ nominee directors shall be paid to the shareholders.
Tenure and age limit: No Independent Director shall hold office for more than two consecutive terms, each term being
maximum three years. Further, both appointment and re-appointment is subject to the age limit of 70 years of age. Reappointment
of independent director for the second term shall be subject to a special resolution passed by the Company in the favour of
such appointment.
4. Policy for MD / CEO, WTDs and Key Managerial Persons
4.1 Objectives & Principles
The overall objectives for laying down a Remuneration policy for MD / CEO, WTDs and Key Managerial Persons is to offer
compensation systems that make it possible to attract, retain and motivate the most outstanding professionals in order to
enable the Company to attain its strategic objectives and sustainable growth within the increasingly competitive context in
which it operates. The primary objective is achievement of goals of the Company without incentivising excessive risk-taking
and avoiding conflict of interests.

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Directors' Report

Further, the remuneration system would be in line with the regulatory framework of the insurance sector. Going forward,
the remuneration system for MD & CEO, WTDs and Key Managerial Persons shall be aligned with the Guidelines for sound
remuneration practices (effective F.Y. 2023-24) and would address the general principles of:
• Remuneration covers for all types of risk;
• Remuneration outcomes are symmetric with risk outcomes;
• Remuneration pay-outs are sensitive to the time horizon of the risk; and
• The mix of Cash, Equity and other forms of remuneration must be consistent with risk alignment.
Accordingly, the Remuneration Policy for MD & CEO, WTDs and Key Managerial Persons seeks to:
• Ensure that the policy formulated by Board of Directors, in consultation with NRC is in line with the provisions of Companies
Act, 2013, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (“SEBI Listing Regulations”), and the Guidelines;
• Ensure the remuneration is adjusted for all types of risks;
• Ensure the mix of cash, equity and other forms of remuneration are consistent with risk alignment;
• Ensure that the remuneration, in terms of structure and total amount, is in line with the best practices, as well as
competitive vis-à-vis that of peer insurance companies;
• Establish the linkage of remuneration with individual performance as well as achievement of the company objectives;
• Include a significant variable pay component tied to the achievement of pre-established objectives in line with Company’s
achievement while also ensuring that the remuneration is aligned with prudent risk taking; and
• Encourage attainment of long-term shareholder returns through inclusion of long-term incentives as part of overall
remuneration framework.
Details regarding the MD & CEO, WTDs and Key Managerial Persons remuneration as well as all other disclosures as mentioned
in the Guidelines, relating to Qualitative & Quantitative disclosure shall be made available to the shareholders as part of
disclosures in the Annual Report.
4.2 Performance Assessment Parameters for payment of Variable Pay or Incentives:
The following parameters shall be taken into account for determination of performance assessment of all KMPs for payment
of variable pay or incentives:
• Overall financial performance such as Net-Worth position, solvency, growth in AUM, Net Profit etc.;
• Compliance with the IRDAI (Expenses of Management for Insurers transacting Life Insurance Business) Regulations, 2023.
• Claim efficiency in terms of settlement and outstanding
• Improvement in grievance redressal status
• Reduction in unclaimed amounts of policy holders
• Persistency matrix- 37th month to 61st month
• Overall compliance with respect to all applicable laws
These parameters shall constitute at least 60% of the total weightage in the performance assessment matrix of MD/CEO/
WTDs and at least 30% of the total weightage in the performance assessment matrix of Key Managerial Persons individually.
The weightage of each parameter may be configured suitably depending on their respective roles. Additional parameters shall
be in line with the business plan. These parameters shall also form the basis for revision of fixed pay.
Age & Tenure Limit for MD / CEO / WTDs
• Subject to statutory approvals required time to time and the SEBI Listing Regulations, as applicable, the post shall
not be held by the same incumbent for a continuous period of more than 15 years. An incumbent shall be eligible for
reappointment, if considered necessary and desirable by the Board, after cooling-off period of at least one year, subject
to meeting other applicable conditions.

144 IndiaFirst Life Insurance Company Limited

 • If the incumbent is appointed by a promoter / major shareholder, then he/she shall not hold the said posts for continuous
period of more than 12 years, subject to applicable law. However, the Company may make an application to the IRDAI
giving substantial reasons for permitting such MD & CEO or WTDs to hold office up to 15 years.
• A promoter/shareholder cannot hold a whole-time position in the Company. However, this condition is not applicable in
case where an employee of the Company becomes a shareholder by virtue of shares received through ESOPs during
the course of employment.
5. OUR APPROACH
COMPONENTS OF REMUNERATION FOR MD / CEO and WTDs, Key Managerial Person’s (KMP’s)
For aligning risk to Remuneration, only Fixed pay, Retirals, Insurance Benefits, Perquisites, Variable Pay & LTIPs are considered,
and ESOPs (which are granted and vested) (if any) will not be considered as a part of the remuneration computation.
The salary structure will constitute of the following heads:
Fixed Pay
- Basic Salary
- Allowances, which includes
o Housing Rent Allowance
o Medical, LTA, Allowances for Car, Special Allowance & any other allowances as defined
Retirals Benefits
- PF - 12% of Basic Salary
- Gratuity - As per the rules
Insurance Benefits
- Group Term Life cover as per the company policy
- Group Personal Accident cover as per the company policy
- Group Mediclaim cover as per the company policy
Perquisites
It is proposed to have a full cash out structure with the exception being club membership to be included as a perquisite at a
future date.
6. Variable Pay, Long Term Incentives Plan (LTIP), ESOPS/ Stock Linked Plan
Variable Pay includes incentives, bonus, share linked instruments etc. and shall be performance based using measures of
individual, unit or group performance that do not create incentives for inappropriate risk taking. It shall be aligned with long term
value creation and time horizon of risks to which may be exposed. It shall be paid / granted only once during the financial year.
Some of the other parameters would be as under:
- Percentage of variable pay for the MD / CEO, WTDs, KMPs shall be 50% of fixed pay.
- Percentage of the grant of Long-Term incentive for the MD / CEO & WTDs and KMPs shall be 25% of fixed pay. Deferred
pay-outs with a minimum deferral period of 3 years shall be built in the remuneration plan.
- A minimum of 50% of the variable pay shall be via non-cash instruments.
- Till the equity shares of the Company are listed on a recognized stock exchange, the fair value of the equity shares to be
considered shall be certified by a Category 1 merchant banker registered with SEBI for the purpose of calculation of the
benefit envisaged in this policy.
- Till the Company gets listed, total number of ESOPs granted in a year shall not exceed 1% of the paid-up capital of the
Company. The total number of ESOPs issued, granted, vested or outstanding at any point of time shall not exceed 5%
of the paid up capital of the Company.
- After the Company gets listed, the norms for grant, valuation and disclosures of share linked instruments shall be as per
the ESOP policy of the Company and as approved by NRC & Board.

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Directors' Report

- No sweat equity shares shall be issued.

- The deterioration in the financial performance and other defined parameters as per the remuneration policy shall lead to
a contraction in the total amount of variable pay which may even be reduced to zero as per the guidance received from
NRC and the Board.
- In case of retirement / resignation / death prior to deferral period, the deferral pay may be paid as per the employment
contract. In case of reappointment on retirement, the deferred pay due at the time of retirement (prior to reappointment)
shall be paid only for respective years to which it is originally deferred.
- In case of termination of employment, the deferred pay shall be forfeited.
- The deterioration in the financial performance of the Company may lead to a contraction in the total amount of variable
remuneration including LTIP.
- Variable pay/LTIP pertaining to the year of negative contribution / misrepresentation shall be subject to clawback as per
the process defined by the organisation in case of negative contributions or misrepresentation.
Any grant or exercise of ESOPs shall be subject to applicable law including inter alia the IRDAI (Registration of Indian Insurance
Companies) Regulations, 2022.
6.1 REMUNERATION REVISION CYCLE
The MD / CEO, WTDs, KMPs shall be eligible for annual revision in remuneration subject to approval obtained from the NRC
and Board.
Revision in remuneration shall be based on the following:
- Yearly increment guidelines specified by the company
- Benchmarking with peer companies
- Market corrections if required.
No revision in the remuneration shall be permitted till the expiry of one year from the date of previous revision.
No remuneration shall be paid to MD / CEO, WTDs and KMPs by any of the promoter/investor or by group companies of the
promoters’/investors’ companies.
6.3 OTHER PRINCIPLES
Guaranteed Bonus
Guaranteed bonuses are not part of compensation plan for MD/ CEO & WTDs. Joining / sign on bonus may be granted only
in the context of hiring and will be limited to the first year of joining. Such bonus will neither be considered as a part of fixed
pay nor as a part of variable pay.
Severance Pay
No severance pay to be granted other than accrued benefits (gratuity, pension, etc.) except for such instances and to such
extent as are permitted by the law. Severance pay, in the present context, does not include notice-pay.
6.4 MALUS AND CLAW BACK
Variable Pay shall be subject to malus and claw-back provisions as per the assessment. In case of deferred remuneration, in
the event of any negative trend in the defined parameters and / or the relevant line of business in any year during the vesting
period, unvested / unpaid portions of deferred variable pay shall be reduced or cancelled as per the assessment. While deciding
such reduction, the NRC may consider actual or realized performance of the Company.
Malus and clawback provisions shall be built in the employment contract of KMPs for gross negligence, breach of integrity,
materially inaccurate financial statements owing to misconduct and poor compliance with corporate governance and regulatory
matters. The employment contract shall stipulate that malus or claw-back provisions shall be applicable for the deferral period.
The NRC shall decide the amounts, period of malus or clawback, other scenarios where malus or clawback shall be triggered
and link it to performance parameters of variable pay in the employment contracts of all KMPs.
7. ACCOUNTING AND DISCLOSURE
The Company shall adhere to the prescription in the Guidelines in relation to disclosure and engagement by stakeholders in
the Annual Report, both on the Qualitative and Quantitative disclosures.

146 IndiaFirst Life Insurance Company Limited

 The amount of remuneration paid / not paid / outstanding for the financial year shall be disclosed with all components of
the remuneration.
In case the annual remuneration (fixed pay plus variable pay) of the MD & CEO / WTD exceeds Rs. 4 Crores (including all
perquisites plus bonuses etc., by whatsoever names), such excess shall be borne by the shareholders’ account and debited
to Profit & Loss account.
Liability in the respective books of accounts shall be created in respect of deferred remuneration of the reporting financial year.
Deferred remuneration pertaining to previous financial years and paid in the reporting financial year shall not be debited to
Revenue account / Profit and Loss account as the same shall be adjusted against the liability outstanding in the books of
accounts at the beginning of the year.
In case of forfeiture of deferred pay, the corresponding liability outstanding shall be reduced accordingly.
In case of recovery of earlier paid remuneration, if any, the same shall be credited to Revenue account / Profit and Loss account,
as the case may be.
8. Review of the Policy
This Policy shall be reviewed annually and be revised as and when the NRC is of such an opinion. The revised Policy shall be
placed to the NRC and the NRC shall place the recommendations/changes in Policy to the Board of Directors for final approval.
Appendix
Sr. No. Abbreviation Full Form
1 CEO Chief Executive Officer
3 ESOP Equity Shares Options Plans
4 KMP Key Management Persons
5 LTA Leave Travel Allowance
6 LTIP Long Term Incentive Plan
7 MD Managing Director
8 NED Non-Executive Directors
9 NRC Nomination & Remuneration Committee
10 PF Provident Fund
11 SEBI Securities Exchange Board of India
12 WTD Whole Time Directors

Annual Report 2022-23 147

148 IndiaFirst Life Insurance Company Limited
Annual Report 2022-23 149
150 IndiaFirst Life Insurance Company Limited
 REPLY TO THE COMMENTS OF THE COMPTROLLER AND AUDITOR
GENERAL OF INDIA

The company books the expenses for the year on matching principle in line with requirements
of the relevant accounting standards. Since the expenses as referred to in the comment A
pertain to the business written by the company in the financial year 2022-23 and they are
recorded as such.

Further the provision for expenses pertains to Global conference being organized by MDRT
which act as networking, skill enhancement and motivational events for the participants.

These expenses therefor are in the nature of sales promotion expenses and recorded in the
books of accounts accordingly.

The booking of ` 3 Crores expense towards the end of the year pertains to stamp duty paid
in advance for utilisation during issuance of life insurance policies. Since the Invoice was
booked during the year end process, the payment was affected soon after the year end and
hence reflects in the sundry creditors.

Since the disclosure in the annual accounts contains net current assets the impact of the
above accounting is ` NIL at the year-end date.

The disclosure referred to in para D is available in Annual Report 2022-23 under Corporate
Governance report section.

Annual Report 2022-23 151

INDEPENDENT AUDITOR'S REPORT

To the Members of
IndiaFirst Life Insurance Company Limited

Report on the audit of the Financial Statements

Opinion
We have audited the financial statements of IndiaFirst Life Insurance Company Limited (hereinafter referred to as “the
Company”), which comprise the Balance Sheet as at March 31, 2023, the related Revenue Account (also called the “Policyholders’
Account” or the “Technical Account”), the Profit and Loss Account (also called the “Shareholders’ Account” or the “Non-Technical
Account”), the Receipts and Payments Account for the year then ended, and a summary of significant accounting policies and
other explanatory information (“herein after referred as the “financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required in accordance with the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015
(the “Insurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Insurance Regulatory and
Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the
“IRDA Financial Statements Regulations”), orders/directions/circulars issued by the Insurance Regulatory and Development Authority
of India (the ‘’IRDAI’’) and the Companies Act, 2013 (the “Act”) to the extent applicable in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India, as applicable to the Insurance Companies;
a) In case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2023;

b) In case of Revenue Account, of the net surplus for the year ended on that date;

c) In case of the Profit and Loss Account, the profit for the year ended on that date; and

d) In case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those Standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in our report.

152 IndiaFirst Life Insurance Company Limited

Sr. Description of Key Audit Matter Description of Auditors' response
No.
1
Valuations of Investment Our procedures included the following
The Company holds investments against policy holder’s • Tested the design, implementation and operating
liabilities, linked liabilities and shareholder’ funds. A effectiveness of key controls over the valuation process.
significant portion of the assets of the Company is in the
• Tested on a sample basis, correct recording of
form of investments (total investments as on March 31,
investments, classification and compliance with
2023 is ` 214,154,408 (‘000).
Investment Regulations and policies approved by Board
Investments are made and valued in accordance with the of Directors.
provisions of the Insurance Act, 1938, IRDAI (Investment)
• Tested on a sample basis valuation of securities which
Regulations, 2016 (“Investment Regulations”), IRDAI
have been valued in accordance with the Investment
(Preparation of Financial Statement Regulations) 2002
Regulations and Company’s accounting policies.
(“Financial Statement Regulations”), Investment Policy of
the Company and relevant Indian GAAPs. • For an event specific reclassification and valuation,
we corroborated management’s assessment with
Due to events affecting the investee company’s rating,
the regulatory requirements and Company’s internal
there could be a need to reclassify investment and assess
policies.
its valuation/ impairment per the requirements of the
Investment Regulations and/ or Company’s internal policies. • Based on the work carried out, we did not come
across any significant matter which suggests that the
investments were not properly valued.

2 Accuracy of provision for employee benefits Our audit approach consisted of the following
(Variable pay) broad steps:
Estimation of provision for employee benefits in terms of • Conducted a walkthrough and updated our
variable pay is a critical estimate and involves a significant understanding of process followed by the management
judgement to determine the year end provision amount. The to identify and evaluate the required provision for
management makes provision for the said liability as per employee related liabilities (variable pay).
the basis approved by the Nomination and Remuneration
• Reviewed the basis approved by the Nomination
Committee of the Company.
and Remuneration Committee and its application for
determining the year end provision and compared with
the past trend of making such estimation.

• Inquired with the management and reviewed the

computation and estimates used with respect to the
said provision and evaluated for appropriateness and
adequacy of the provision.

• Checked the related accounting entries for mathematical

accuracy and correctness of amount and classification
of the liability.

Annual Report 2022-23 153

INDEPENDENT AUDITOR'S REPORT

Sr. Description of Key Audit Matter Description of Auditors' response

No.
3
Information Technology Systems and Control Our audit procedures included the following:
The operations of the Company are heavily dependent • We assessed the Company’s overall IT environment
on Information technology systems and their associated and the controls in place over access to systems and
IT controls. A fundamental component of IT controls is data, as well as system changes. We tailored our audit
ensuring appropriate user access management, program approach based on the financial significance on the
change management and are being adhered. system and whether there were automated procedures
supported by that system.

• The procedures performed included testing the

Company’s controls over appropriate access rights for
the relevant applications

• In the areas where we performed additional audit

procedures on manual compensating controls such
as Trial Balance reconciliation between accounting
systems and other information systems.

Information Other than the Financial Statements and Auditors’ Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Directors’ Report, the Corporate Governance Report and Annual Report on Corporate Social Responsibility but does not
include the financial statements and our auditors’ report thereon.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above, and in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained
in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report the fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation
of these financial statements that give a true and fair view of the financial position, financial performance and receipts and payments
of the Company in accordance with the accounting principles generally accepted in India, including the relevant provisions of the
Insurance Act, the IRDA Act and in the manner so required to the extent not inconsistent with the accounting and presentation
principles as prescribed under the IRDA Financial Statements Regulations and orders/directions/circulars issued by the Insurance
Regulatory and Development Authority of India (“IRDAI”) in this regard, and Accounting Standards specified under Section 133
of the Act and the Rules framed thereunder, to the extent applicable. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

154 IndiaFirst Life Insurance Company Limited

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditors’ Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In conducting our audit, we have taken into account the provisions of the Act, the Insurance Act, the IRDA Act, the IRDA Financial
Statements Regulations, orders/directions/circulars issued by the IRDAI, the accounting and auditing standards and matters which
are required to be included in the audit report under the provisions of the Act, Rules and Regulations made thereunder.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However,
future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in
our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Annual Report 2022-23 155

INDEPENDENT AUDITOR'S REPORT

Other Matter
The actuarial valuation of liabilities for life policies in force and policies where premium is discontinued is the responsibility of the
Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for
policies in respect of which premium has been discontinued but liability exists on financial statements of the Company as at March
31, 2023 has been duly certified by the Appointed Actuary and in her opinion, the assumptions for such valuation are in accordance
with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have
relied on the Appointed Actuary’s certificate in this regard for forming our opinion on the valuation of liabilities for life policies in force
and for policies in respect of which premium has been discontinued but liability exists, as contained in the financial statements of
the Company.

Report on Other Legal and Regulatory Requirements

1) As required by the IRDA Financial Statements Regulations, we have issued a separate certificate dated May 09, 2023 certifying
the matters specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.

2) As required by the IRDA Financial Statements Regulations, read with Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit and have found them to be satisfactory;

b) In our opinion and to the best of our information and according to the explanations given to us, proper books of account
as required by law have been kept by the Company, so far as appears from our examination of those books;

c) As the Company’s financial accounting system is centralised at Head Office, no returns for the purposes of our audit are
prepared at the branches of the Company;

d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt
with by this Report are in agreement with the books of account;

e) In our opinion and to the best of our information and according to the explanations given to us, investments have been
valued in accordance with the provisions of the Insurance Act, the Regulations and / or orders / directions / circulars
issued by IRDAI in this regard;

f) In our opinion and to the best of our information and according to the explanations given to us, the accounting policies
selected by the Company are appropriate and are in compliance with the Accounting Standards specified under Section
133 of the Act and Rules made thereunder as applicable, and with the accounting principles prescribed in the IRDA
Financial Statements Regulations and orders / directions / circulars issued by IRDAI in this behalf;

g) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, the
Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by this report comply
with the Accounting Standards referred to in Section 133 of the Act and Rules made thereunder as applicable, and with
the accounting principles prescribed in the IRDA Financial Statements Regulations and orders/directions/circulars issued
by the IRDAI in this regard;

h) On the basis of written representations received from the Directors of the Company, as on March 31, 2023 and taken on
record by the Board of Directors, none of the Directors is disqualified as on March 31, 2023 from being appointed as a
Director in terms of Section 164 (2) of the Act;

i) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A” to this report; and

j) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:

156 IndiaFirst Life Insurance Company Limited

 i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements –
Refer Note 3.1 of Schedule 16 to the financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long term contracts – Refer Note 3.46 of Schedule 16 to the financial statements.
Further, the Company does not have any derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts due to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the Company from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the year.

3) As required by the Comptroller and Auditor General of India in terms of Sub Section 5 of 143 of the Act and on the basis of
our examination as we considered appropriate and according to the information and explanations given to us, we give in the
“Annexure B” our comments on the Directors and certain company / sector specific sub-directions, action taken there on
and it’s impact on the accounts and financial statements of the Company.

4) With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion and according to the information and explanation provided to us, the remuneration paid by the Company to
its directors during the year is governed by section 34A of the Insurance Act, 1938 and requires IRDAI approval. Accordingly,
the provisions of Section 197 of the Act read with schedule V to the Act are not applicable to the Company, hence reporting
under Section 197(16) of the Act is not required.

For Mehta Chokshi & Shah LLP For N. S. Gokhale & Company
Chartered Accountants Chartered Accountants
FRN: 106201W/W100598 FRN: 103270W

CA. Abhay R. Mehta CA. Abhay Sidhaye

Partner Partner
Membership No.: 046088 Membership No.: 033522
Place: Mumbai Place: Mumbai
Date: May 9, 2023 Date: May 9, 2023
UDIN: 23046088BGQDSY3179 UDIN: 23033522BGQJFN9671

Annual Report 2022-23 157

INDEPENDENT AUDITOR'S REPORT

ANNEXURE “A” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2(i) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date to the
Members of IndiaFirst Life Insurance Company Limited)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
We have audited the internal financial controls over financial reporting of IndiaFirst Life Insurance Company Limited (“the
Company”) as of March 31, 2023 in conjunction with our audit of the financial statements of the Company for the year ended on
that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control
over financial reporting criteria established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India (“the ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company’s
policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(“the Guidance Note”) and the Standards on Auditing, issued by the ICAI and deemed to be prescribed under Section 143(10) of
the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls
and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting
was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.

158 IndiaFirst Life Insurance Company Limited

Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting
and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

Other Matter
The actuarial valuation of liabilities for life policies in force and policies where premium is discontinued but liability exists as at March
31, 2023 has been certified by the Appointed Actuary of the Company as per the regulations, and has been relied upon by us, as
mentioned in para “Other Matter” of our audit report on the financial statements for the year ended March 31, 2023. Accordingly,
our opinion on the internal financial controls over financial reporting does not include reporting on the adequacy and operating
effectiveness of the management’s internal controls over the valuation and accuracy of the aforesaid actuarial valuation. Our opinion
is not modified in respect of the above matter.

For Mehta Chokshi & Shah LLP For N. S. Gokhale & Company
Chartered Accountants Chartered Accountants
FRN: 106201W/W100598 FRN: 103270W

CA. Abhay R. Mehta CA. Abhay Sidhaye

Partner Partner
Membership No.: 046088 Membership No.: 033522
Place: Mumbai Place: Mumbai
Date: May 9, 2023 Date: May 9, 2023
UDIN: 23046088BGQDSY3179 UDIN: 23033522BGQJFN9671

Annual Report 2022-23 159

INDEPENDENT AUDITOR'S REPORT

ANNEXURE “B” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 3 of our report of even date to the Members of IndiaFirst Life Insurance Company Limited)

Sr. Directions / Auditors’ comments Action Impact

No. Sub-directions taken on the
thereon accounts
and
financial
statements
of the
Company

Directions under Section 143 (5) of the Act:

1. Whether the company has system in place The Company processes all the accounting No action Nil
to process all the accounting transactions transactions through IT system. We have not required.
through IT system? If yes, the implications of come across any accounting transactions
processing of accounting transactions outside processed outside IT system.
IT system on the integrity of the accounts
along with the financial implications, if any,
may be stated.
2. Whether there is any restructuring of an We have not come across any cases of waiver/ No action Nil
existing loan or cases of waiver/write off of write off of debts/loans/interest etc. during the required.
debts /loans/interest etc. made by a lender to course of our audit.
the company due to the company’s inability to
repay the loan? If yes, the financial impact may
be stated. Whether such cases are properly
accounted for?
3. Whether funds received/receivable for specific We have reviewed that the Company has not No action Nil
schemes from central/ state agencies were received any fund from central / state agencies. required.
properly accounted for/ utilized as per its term
and conditions? List the cases of deviation.
Additional Directions under Section 143 (5) of the Act:

1. Number of titles of ownership in respect of The Company holds Investments in both No action Nil
CGS/SGS/Bonds/Debentures etc. available in physical and demat forms and all its securities required.
physical/demat form and out of these, number are reconciled. No case of deviation found.
of cases which are not in agreement with the
respective amounts shown in the Company’s
books of accounts may be verified and
discrepancy found may be suitably reported.

160 IndiaFirst Life Insurance Company Limited

Sr. Directions / Auditors’ comments Action Impact
No. Sub-directions taken on the
thereon accounts
and
financial
statements
of the
Company

2. Whether stop loss limits have been prescribed As per Companies Investment Policy, No action Nil
in respect of the investments. If yes, whether Exposure to equity stocks would be reviewed required.
or not the limit was adhered to. If no, details for ‘stop loss’ trigger, if the market price of
may be given. the scrip has fallen by more than 10% on
any single trading day. The stop loss will be
triggered upto the extent of 3% of the stock
weight in the fund.

During the year, we were informed that

there were 6 instances wherein stop loss
(as explained above) was triggered and in
all such instances Company decided to
continue holding into such securities. In each
of the instances, the reason / justification was
recorded and reported to the Sub-Committee
of the Investment Committee.

For Mehta Chokshi & Shah LLP For N. S. Gokhale & Company
Chartered Accountants Chartered Accountants
FRN: 106201W/W100598 FRN: 103270W

CA. Abhay R. Mehta CA. Abhay Sidhaye

Partner Partner
Membership No.: 046088 Membership No.: 033522
Place: Mumbai Place: Mumbai
Date: May 9, 2023 Date: May 9, 2023
UDIN: 23046088BGQDSY3179 UDIN: 23033522BGQJFN9671

Annual Report 2022-23 161

INDEPENDENT AUDITOR'S REPORT

INDEPENDENT AUDITORS’ CERTIFICATE

To the Members of
IndiaFirst Life Insurance Company Limited
(Referred to in paragraph 1 of our report of even date to the Members of IndiaFirst Life Insurance Company Limited)

1. This Certificate is issued to comply with the provisions of paragraphs 3 and 4 of Schedule C to the Insurance Regulatory and
Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002
(the ‘‘IRDA Financial Statements Regulations’’) read with Regulation 3 of the IRDA Financial Statements Regulations.

Management’s Responsibility for compliance and preparation of the Statement

2. The Company’s Board of Directors is responsible for complying with the provisions of the Insurance Act, 1938 as amended
by the Insurance Laws (Amendment) Act, 2015 (‘’the Insurance Act’’), the Insurance Regulatory and Development Authority
Act, 1999 (‘’the IRDA Act’’), the IRDA Financial Statements Regulations, orders/direction/circulars issued by the Insurance
Regulatory and Development Authority (‘’the IRDAI’’) which includes the preparation of the Management Report. This includes
collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring
compliance as aforesaid.

Auditors’ Responsibilities
3. Our responsibility, for the purpose of this Certificate, is limited to certifying matters contained in Paragraphs 3 and 4 of Schedule
C read with Regulation 3 of the IRDA Financial Statements Regulations.

4. We audited the financial statements of IndiaFirst Life Insurance Company Limited as of and for the financial year ended March
31, 2023, on which we issued an unmodified audit opinion vide our report dated May 09, 2023. Our audit of these financial
statements were conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies
Act, 2013 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (‘’the
ICAI’’). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements.

5. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised
2016) (‘the Guidance Note’) issued by the ICAI and the standards on auditing. The Guidance Note requires that we comply
with the independence and other ethical requirements of the Code of ethics issued by the ICAI.

6. We have complied with the relevant applicable requirements of the Standard on Quality Control (‘SQC’) 1, Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion
7. In accordance with the information, explanations and representations given to us and to the best of our knowledge and belief
and based on our examination of the books of account and other records maintained by the Company for the year ended
March 31, 2023, we certify that:

a. We have reviewed the Management Report attached to the financial statements for year ended March 31, 2023, and on
the basis of our review, there is no apparent mistake or material inconsistencies with the financial statements;

b. Based on management representations and compliance certificates submitted to the Board of Directors by the officers
of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention
that causes us to believe that the Company has not complied with the terms and conditions of registration as stipulated
by the IRDAI;

162 IndiaFirst Life Insurance Company Limited

 c. We have verified the cash balances, to the extent considered necessary and securities relating to the Company’s loans
and investments as at March 31, 2023, by actual inspection or on the basis of certificates / confirmations received from
the Custodian and/ or Depository Participants appointed by the Company, as the case may be;

d. The Company is not a trustee of any trust; and

e. No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions
of the Insurance Act, relating to the application and investments of the Policyholders’ Funds.

For Mehta Chokshi & Shah LLP For N. S. Gokhale & Company
Chartered Accountants Chartered Accountants
FRN: 106201W/W100598 FRN: 103270W

CA. Abhay R. Mehta CA. Abhay Sidhaye

Partner Partner
Membership No.: 046088 Membership No.: 033522
Place: Mumbai Place: Mumbai
Date: May 9, 2023 Date: May 9, 2023
UDIN: 23046088BGQDSY3179 UDIN: 23033522BGQJFN9671

Annual Report 2022-23 163

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
REVENUE ACCOUNT
for the year ended 31 March 2023
Form A-RA
(Currency: In Thousands of Indian Rupees unless otherwise stated)

Policyholders’ Account (Technical Account)

Particulars Schedules Year ended Year ended

31 March 2023 31 March 2022
Premiums earned - Net
(a) Premium 1 60,745,341.39 51,865,644.11
(b) Reinsurance ceded (1,008,944.30) (2,013,591.41)
(c) Reinsurance accepted - -
Sub Total 59,736,397.09 49,852,052.70
Income from investments
(a) Interest, Dividends and Rent - Gross 9,946,339.96 9,240,916.57
(b) Profit on sale/redemption of investments 7,018,367.48 7,774,071.90
(c) (Loss on sale/ redemption of investments) (2,303,553.27) (994,565.84)
(d) Transfer/Gain on revaluation/change in fair value (2,814,902.35) 1,367,785.63
(e) Amortisation of premium / discount on investments 713,005.71 (96,766.99)
Other Income
(a) Miscellaneous Income 79,807.65 65,888.37
(b) Contribution from Shareholder's Account 2,678,259.01 4,838,996.27
(c) Contribution from Shareholder's Account towards Excess EOM 71,089.57 4,711.15
Total (A) 75,124,810.85 72,053,089.76
Commission 2 3,104,334.44 2,537,126.25
Operating expenses related to Insurance Business 3 8,442,533.37 7,042,778.55
Provision for doubtful debts 158,584.40 -
Bad debts written off - -
Provision for Tax - -
Provisions (other than taxation)
(a) For diminution in the value of investments (net) (28,771.24) (11,086.44)
(b) Others - -
GST charge on linked charges 420,465.61 374,094.21
Total (B) 12,097,146.58 9,942,912.57
Benefits Paid (Net) 4 37,305,368.14 40,087,654.55
Interim Bonuses Paid - -
Change in valuation of liability in respect of life policies
(a) Gross 16,767,194.54 6,086,563.66
(b) Fund Reserve* 4,878,190.10 11,706,806.64
(c) Discontinued Fund 733,070.11 1,012,986.40
(d) Amount ceded in Reinsurance - -
(e) Amount accepted in Reinsurance - -
Total (C) 59,683,822.89 58,894,011.25
Surplus / (Deficit) (D) = (A) - (B) - (C) 3,343,841.38 3,216,165.94

164 IndiaFirst Life Insurance Company Limited

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
REVENUE ACCOUNT
for the year ended 31 March 2023
Form A-RA
(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Schedules Year ended Year ended

31 March 2023 31 March 2022
Appropriations
Transfer to Shareholders’ Account 3,166,381.33 1,608,436.27
Transfer to Balance sheet being "Deficit in Revenue Account - -
(Policyholders'Account)"
Transfer to Other Reserves - -
Funds for Future Appropriation - Provision for Linked Policies unlikely - -
to be revived
Balance being Funds for Future Appropriations 177,460.05 1,607,729.67
Total (D) 3,343,841.38 3,216,165.94
The Break-up for the surplus is as below
(a) Interim Bonuses paid - -
(b) Allocation of Bonus to Policyholders 2,492,968.76 2,895,658.38
(c) Surplus shown in the Revenue Account 3,343,841.38 3,216,165.94
Total Surplus (a+b+c) 5,836,810.14 6,111,824.32
Significant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Revenue Account
As required by Section 40B(4) of the Insurance Act 1938 we certify that all expenses of Management in respect of life insurance
business transacted in India by the Company have been fully debited to the Policyholder's Account.
Note: *Change in Valuation Liabilities bifurcated into Gross and Fund Reserve as per IRDA notification.

As per our report of even date attached For and on behalf of board of directors
IndiaFirst Life Insurance Company Limited

For MEHTA CHOKSHI & SHAH LLP For N S GOKHALE & CO

Chartered Accountants Chartered Accountants
FRN - 106201W/W100598 FRN - 103270W

Abhay R. Mehta Abhay Sidhaye Sanjiv Chadha Joydeep Duttaroy

Partner Partner Chairman Director
Membership No- 046088 Membership No- 033522 DIN: 08368448 DIN: 08055872

K.S. Gopalakrishnan R.M. Vishakha

Director Managing Director
DIN:06567403 & Chief Executive Officer
DIN: 07108012

Kedar Patki Bhavna Verma

Chief Financial Officer Appointed Actuary

Place : Mumbai Aniket Karandikar

Date : May 09, 2023 Company Secretary

Annual Report 2022-23 165

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
PROFIT & LOSS ACCOUNT
for the year ended 31 March 2023
Form A-PL
(Currency: In Thousands of Indian Rupees unless otherwise stated)

Shareholders’ Account (Non Technical Account)

Particulars Schedules Year ended Year ended
31 March 2023 31 March 2022
Amount transferred from Policy holders Account (Technical Account) 3,166,381.33 1,608,436.27
Income from Investments
(a) Interest, Dividends and Rent - Gross 438,259.66 447,487.27
(b) Profit on sale/redemption of investments 5,188.92 39,267.48
(c) (Loss on sale/ redemption of investments) (4.03) (5,888.49)
(d) (Amortisation of premium) / discount on investments 59,688.08 2,519.46

Other Income 75,015.49 69,442.10

Total (A) 3,744,529.45 2,161,264.09

Expense other than those directly related to the insurance business 204,647.63 127,127.40
Contribution towards the Remuneration of MD/CEOs/WTDs 48,132.30 42,095.11
Contribution from Shareholders Account towards Excess EOM 71,089.57 4,711.15
Bad debts written off - 167.21
Provisions (other than taxation)
(a) For diminution in the value of investments (net) (44,000.00) (33,000.00)
(b) Provision for doubtful debts 23,949.36 (2,644.69)
(c) Others - -
Amount transferred to the Policyholders' Account 2,678,259.01 4,838,996.27
Total (B) 2,982,077.87 4,977,452.45
Profit/(Loss) before tax 762,451.58 (2,816,188.36)
Provision for taxation - -
Profit/(Loss) after tax 762,451.58 (2,816,188.36)
Appropriations
(a) Balance at the beginning of the year/ period (4,507,128.36) (1,690,939.98)
(b) Interim dividends paid during the year/ period - -
(c) Proposed final dividend - -
(d) Dividend distribution tax - -
(e) Transfer to reserves/other accounts - -
- Debenture Redemption Reserves 100,000.00 -
Loss carried to the Balance Sheet (3,644,676.78) (4,507,128.34)
Earning per Share (Basic and Diluted, Face value ` 10) 1.05 (4.24)
Significant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Profit & Loss Account
As per our report of even date attached For and on behalf of board of directors
IndiaFirst Life Insurance Company Limited
For MEHTA CHOKSHI & SHAH LLP For N S GOKHALE & CO
Chartered Accountants Chartered Accountants
FRN - 106201W/W100598 FRN - 103270W

Abhay R. Mehta Abhay Sidhaye Sanjiv Chadha Joydeep Duttaroy

Partner Partner Chairman Director
Membership No- 046088 Membership No- 033522 DIN: 08368448 DIN: 08055872

K.S. Gopalakrishnan R.M. Vishakha

Director Managing Director
DIN:06567403 & Chief Executive Officer
DIN: 07108012

Kedar Patki Bhavna Verma

Chief Financial Officer Appointed Actuary

Place : Mumbai Aniket Karandikar

Date : May 09, 2023 Company Secretary

166 IndiaFirst Life Insurance Company Limited

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
BALANCE SHEET
as at 31 March 2023
Form A-BS
(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Schedules As at As at
31 March 2023 31 March 2022
SOURCES OF FUNDS
SHAREHOLDERS' FUNDS:
Share Capital 5, 5A 7,543,706.30 6,634,615.39
Reserves and Surplus 6 6,790,909.10 2,800,000.00
Credit / (Debit) Fair value Change Account (0.48) 5,206.31
Sub-Total (A) 14,334,614.92 9,439,821.70
Borrowings 7 1,250,000.00 2,250,000.00
Sub-Total (B) 1,250,000.00 2,250,000.00
POLICYHOLDERS' FUNDS:
Credit / (Debit) Fair value Change Account (5,730.16) 62,712.48
Policy Liabilities 125,010,331.57 108,243,137.01
Insurance Reserves - -
Provision for Linked Liabilities 72,195,898.93 67,317,708.84
Fund for Discontinued Policies -
Discontinued on account of non payment of premium 5,192,164.15 4,459,094.04
Other discontinuance - -
Sub-Total (C) 202,392,664.49 180,082,652.37
Funds for Future Appropriation - Provision for Linked Policies unlikely - -
to be revived
Funds for Future Appropriation 2,919,895.36 2,742,435.32
Sub-Total (D) 2,919,895.36 2,742,435.32

TOTAL (E) = (A) + (B) + (C) + (D) 220,897,174.77 194,514,909.39

APPLICATION OF FUNDS
Investments
Shareholders' 8 8,242,988.31 5,756,900.03
Policyholders' 8A 128,523,356.49 109,629,874.06
Assets Held to Cover Linked Liabilities 8B 77,388,063.08 71,776,802.88
Loans 9 337,038.53 232,203.22
Fixed Assets 10 188,217.95 191,635.43
Sub-Total (F) 214,679,664.36 187,587,415.62
Current Assets
Cash and Bank Balances 11 2,792,574.05 2,559,701.30
Advances and Other Assets 12 7,515,803.01 7,506,725.73
Sub-Total (G) 10,308,377.06 10,066,427.03
Current Liabilities 13 7,719,147.79 7,624,047.72
Provisions 14 16,395.64 22,013.88

Annual Report 2022-23 167

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
BALANCE SHEET
as at 31 March 2023
Form A-BS
(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Schedules As at As at
31 March 2023 31 March 2022
Sub-Total (H) 7,735,543.43 7,646,061.60
Net Current Assets/(Liabilities) (I) = (G) - (H) 2,572,833.63 2,420,365.43
Miscellaneous Expenditure (To the extent not written off or Adjusted) 15 - -
Debit balance in Profit & Loss Account (Shareholders' account) 3,644,676.78 4,507,128.34
Deficit in the Revenue Account (Policyholders' Account) - -
Sub-Total (J) 3,644,676.78 4,507,128.34
TOTAL (K) = (F) + (I) + (J) 220,897,174.77 194,514,909.39
Significant Accounting Policies and Disclosures 16
The schedules and accompanying notes are an integral part of this Balance Sheet

As per our report of even date attached For and on behalf of board of directors
IndiaFirst Life Insurance Company Limited
For MEHTA CHOKSHI & SHAH LLP For N S GOKHALE & CO
Chartered Accountants Chartered Accountants
FRN - 106201W/W100598 FRN - 103270W

Abhay R. Mehta Abhay Sidhaye Sanjiv Chadha Joydeep Duttaroy

Partner Partner Chairman Director
Membership No- 046088 Membership No- 033522 DIN: 08368448 DIN: 08055872

K.S. Gopalakrishnan R.M. Vishakha

Director Managing Director
DIN:06567403 & Chief Executive Officer
DIN: 07108012

Kedar Patki Bhavna Verma

Chief Financial Officer Appointed Actuary

Place : Mumbai Aniket Karandikar

Date : May 09, 2023 Company Secretary

168 IndiaFirst Life Insurance Company Limited

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
Receipts and Payments account (Cash Flow Statement)
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Year ended Year ended

31 March 2023 31 March 2022
Cash flow from operating activities (A)
Premium received 60,483,494.65 51,815,500.47
Reinsurance premium (net of claims) ceded 479,829.90 802,924.74
Unallocated premium 218.25 139,161.98
Commission paid (3,120,661.44) (2,433,185.73)
Payments made to employees and for expenses (7,900,471.84) (6,728,419.18)
Claims paid (38,245,488.45) (43,325,121.67)
Advances (78,642.75) (51,226.98)
Cash inflow / (outflow) from operating activities 11,618,278.32 219,633.63
Taxes Paid (6,215.94) 23,337.86
Good and Service Tax paid (583,959.98) (263,660.56)
Net cash flow from operating activities 11,028,102.40 (20,689.07)
Cash flow from investing activities (B)
Purchase of fixed assets (159,331.90) (75,285.79)
Sale of fixed assets 3,075.25 1,140.86
Purchase of investments (3,238,663,599.99) (3,115,296,143.35)
Sales of investments 3,214,164,313.30 3,105,138,434.78
Expense related to Investment (5,418.65) (4,791.06)
Interest and dividend received 10,136,617.93 9,753,295.95
Other Income - -
Loan against Policies (78,599.39) (72,364.03)
Net cash used in investing activities (14,602,943.45) (555,712.64)
Cash flow from financing activities (C)
Share capital issued 909,090.91 -
Share premium 4,090,909.10 -
Issue of Debentures / Bonds (1,000,000.00) 1,250,000.00
Interest/ Dividends paid (191,404.38) (85,700.00)
Net cash inflow from financing activities 3,808,595.63 1,164,300.00
Net increase / (decrease) in cash and cash equivalents (D=A+B+C) 233,754.58 587,898.29
Cash and cash equivalents at beginning of the year/ period 2,562,994.57 1,975,096.28
Cash and cash equivalents at end of the year/ period 2,796,749.15 2,562,994.57
[Including bank balance for linked business of ` 4,042 thousands (Previous Year
` 3,165 thousands)]

Annual Report 2022-23 169

INDIAFIRST LIFE INSURANCE COMPANY LIMITED
Registration Number: 143 dated 5th November 2009
Receipts and Payments account (Cash Flow Statement)
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Notes:
1. Cash and cash equivalents at end of the year/ period includes:

Particulars Year ended Year ended

31 March 2023 31 March 2022
Cash and Bank Balances as per Schedule 11 2,792,574.05 2,559,701.30
Bank balance as per Schedule 8B 4,041.79 3,165.48
Bank balance as per Schedule 12 133.31 127.79
Cash and cash equivalents 2,796,749.15 2,562,994.57

As per our report of even date attached For and on behalf of board of directors
IndiaFirst Life Insurance Company Limited
For MEHTA CHOKSHI & SHAH LLP For N S GOKHALE & CO
Chartered Accountants Chartered Accountants
FRN - 106201W/W100598 FRN - 103270W

Abhay R. Mehta Abhay Sidhaye Sanjiv Chadha Joydeep Duttaroy

Partner Partner Chairman Director
Membership No- 046088 Membership No- 033522 DIN: 08368448 DIN: 08055872

K.S. Gopalakrishnan R.M. Vishakha

Director Managing Director
DIN:06567403 & Chief Executive Officer
DIN: 07108012

Kedar Patki Bhavna Verma

Chief Financial Officer Appointed Actuary

Place : Mumbai Aniket Karandikar

Date : May 09, 2023 Company Secretary

170 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedule 1 - PREMIUM
Particulars Year ended Year ended
31 March 2023 31 March 2022
1. First year premiums 17,026,969.73 13,362,533.50
2. Renewal premiums 31,158,562.07 24,203,515.04
3. Single premiums 12,559,809.59 14,299,595.57
Total premiums 60,745,341.39 51,865,644.11

Premium income from business

- in India 60,745,341.39 51,865,644.11
- Outside India - -
Total 60,745,341.39 51,865,644.11

Schedule 2 - COMMISSION EXPENSES

Particulars Year ended Year ended
31 March 2023 31 March 2022
Commission paid
- Direct - First year premiums 2,164,715.26 1,872,691.64
- Renewal premiums 671,198.53 489,332.60
- Single premiums 268,420.65 175,102.01
TOTAL (A) 3,104,334.44 2,537,126.25
Add: Commission on Re-insurance Accepted - -
Less: Commission on Re-insurance Ceded - -

Net Commission 3,104,334.44 2,537,126.25

Rewards and Remuneration to Agents, brokers and other intermediateries - -
Total Commission 3,104,334.44 2,537,126.25
Breakup of Commission

Individual Agents 135,811.62 141,962.43

Brokers 137,856.63 91,289.70
Corporate Agents 2,816,705.41 2,286,635.04
Referral - -
Others - Common Service Centre 13,928.04 17,221.65
Web Aggregator 32.74 17.43

Total 3,104,334.44 2,537,126.25

Annual Report 2022-23 171

Schedules Forming Part of Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated))

Schedule 3 - OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

Particulars Year ended Year ended

31 March 2023 31 March 2022
1. Employees’ remuneration & welfare benefits 3,706,762.97 3,132,771.68
2. Travel, conveyance and vehicle running expenses 221,436.77 147,898.59
3. Training Expenses 274,782.29 170,305.38
4. Rents, rates & taxes 380,540.34 267,299.66
5. Repairs 37,200.69 32,622.72
6. Printing & stationery 33,116.88 19,343.64
7. Communication expenses 86,150.07 87,400.01
8. Legal & professional charges 108,124.19 57,196.95
9. Medical fees 71,366.31 50,974.16
10. Auditors' fees, expenses etc
a) as auditor 3,253.70 3,427.80
b) as adviser or in any other capacity, in respect of:
(i) Taxation matters - -
(ii) Insurance matters - -
(iii) Management services - -
c) in any other capacity 414.67 805.33
11. Advertisement and Publicity 2,491,687.48 1,947,320.68
12. Interest & bank charges 29,215.69 29,667.83
13. Others
1. Administrative support expenses 35,195.39 30,446.31
2. Information technology expenses 513,739.91 561,822.08
3. Outsourcing Expenses 133,686.19 101,298.11
4. Policy stamps 172,625.85 241,218.10
14. Depreciation 143,233.98 160,959.52

Total 8,442,533.37 7,042,778.55

172 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated

Schedule 4 - BENEFITS PAID [NET]

Particulars Year ended Year ended
31 March 2023 31 March 2022
1. Insurance claims:
(a) Claims by death 6,573,437.04 11,202,298.75
(b) Claims by maturity 3,699,283.20 1,318,489.43
(c) Annuities/Pension payment 24,015.28 7,915.77
(d) Other benefits
- Health Claim 5,567.29 16,508.12
- Survival benefit 1,296,861.80 1,103,484.74
- Critical illness rider - -
- Claims Investigation 12,660.70 11,446.89
(e) Surrenders / Withdrawals 26,719,579.13 29,799,524.03

2. Amount ceded in reinsurance:

(a) Claims by death (1,024,446.88) (3,365,109.09)
(b) Claims by maturity - -
(c) Annuities/Pension payment - -
(d) Other benefits
- Health Claim (1,589.42) (6,904.09)

3. Amount accepted in reinsurance:

(a) Claims by death - -
(b) Claims by maturity - -
(c) Annuities/Pension payment - -
(d) Other benefits - Health Claim - -

Total 37,305,368.14 40,087,654.55

Benefits paid to Claimants

1. In India 37,305,368.14 40,087,654.55
2. Outside India - -
Total 37,305,368.14 40,087,654.55

Annual Report 2022-23 173

Schedules Forming Part of Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated))

Schedule 5 - SHARE CAPITAL

Particulars As at As at
31 March 2023 31 March 2022
Authorised Capital
1,000,000,000 Equity Shares of ` 10 each 10,000,000.00 10,000,000.00
(Previous Period : 1,000,000,000 Equity Shares of ` 10 each)
Issued Capital
754,370,630 Equity Shares of ` 10 each 7,543,706.30 6,634,615.39
(Previous Period : 663,461,539 Equity Shares of ` 10 each)
Subscribed Capital
754,370,630 Equity Shares of ` 10 each 7,543,706.30 6,634,615.39
(Previous Period : 663,461,539 Equity Shares of ` 10 each)
Called-up Capital
754,370,630 Equity Shares of ` 10 each 7,543,706.30 6,634,615.39
(Previous Period : 663,461,539 Equity Shares of ` 10 each)
Less : Calls unpaid - -
Add : Shares forfeited (amount originally paid up) - -
Less : Par value of equity shares bought back - -
Less : Preliminary expenses - -
Less : Expenses including commission or brokerage on underwriting or subscription of shares - -

Total 7,543,706.30 6,634,615.39

Share Capital held by Holding Company 4,903,409.10 4,312,500.00

Sch 5A - PATTERN OF SHAREHOLDING SCHEDULE

PATTERN OF SHAREHOLDING
[As certified by the Management]
Shareholder As at 31 March 2023 As at 31 March 2022
No. of shares % of holding No. of shares % of holding
Promoters
Indian
- Bank of Baroda 490,340,909 65.00 431,250,000 65.00
Foreign
- Carmel Point Investments India Private Limited 196,136,364 26.00 172,500,000 26.00
Others
- Union Bank of India 67,893,357 9.00 59,711,539 9.00

Total 754,370,630 100.00 663,461,539 100.00

174 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated

Schedule 6 - RESERVES AND SURPLUS

Particulars As at As at
31 March 2023 31 March 2022
1. Capital Reserve - -
2. Capital Redemption Reserve - -
3. Share Premium 6,790,909.10 2,700,000.00
4. Revaluation Reserve - -
5. General Reserve - -
Less: Debit balance in Profit and Loss Account, if any - -
Less: Amount utilized for Buy-back - -
6. Catastrophe Reserve - -
7. Other Reserves
Debenture Redemption Reserves - -
Opening Balance 100,000.00 100,000.00
Add: Transfer from Profit and Loss Account - -
Less: Transfer to Profit and Loss Appropriations (100,000.00) -
8. Balance of profit in Profit and Loss Account - -

Total 6,790,909.10 2,800,000.00

Schedule 7- BORROWINGS
Particulars As at As at
31 March 2023 31 March 2022
1. Debentures/ Bonds 1,250,000.00 2,250,000.00
2. Banks - -
3. Financial Institutions - -
4. Others - -

Total 1,250,000.00 2,250,000.00

Annual Report 2022-23 175

Schedules Forming Part of Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated))

Schedule 8 - INVESTMENTS SHAREHOLDERS

Particulars As at As at
31 March 2023 31 March 2022
LONG TERM INVESTMENTS

1. Government securities and Government guaranteed bonds including Treasury Bills 1,887,832.04 1,547,993.44
2. Other approved securities 1,661,274.66 538,313.72
3. Other investments
(a) Shares
(aa) Equity - 202,603.00
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative instruments - -
(d) Debentures/Bonds - -
(e) Other securities-Fixed Deposits / Application Money - Debt - -
(f) Subsidiaries - -
(g) Investment properties - Real Estate - -
4. Investments in Infrastructure and Social sector 2,463,449.80 553,089.79
5. Other than Approved Investments (Net of Provision for diminution in value of investments - -
`120,815 (PY `120,815)
TOTAL (A) 6,012,556.50 2,841,999.95
SHORT TERM INVESTMENTS

1. Government securities and Government guaranteed bonds including Treasury Bills 49,933.65 1,349,154.82
2. Other approved securities 200,478.76 332,784.87
3. Other investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative instruments - -
(d) Debentures/Bonds - 100,093.38
(e) Other securities
Fixed Deposit 2,597.82 2,593.17
Certificate of Deposit - -
Commercial Paper - -
Collateralized Borrowing and Lending Obligations 1,319,647.53 171,010.62
(f) Subsidiaries - -
(g) Investment properties - Real Estate - -
4. Investments in Infrastructure and Social sector 599,586.75 858,472.61
5. Other than Approved Investments (Net of Provision for diminution in value of investments 58,187.30 100,790.61
` Nil (PY ` 100,018)
TOTAL (B) 2,230,431.81 2,914,900.08
TOTAL (A+B) 8,242,988.31 5,756,900.03

Notes

Total market value of above instruments (Net of provision for diminution in value of investments) 8,271,588.26 5,891,340.46
Investments in Bank of Baroda (Holding Company) included at cost is ` 97.82
(PY - ` 93.17)
Unquoted investments 58,187.30 58,187.30
Investment Other than Listed Equity Securities and derivative instruments
Cost 8,416,265.82 5,809,548.51
Market Value (Net of provision for diminution in value of investments) 8,271,588.26 5,688,737.46
Investment made out of Catastrophe Reserve NIL NIL

176 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated

Schedule 8A - INVESTMENTS POLICYHOLDERS

Particulars As at As at
31 March 2023 31 March 2022
LONG TERM INVESTMENTS

1. Government securities and Government guaranteed bonds including Treasury Bills 40,045,356.21 29,459,850.20
2. Other approved securities 47,304,953.37 36,993,144.50
3. Other investments
(a) Shares
(aa) Equity 505,615.05 2,426,319.10
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative instruments - -
(d) Debentures/Bonds 5,126,262.50 3,457,704.23
(e) Other Securities - Fixed Deposits - -
(f) Subsidiaries - -
(g) Investment properties - Real Estate - -
4. Investments in Infrastructure and Social sector 18,775,326.49 11,902,773.91
5. Other than Approved Investments - -
TOTAL (A) 111,757,513.62 84,239,791.94

SHORT TERM INVESTMENTS

1. Government securities and Government guaranteed bonds including Treasury Bills 446,014.42 649,486.76
2. Other approved securities 468,341.84 3,135,735.91
3. Other investments
(a) Shares
(aa) Equity 3,258,711.41 1,788,820.71
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative instruments - -
(d) Debentures/Bonds 1,044,680.16 1,969,086.73
(e) Other securities
Fixed Deposits - -
Collateralized Borrowing and Lending Obligations 4,601,729.17 12,087,542.45
Certificate of Deposits 2,618,047.87 -
Commercial Paper - -
(f) Subsidiaries - -
(g) Investment properties - Real Estate - -
4. Investments in Infrastructure and Social sector 3,691,262.48 5,342,680.16
5. Other than Approved Investments (Net of Provision for diminution in value of investments 637,055.52 416,729.40
` Nil (PY ` 250,000)
TOTAL (B) 16,765,842.87 25,390,082.12
TOTAL (A+B) 128,523,356.49 109,629,874.06

Notes

Total market value of above instruments (Net of provision for diminution in value of investments) 127,051,123.51 110,556,526.45
Investments in Bank of Baroda (Holding Company) included at cost is ` NIL
(PY- ` NIL)
Unquoted investments 85,779.62 85,779.62
Investment Other than Listed Equity Securities and derivative instruments
Cost 124,113,836.63 106,019,824.84
Market Value (Net of provision for diminution in value of investments) 122,206,877.94 106,082,250.65
Investment made out of Catastrophe Reserve NIL NIL

Annual Report 2022-23 177

Schedules Forming Part of Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated))

Schedule 8B - ASSETS HELD TO COVER LINKED LIABILITIES

Particulars As at As at
31 March 2023 31 March 2022
LONG TERM INVESTMENTS

1. Government securities and Government guaranteed bonds including Treasury Bills 7,102,170.73 8,824,239.85
2. Other approved securities 4,477,661.85 3,862,744.42
3. Other investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative instruments - -
(d) Debentures/Bonds 2,582,063.66 489,240.69
(e) Other Securities - Fixed Deposits - -
(f) Subsidiaries - -
(g) Investment properties - Real Estate - -
4. Investments in Infrastructure and Social sector 4,335,759.19 2,661,610.41
5. Other than Approved Investments - 102,653.60
TOTAL (A) 18,497,655.43 15,940,488.97
SHORT TERM INVESTMENTS

1. Government securities and Government guaranteed bonds including Treasury Bills 4,265,175.75 2,357,283.42
2. Other approved securities - 833,025.14
3. Other investments
(a) Shares
(aa) Equity 36,911,976.87 31,412,169.69
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative instruments - -
(d) Debentures/Bonds 246,177.00 394,060.00
(e) Other securities
Fixed Deposits - -
Collateralized Borrowing and Lending Obligations 4,562,935.17 4,435,095.24
Certificate of Deposits 1,424,572.31 2,160,474.94
Commercial Paper - -
(f) Subsidiaries - -
(g) Investment properties - Real Estate - -
4. Investments in Infrastructure and Social sector 3,991,289.22 2,348,490.48
5. Other than Approved Investments 6,191,538.80 10,173,968.88
OTHER ASSETS
1. Bank Balances 4,041.79 3,165.48
2. Income Accrued on Investments 487,967.20 465,056.19
3. Fund Charges (97,619.05) (88,268.51)
4. Other Current Assets (Net of Provision for diminution in value of investments 902,352.59 1,341,792.96
` 583,524 (PY ` 619,525)
Less : Units held against unallocated premium - -
TOTAL (B) 58,890,407.65 55,836,313.91
TOTAL (A+B) 77,388,063.08 71,776,802.88

Notes
Investments in Bank of Baroda (Holding Company) included at cost is ` Nil
(PY- ` 584,046.26)
Unquoted investments NIL NIL
Investment Other than Listed Equity Securities and derivative instruments
Cost 31,139,379.83 28,719,046.03
Market Value (Net of provision for diminution in value of investments) 31,210,974.25 28,239,222.90
Investment made out of Catastrophe Reserve NIL NIL

178 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated

Schedule 9 - LOANS
Particulars As at As at
31 March 2023 31 March 2022

1. Security Wise Classification

Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities, etc. - -
(c) Loans against policies 337,038.53 232,203.22
(d) Others - -
Unsecured - -

TOTAL 337,038.53 232,203.22

2. Borrower Wise Classification

(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 337,038.53 232,203.22
(f) Others - -

TOTAL 337,038.53 232,203.22

3. Performance Wise Classification

(a) Loans classified as standard
(aa) In India 337,038.53 232,203.22
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -

TOTAL 337,038.53 232,203.22

4. Maturity Wise Classification

(a) Short Term 9,413.57 21,351.93
(b) Long Term 327,624.96 210,851.29

TOTAL 337,038.53 232,203.22

Annual Report 2022-23 179

 Schedule 10 - Fixed Assets

180
Particulars Cost/ Gross Block Depreciation Net Block

As at Additions Deletions/ As at As at For the year Deletions/ As at As at As at

1 April Transfers 31 March 1 April Transfers 31 March 31 March 31 March
2022 2023 2022 2023 2023 2022
As at 31 March 2023

Goodwill - - - - - - - - - -

Intangibles (software)* 589,600.41 36,524.86 19,046.56 607,078.71 552,114.11 36,341.44 19,046.56 569,408.99 37,669.72 37,486.30

Land-Freehold - - - - - - - - - -

Leasehold Improvements 199,725.06 - - 199,725.06 137,590.80 26,153.74 - 163,744.54 35,980.52 62,134.26

Buildings - - - - - - - - - -

Furniture & Fittings 24,575.39 - 232.50 24,342.89 23,909.41 279.87 232.50 23,956.78 386.11 665.98

IndiaFirst Life Insurance Company Limited

Information Technology 505,518.93 54,246.27 33,610.89 526,154.31 437,868.20 64,499.40 33,383.11 468,984.49 57,169.82 67,650.73
Equipment

Vehicles 36,006.95 62,695.55 49,185.10 49,517.40 21,333.55 12,012.50 22,673.84 10,672.21 38,845.19 14,673.40

Office Equipment 59,228.43 1,788.75 1,829.37 59,187.81 54,987.15 3,952.83 1,171.65 57,768.33 1,419.48 4,241.28
Schedules Forming Part of Financial Statements

Others (Specify nature) - - - - - - - - - -

(Currency: In Thousands of Indian Rupees unless otherwise stated))

TOTAL 1,414,655.17 155,255.43 103,904.42 1,466,006.18 1,227,803.22 143,239.78 76,507.66 1,294,535.34 171,470.84 186,851.95

Work in progress 4,783.48 167,219.06 155,255.43 16,747.11 - - - - 16,747.11 4,783.48

Grand Total 1,419,438.65 322,474.49 259,159.85 1,482,753.29 1,227,803.22 143,239.78 76,507.66 1,294,535.34 188,217.95 191,635.43

At 31 March 2022 1,343,054.48 162,887.02 86,502.85 1,419,438.65 1,068,909.51 160,979.37 2,085.66 1,227,803.22 191,635.43

*All software are other than those generated internally.

(Currency: In Thousands of Indian Rupees unless otherwise stated

Schedule 11 - CASH AND BANK BALANCE

Particulars As at As at
31 March 2023 31 March 2022

1. Cash (including cheques on hand, drafts and stamps) 11,523.11 34,234.33

2. Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months of the date of Balance Sheet) - -
(bb) Others - -
(b) Current Accounts 2,781,050.94 2,525,466.97
(c) Others - -

3. Money at Call and Short Notice

(a) With Banks - -
(b) With other Institutions - -

4. Others - -

Total 2,792,574.05 2,559,701.30

Balances with non-scheduled banks included in 2 and 3 above 5,865.31 5,398.33

Cash and Bank Balances

In India 2,792,574.05 2,559,701.30
Outside India - -

Total 2,792,574.05 2,559,701.30

Annual Report 2022-23 181

Schedules Forming Part of Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated))

Schedule 12 - ADVANCE AND OTHER ASSETS

Particulars As at As at
31 March 2023 31 March 2022

Advances
1. Reserve deposits with ceding companies - -
2. Application money for investments - -
3. Prepayments 162,429.06 125,403.05
4. Advances to Directors/Officers - -
5. Advance tax paid and taxes deducted at source (net of provision for taxation) 12,610.39 12,458.12
6. Others
(a) Advance to employees - -
(b) Advance for expenses 2,633.89 3,457.80
(c) Capital advances 20,476.12 -

TOTAL (A) 198,149.46 141,318.97

Other Assets
1. Income accrued on investments 2,681,320.13 2,373,929.66
2. Outstanding premium 970,868.30 702,377.23
3. Agents’ balances (Net of Provision for Doubful Debts ` 15,963 (PY ` 7,368) 1,713.13 4,580.88
4. Foreign agencies balances - -
5. Due from other entities carrying on insurance business (including reinsurers) 600,582.88 1,246,558.27
(Net of Provision for Doubful Debts ` 158,584 (PY ` Nil))
6. Due from subsidiaries/holding company - -
7. Deposit with Reserve Bank of India [Pursuant to section 7 of Insurance Act, 1938] - -
8. Others - -
Deposits for offices and staff residences etc.(Net of Provision for Doubful Debts ` 91 (PY 147,020.65 164,528.88
` NIL)
Management Fee Receivable 97,643.42 88,300.99
Other receivable (Net of Provision for Doubful Debts ` 24,672 (PY ` 9,409) 116,078.66 17,135.41
GST / Service Tax Unutilised Credits (Net of Provision for Doubful Debts ` 397 (PY - ` 396) 507,248.97 179,990.61
Other receivable from Investments (Net of Provision for diminution in value of investments 2,118,881.16 2,480,089.26
` 1,163,294 (PY-` 857,276)
Asset Held to cover unclaimed Liability 68,151.92 96,221.73
Income accrued on Asset Held to cover unclaimed Liability 8,144.33 11,693.84

TOTAL (B) 7,317,653.55 7,365,406.76

TOTAL (A+B) 7,515,803.01 7,506,725.73

182 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated

Schedule 13 - CURRENT LIABILITIES

Particulars As at As at
31 March 2023 31 March 2022

1. Agents’ balances 196,438.28 207,037.66

2. Balances due to other insurance companies 459,864.93 484,518.03
3. Deposits held on re-insurance ceded - -
4. Premium received in advance 48,761.91 47,934.12
5. Unallocated premium 1,515,980.65 1,516,099.10
6. Sundry creditors 247,897.66 216,910.58
7. Due to subsidiaries/ holding company - -
8. Claims outstanding 584,048.92 450,055.33
9. Annuities due - -
10. Due to Officers/Directors - -
11. Others
Statutory Liabilities 533,998.29 352,281.85
Unclaimed Refunds - Policyholders 68,151.92 96,221.73
Income payable on Unclaimed Refunds - Policyholders 8,144.33 11,693.84
Outstanding Liabilities against expenses 1,791,357.46 1,356,104.35
Other Payable from Investments 2,262,202.07 2,862,227.84
Interest accrued but not due on Borrowings 2,301.37 22,963.29

TOTAL 7,719,147.79 7,624,047.72

Schedule 14 - PROVISIONS
Particulars As at As at
31 March 2023 31 March 2022

1. For taxation (less payments and taxes deducted at source) - -

2. For proposed dividends - -
3. For dividend distribution tax - -
4. Others
- Gratuity 9,685.37 1,287.96
- Leave encashment 6,710.27 20,725.92

TOTAL 16,395.64 22,013.88

Schedule 15 - MISC EXPENDITURE

(to the extent not written off or adjusted)

Particulars As at As at
31 March 2023 31 March 2022

Discount Allowed in issue of shares/ debentures - -

Others (to be specified) - -

TOTAL - -

Annual Report 2022-23 183

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedule 16: Notes to the Financial Statements

1 Background
IndiaFirst Life Insurance Company Limited (‘the Company’), headquartered at Mumbai, had commenced operations on
November 16, 2009, after receiving the license to transact life insurance business in India from the Insurance Regulatory and
Development Authority of India (‘IRDAI’) on November 05, 2009. The license is in force as at March 31, 2023.

The Company is a joint venture between Bank of Baroda (65 percent), Union Bank of India (9 percent) and Carmel Point
Investments India Private Limited (26 percent) 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 carries on business in the areas of life Insurance, health Insurance & pension. This business spans across
individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering
additional benefits are offered under some of these products. These products are distributed through individual agents,
corporate agents, banks, brokers the company’s proprietary sales force and the Company website.

2 Summary of significant accounting policies

2.1 Basis of preparation

The accompanying financial statements are prepared under the historical cost convention, unless otherwise stated, and
on accrual basis of accounting, in accordance with the accounting principles generally accepted in India (Indian GAAP).
The Company has prepared the financial statements in accordance with the provisions of the Insurance Regulatory
and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies
Regulations, 2002 and various orders/ directions/ circulars issued by the IRDAI, if any, provisions of th Insurance Regulatory
and Development Authority Act, 1999, the Insurance Act, 1938, the accounting standards referred to in section 133 of
Companies Act 2013, and rules framed thereunder, to the extent applicable and in the manner so required and the practices
prevailing within the insurance industry in India. Accounting policies have been consistently applied to the extent applicable
and in the manner so required.

2.2 Use of estimates

The preparation of the financial statements in conformity with generally accepted accounting principles (‘GAAP’)
requires that the Company’s management make estimates and assumptions that affect the reported amounts of
income and expenses for the period, reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as on the date of the financial statements. Examples of such estimates include
valuation of policy liabilities, provision for linked liabilities, provision for doubtful debts, valuation of unlisted securities, if
any, future obligations under employee retirement benefits plans and the useful lives of fixed assets, etc. Actual results
could differ from those estimates. Any revision to accounting estimates is recognised prospectively.

2.3 Revenue recognition

2.3.1 Premium income

Premium for non-linked policies is recognized as income when due from policyholders. For unit linked business, premium
income is recognized when the associated units are created. For non-linked variable insurance business, premium is recognized
as income on the date of receipt. Premium on lapsed policies is recognized as income when such policies are reinstated.

Premium is inclusive of Good and Service Tax (GST) applicable on charges.

In case of unit linked business, Top up premiums paid by policyholders are considered as single premium and recognized as
income when the associated units are created.

184 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

2.3.2 Income from unit linked policies

Income from unit linked policies, which include asset management fees and other charges, if any, are recovered from the unit
linked funds in accordance with terms and conditions of policies and recognized when due.

2.3.3 Reinsurance premium ceded

Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms
and conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of
premium are recognized in the year in which they occur.

2.3.4 Income from investment

Income from Investments are recognised on an accrual basis. Interest income on investments is recognised on accrual basis.
Accretion of discount and amortisation of premium relating to debt securities is recognised over the holding / maturity period on
a straight-line basis. Dividend income, in respect of other than linked business and in respect of linked business, is recognised
on the 'ex-dividend date’. Realised gain / loss on debt securities for other than linked business is the difference between the
sale consideration net of expenses and the weighted average amortised cost as on the date of sale. Realised gain / loss on
debt securities for linked business is the difference between the sale consideration net of expenses and the weighted average
book cost as on the date of sale. Profit or loss on sale of equity shares / mutual fund units is the difference between the
sale consideration net of expenses and the weighted average book cost.In respect of other than unit linked business, the profit or
loss includes the accumulated changes in the fair value previously recognised in Balance Sheet a "Fair Value Change Account.

2.3.5 Income from loans

Interest income on policy loans is recognised on accrual basis.

2.4. Benefits paid (including claims)

Deaths and rider claims are accounted for on receipt of intimation. Benefits paid consist of policy benefit amounts and claim
settlement costs, where applicable.

Non-linked business
Annuity benefits, money back payments, survival benefit and maturity claims are accounted for when due. Surrender and
withdrawals are accounted on the receipt of request.

Linked business
Maturity claims are accounted for ondue basis when the associated units are cancelled. Surrenders and withdrawals are
accounted for on receipt of intimation when associated units are cancelled.

Reinsurance recoverable thereon is accounted for in the same period as the related claim. Repudiated claims disputed before
judicial authorities are provided for based on management prudence considering the facts and evidences available in respect
of such claims.

2.5 Acquisition cost

Acquisition cost is expensed in the period in which they are incurred. Acquisition costs mainly consist of commission to
insurance intermediaries, medical costs, policy printing expenses, stamp duty and other related expenses to source and
issue the policy.

Clawback of the first year commission paid, if any, in future are accounted at the time of recovery.

Annual Report 2022-23 185

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

2.6. Investments
Investments are made and accounted for in accordance with the Insurance Act, 1938, the Insurance Regulatory and
Development Authority of India (Investment) Regulations, 2000, Insurance Regulatory and Development Authority (Preparation
of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, and various other circulars /
notifications issued by the IRDAI in this context from time to time.

Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, etc, if any,
but excludes pre-acquisition interest accrued i.e. (from the previous coupon date to the transaction settlement date), if any,
on purchase.

Bonus entitlements are recognized as investments on ‘ex-bonus date’. Right entitlements are recognized as investments on
‘ex-right date’. Any front end discount on investments is reduced from cost of investments.

Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the
Revenue / Profit & Loss account.

Broken period interest paid/received is debited/credited to Interest Receivable account and is not included inthe cost of
purchase/sale value.

2.6.1 Debt Securities, Money Market Instruments and Additional Tier-1 Bonds (AT1 Bonds)

• Policyholders’ non-linked funds and shareholders’ investments:

All debt securities, including government securities, and Money market instruments held under policyholders’ non-linked
funds and shareholders’ investments are considered as ‘held to maturity’ and stated at historical cost subject to amortisation.

The discount or premium which is the difference between the purchase price and the redemption amount of fixed income
securities and money market instruments is amortised and recognized in the revenue account or the profit and loss account,
as the case may be, on a straight line basis over the remaining period to maturity of these securities.

AT1 Bonds, under policyholder’s non-linked funds are valued using CRISIL Bond Valuer.

• Policyholders’ linked funds:

All debt securities, including government securities and AT1 Bonds, under policyholders’ linked funds are valued using CRISIL
Bond Valuer/ CRISIL Gilt Prices, as applicable.

The discount or premium on fixed income securities / money market instruments which is the difference between the purchase
price and the redemption amount is amortised and recognized in the revenue account on a straight line basis over the
remaining period to maturity of these securities.

Unrealised gains or losses arising on valuation of debt securities including Government Securities are accounted for in the
Revenue Account.

2.6.2 Realised gain / loss on Debt securities and Additional Tier 1 Bonds (AT1 Bonds)
The realised gain or loss on debt securities for other than linked business is the difference between the net sale consideration
and the amortised cost in the books of the company.

The realised gain or loss on debt securities held for linked business and AT1 bonds for linked as well as other than linked
business is the difference between the net sale consideration and weighted average cost.

186 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

2.6.3 Equity shares and Equity Exchange Traded Funds (ETFs) - Non Linked & Linked Business
Listed equity shares and equity ETFs are valued and stated at fair value, using the last quoted closing prices on the National
Stock Exchange (NSE), at the balance sheet date. If the equity shares and equity ETFs are not traded on the NSE, then closing
prices of the Bombay Stock Exchange (BSE) is considered.

Unlisted equity shares are stated at historical cost. A provision is made for diminution, if any, in the value of these shares to
the extent that such diminution is other than temporary.

Equity shares acquired through primary markets and awaiting listing are valued at their issue price.

2.6.4 Mutual Funds and Alternate Investment Fund (AIF) - Non Linked & Linked Business

Mutual fund units are valued at previous day’s Net Asset Value. AIF units are valued at the latest available net asset value of
the respective fund.

2.6.4.1 Infrastructure Investment Trust (InvITs) - Non Linked Business

For InvIT, All traded InvIT shall be valued at the last quoted closing price on the National Stock Exchange (NSE) on valuation
day. In case on any particular valuation day the scrip is not traded on NSE then the value at which it is traded on BSE will be
considered. In case it is not traded on either of the exchanges, the closing price on NSE/ BSE on the earliest previous day will
be used, provided such previous day is not more than thirty days prior to the valuation day.

2.6.5 Gain / loss on equity and mutual funds

The realised gain / loss is the difference between the net sale consideration and weighted average cost.

In case of linked funds, unrealised gains / losses are recognised in the respective fund’s revenue account as fair value change.

For other than linked business, unrealized gain / loss on changes in fair value of listed equity shares and mutual funds are
taken to the Fair Value Change account and are carried to the Balance Sheet.

2.6.6 Classification of Long term and short term investments

All investments maturing within twelve months from the balance sheet date are classified as short-term investments. All other
investments are classified as long-term investments.

2.6.7 Investment transfer

Transfers of Investments from Shareholders’ funds to the Policyholders’ funds to meet the deficit in the policyholders’ account
are effected at the lower of amortised cost / book cost or market value in respect of all debt securities including money market
instruments and at the market value in case of other securities.

In case of linked funds, Inter-fund transfer of debt securities relating to Policyholders’ Funds is effected at current market
value. Inter fund transfer of equity, preference share, ETFs and government securities are effected during market hours at the
market price of the latest trade.

Transfer of investments between non linked Policyholders’ funds

No transfers of investments are made between non linked Policyholders’ funds

Annual Report 2022-23 187

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Purchase and sale transactions between unit linked funds

The purchase and sale of equity, preference shares, ETF’s, InvIT’s and Government Securities between unit linked funds is
accounted for at the prevailing market price on the date of purchase or sale of investments, if prevailing market price of any
security is not available on the date of transfer of investment, then the last available price is considered.

In case of debt securities other than Government Securities, transfer of investments is accounted at prevailing yield.

2.6.8 Impairment of Investment

The carrying amounts of investments are reviewed at each balance sheet date, whether there is any indicator of impairment
based on internal / external factors. An impairment loss is recognised as an expense and disclosed under the head ‘Provision
for diminution in the value of investment (net)’ in the Revenue/ Profit or Loss account, to the extent of difference between the
re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue/
Profit and Loss Account. Any reversal of impairment loss, earlier recognised in the Revenue /Profit and Loss Account shall be
recognised in Revenue/ Profit and Loss Account respectively.

2.6.9 Provision for Non-Performing Assets (NPA)

In accordance with regulations on “Prudential norms for income recognition, asset classification, provisioning and other related
matters in respect of debt portfolio”, adequate provisions are made to cover amounts outstanding in respect of all NPA’s. All
assets where the interest and / or instalment of principal repayment remain overdue for more than 90 days at the Balance
Sheet date are classified as NPA.

2.6.10 Securities with call and put options

Securities with call option are valued at the lower of the value as obtained by valuing the security upto final maturity date or
the call option date. In case there are multiple call options, the security is valued at the lowest value obtained by valuing the
security at various call dates or upto the final maturity date.

Securities with put option are valued at the higher of the value as obtained by valuing the security upto final maturity date or
the put option date. In case there are multiple put options, the security is valued at the highest value obtained by valuing the
security at various put dates or upto the final maturity date.

The securities with both put and call option on the same day would be deemed to mature on the put/call date and would
be valued on a yield to maturity basis, by using spreads over the benchmark rate based on the matrix released by CRISIL.

Instruments bought on ‘reverse repo’ basis are valued at cost plus interest accrued on reverse repo rate.

2.6.11 Derivatives – Forward Rate Agreement

Interest rate derivative (IRD) contracts for hedging of highly probable forecasted transactions on insurance contracts and
investment cash flows in life, pension and annuity business, are accounted for in the manner specified in accordance with
‘Guidance Note on Accounting for Derivative Contracts (Revised 2021)’ issued by the Institute of Chartered Accountants of
India (ICAI) as revised in July 2021 effective from FY 2016-17 and IRDAI Investment Master Circular issued in May 2017.

The Forward Rate Agreement (FRA) contract is valued at the difference between the market value of underlying bond at the
spot reference yield taken from the SEBI approved rating agency and present value of contracted forward price of underlying
bond including present value of intermediate coupon inflows from valuation date till FRA contract settlement date, at applicable
INR-OIS rate curve.

The Company follows “hedge accounting” for accounting of all Interest rate derivative financial instruments as per Guidance
Note on Accounting for Derivative Contracts issued by Institute of Chartered Accountants of India (ICAI). The effective portion
of fair value gain / loss arising on the interest rate derivative is recognised under the head ‘Credit/(Debit) Fair Value Change
Account’ in the Balance Sheet under policyholders’ funds and the ineffective portion of the change in fair value of such derivative

188 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

instruments is recognised in the Revenue Account. The ineffective portion of fair value gain / loss arising on the interest rate
derivative based on the hedge effectiveness assessment is recognized in the Revenue account under head 'Transfer/Gain on
revaluation / Change in fair value'. The accumulated gains or losses that were recognised in the ‘Credit/(Debit) Fair Value Change
Account’ in the Balance Sheet are reclassified into the Revenue Account, in the same period or periods during which income
on the investments acquired from underlying forecasted cash flow is recognized in the Revenue Account. In the event that all
or any portion of gain or loss, recognised directly in the ‘Credit/(Debit) Fair Value Change Account’ in the Balance Sheet is not
expected to be recovered in future periods, the amount that is not expected to be recovered is reclassified to the Revenue
Account.Hedge accounting is discontinued when the hedging instrument is terminated or it becomes probable that the
expected forecast transaction will no longer occur.On such termination, accumulated gains or losses that were recognised in
the Hedge Fluctuation Reserve are reclassified into Revenue Account.Costs associated with derivative contracts are considered
as at a point in time cost.

2.7 Loans

Loans are valued at the aggregate of book values (net of repayments) plus capitalised interest subject to provision for
impairment, if any.

Loan are classified as short term in case the maturity is less than 12 months. Loans other than short term are classified as
long term.

2.8 Operating leases

The Company classifies leases where the lessor effectively retains substantially all the risks and benefits of ownership over the
lease term, as Operating Leases. Operating lease rentals are recognized as an expense over the lease period.

2.9 Taxation

2.9.1 Direct Taxes

The Income-tax Act, 1961 prescribes that profits and gains of life insurance companies will be the surplus or deficit disclosed
by the actuarial valuation made in accordance with the Insurance Act, 1938.

The deferred income tax is recognized for future tax consequences attributable to timing differences between income as
determined by the financial statements and the recognition for tax purposes. The effect on deferred tax assets and liabilities
of a change in tax rates is recognized using the tax rates and tax laws that have been enacted or substantively enacted by
the balance sheet date.

The deferred tax assets are recognized only to the extent there is timing difference due to unabsorbed depreciation or carried
forward loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty backed by convincing
evidence that such deferred assets can be realized. Deferred tax assets are reviewed as at each balance sheet date and
written down or written up to reflect the amount that is reasonably or virtually certain to be realized.

2.9.2 Indirect Taxes

The company claims credit of Good and Service Tax(GST) on input services, which is set off against tax on output
services. Unutilised credits, if any, are carried forward for future set-off, where there is reasonable certainty of utilisation

2.10 Fixed assets and depreciation

Fixed assets including intangible assets are stated at cost less accumulated depreciation and impairment, if any. Cost
includes the purchase price and any cost directly attributable to bring the asset to its working condition for its intended

Annual Report 2022-23 189

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

use. Fixed assets including intangible assets individually costing less than ` 20,000 are fully depreciated in the month
of purchase.

Depreciation on fixed assets including intangible assets is provided using the straight-line method based on the
economic useful life of assets as estimated by the management, which is not greater than the period underlying
computed with reference to the rates prescribed in Schedule II to the Companies Act, 2013. Management’s
estimates of the economic useful life of the various fixed assets is as follows:

Asset Type Management’s estimate of useful life (In years)

i) Furniture & fittings 5
ii) Information Technology Equipment 3
iii) Office Equipment 3
iv) Intangible Assets ( Software ) 3
v) Motor Vehicle 4

Leasehold improvements are amortised over the lease period of the leased premises subject to maximum of five years.

Any additions to the original fixed assets including intangible assets are depreciated over the remaining useful life of the
original asset.

For above class of assets, based on internal assessment and independent technical evaluation carried out by external valuers the
management believes that the useful lives as given above best represent the period over which management expects to use these
assets. Hence the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the
Companies Act 2013.

Assets not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost and related
incidental expenses.

2.11 Impairment of Assets

The carrying amounts are reviewed at each balance sheet date, if there is any indicator of impairment based on internal / external
factors. An impairment loss is recognised, wherever the carrying amount of an asset exceeds its recoverable amount.

2.12 Employee benefits

2.12.1 Short term employee benefits

Employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits. Benefits
such as salaries, bonuses, short term compensated absences and other non-monetary benefits are recognised in the period
in which the employee renders the related service. All short-term employee benefits are accounted on undiscounted basis.

2.12.2 Long-term employee benefits: Post-employment

The Company has both defined contribution and defined benefit plans.

Defined contribution plan

The Company has established defined contribution scheme for provident fund to provide retirement benefits to its employees.
Contributions to the provident fund is made on a monthly basis, when due, and charged to Revenue and Profit and Loss
account, as applicable. The Company has established defined contribution scheme for superannuation scheme to provide
retirement benefits to its employees. Contributions to the superannuation scheme is made on a monthly basis, when due,
and is charged to revenue account and Profit & Loss Account, as applicable. The Company has no further obligation beyond
the monthly contribution. The scheme is managed by IndiaFirst Life Insurance Company Limited Superannuation Scheme.

190 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Further the Company for certain employees contributes to National Pension Scheme which is managed and administered
by pension fund management companies licensed by the Pension Funds Regulatory and Development Authority (’PFRDA’).
Contribution made to National Pension Scheme is charged to Revenue Account and Profit and Loss Account as applicable

Defined benefit plans

The Gratuity plan of the company is the defined benefit obligation which is a funded plan. The gratuity benefit payable to the
employees of theCompany is in compliance with the provisions of "The Payment of Gratuity Act, 1972”. The Company accounts
for liability for future gratuity benefits based on independent actuarial valuation under revised Accounting Standard 15.

2.12.3 Other long term employee benefits

Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee
during the tenure of the employment, subject to the rules framed by the company in this regard. Accumulated compensated
absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation
under revised Accounting Standard 15. Accumulated entitlements at the time of separation are entitled to be encashed.

2.12.4 Employee Option scheme: Cash Settled scheme

The cost of cash-settled transactions (Option scheme) is measured initially using intrinsic value method at the grant date
taking into account the terms and conditions upon which the instruments were granted. This intrinsic value is amortised on
a straight-line basis over the vesting period with a recognition of corresponding liability. This liability is remeasured at each
balance sheet date up to and including the settlement date with changes in intrinsic value recognised in the Revenue / Profit
and Loss Account in ‘Employees’ remuneration & welfare benefits’.

2.12.5 Employee stock option scheme: Equity settled scheme

The Employee Stock Option Scheme (‘the Scheme’) provides that eligible employees are granted options to subscribe to
equity shares of the Company which vest in a graded manner. The vested options may be exercised within a specified period.

The Company follows the intrinsic value method to account for its share based employee compensation plans in accordance
with the Guidance Note on Accounting for Share based Payments, issued by the Institute of Chartered Accountants of India
(ICAI). Intrinsic value is measured as the excess, if any, of the fair market price of the underlying shares over the exercise price
on the grant date and amortised over the vesting period. The fair market price is the latest closing price, immediately prior to
the grant date, on the stock exchange on which the shares of the company are listed. If the shares are listed on more than
one stock exchange, then, the stock exchange where there is highest trading volume on the said date is considered. If shares
are unlisted, the fair value of the underlying share is as determined by an independent valuer.

2.13 Foreign Currency Transactions

Initial recognition: Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of the transaction.

Conversion: Current assets and liabilities are translated at the rates existing as at the balance sheet date.

Exchange differences: Exchange difference are recognized in the revenue account or the profit and loss account, as the case may
be, as income or expense in the period in which they arise.

2.14 Earnings Per Share

Basic earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders
and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential
equity shares.

Annual Report 2022-23 191

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per
share from continuing ordinary operations.

2.15 Provisions and Contingencies

A provision is recognised when the Company has a present legal obligation as a result of past event and it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding employee benefits) are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised but disclosed by way of notes.
A Contingent asset is neither recognised nor disclosed.

2.16 Borrowings Cost

Borrowing costs are charged to the Profit and Loss account in the period in which they are incurred.

2.17 Segment reporting

As per Accounting Standard 17 on ‘Segment Reporting’ read with the IRDAI Financial Statements Regulations, the Company
has classified and disclosed segmental information into par, non par, linked and non linked business which are further
segmented into individual life, group, variable, annuity and pension. Accordingly, the Company has prepared the revenue
account and balance sheet for these primary business segments separately. Since the business operation of the Company
is in India only, the same is considered as one geographical segment.

The following bases have been used for allocation of revenue, expenses, assets and liabilities to the business segments:

• Revenues and expenses, assets and liabilities, which are directly attributable and identifiable to the business segments,
are allocated on actual basis; and

• Other expenses, assets and liabilities which are not directly identifiable though attributable to a business segment and
other indirect expenses, are allocated on the following bases, as considered appropriate by the management:
 Weighted received premium income;

 Cost Centres identified by the Management;

 Fund Value; and

 Number of policies

The accounting policies, used in segment reporting, are the same as those used in the preparation of the financial statements.

2.18 Funds for Future Appropriation

The funds for future appropriation in the participating fund represent the surplus assets in excess of the liabilities set aside
to meet Policyholder Reasonable Expectation (PRE). This amount is not allocated to the shareholders or policyholders at
the balance sheet date. The funds for future appropriation when allocated in the future to policyholders would give rise to a
transfer to the shareholder’s profit and loss account in the proportion stipulated by regulation.

2.19 Provision for doubtful debts

The Company regularly evaluates the probability of recovery and provides for doubtful deposits, advances and other receivables.

192 IndiaFirst Life Insurance Company Limited

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3. Notes to Accounts

3.1. Contingent liabilities

Sr No Particulars Current Year (`) Previous Year (`)
1 Partly paid-up investments 63,050 63,050
2 Claims, other than against policies, not acknowledged as debts by the Nil Nil
Company
3 Underwriting commitments outstanding Nil Nil
4 Guarantees given by or on behalf of the Company Nil Nil
5 Statutory demands / liabilities in dispute, not provided for 926,755 759,295

6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil
7 Policy related claims under litigation 795,236 549,847

(a) Statutory demands and liabilities in dispute, not provided for, relate to the show cause cum demand notice received
by the company from the tax authority.The company has filed an appeal against the show cause cum demand notice
with the appellate authority and has been advised by the experts that our grounds of appeal are well supported by law
in view of which the company does not expect any liability to arise in this regard.

(b) In respect of pending litigations related to repudiated claims, where the management assessment of a financial outflow
is probable, the Company has made a provision basis past experience which is as below:

Particulars Current Year (`) Previous Year (`)

Provision in respect of pending litigation 44,506 58,053

3.2. Pending Litigations

The Company’s pending litigations comprise of claims against the Company primarily on account of proceedings pending
with Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided
for, where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The
Company does not expect the outcome of these proceedings to have a material adverse effect on its financial results as at
March 31, 2023. Refer Note 3.1 of Schedule 16 Notes to Accounts for details on contingent liabilities.

3.3. Actuarial assumptions

The actuarial liabilities of the company have been calculated in accordance with the requirements of Insurance Act, 1938 and
amendments thereon, Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers)
Regulations, 2016, Actuarial Practice Standards and Guidance Notes issued by Institute of Actuaries of India and generally
accepted actuarial practices.

Long term non-linked contracts are valued using a gross premium valuation (GPV) method. Under unit linked life insurance
contracts, unit reserves are calculated in respect of the units allocated to the policies in force at the valuation date using unit
values at the valuation date. The non-unit liabilities for mortality and expenses are determined using a prospective gross
premium method (GPV) under which future net cash flows are discounted back to the date of valuation on policy-by policy
basis, and is adequate on the valuation basis to ensure that any future negative cash flows which would otherwise arise are
eliminated. In projecting the future cash flows, assumptions have been made in respect of future mortality/morbidity, future
lapses, expenses & expense inflation and investment growth rate for unit funds and interest rate. These assumptions are
based on emerging and expected future experience. Appropriate margins for adverse deviations have been kept in these
assumptions. The one year renewable contracts are valued using the Unexpired premium reserve (UPR) methodology. Riders
are valued as the higher of GPV and UPR.

Annual Report 2022-23 193

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Current Year (`) Previous Year (`)

Mortality Assumption used for valuation of all ULIP* 82.5% 108.9%
Mortality Assumption used for valuation of all Non ULIP* 40%-330% 40%-330%
Unit Growth rate assumption - depending upon type on fund and duration from 5.67%-9.55% 3.03%-8.82%
valuation date
Discount rate used for calculating non-unit reserve for first five years 6.41% 3.47%
Discount rate used for calculating non-unit reserve post first five years 5.66% 2.79%
Discount rate for non linked contract - depending on asset mix and duration 5.00%-6.61% 2.79%-6.38%
from valuation date

*Mortality assumption used in the valuation of all Unit Linked Products and Non Unit Lined Products have been taken based
on Indian assured lives Mortality (2012 - 14) – Ult.

Future renewal expenses are based on most recent expense analysis with adequate allowance for expense inflation

Additional provisions have been made in respect of

(i) Unearned mortality/morbidity charges

(ii) Incurred but not reported claims(IBNR)

(iii) Lapsed and paid up policies within period of reinstatement.

(iv) Free look policies

(v) Contingency

3.4 Encumbrances
The assets of the company are free from all encumbrances as at year end except as below:

Particulars Current Year (`) Previous Year (`)

1. Clearing Corporation of India Ltd – Margin/ Collateral requirement for
TREPS and Securities segment (Including margin kept for default fund)
a. Government Securities 1,290,000 570,000
b. Cash 44,200 44,200
2. Unique Identification Authority of India (UIDAI)

Fixed Deposit as bank guarantee 2,500 2,500

3.5 Direct Tax

The Company carries on life insurance business and hence the provisions of Section 44 and the first schedule of Income
Tax Act, 1961, are applicable for computation of profits and gains of its business. Provision for taxation made in revenue and
profit and loss account is as follows:

Particulars Current Year (`) Previous Year (`)

Revenue Account NIL NIL
Profit and Loss account NIL NIL

The Company has not recognized deferred tax assets on account of timing difference as stipulated in Accounting standard
22 on “Accounting for Taxes on Income”, in view of uncertainty of the sufficient future taxable income to set-off the taxable
accumulated business losses.

194 IndiaFirst Life Insurance Company Limited

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3.6. Unutilised Credits towards Goods and Service Tax (GST):

The Company claims credit of Goods and Services Tax (‘GST’) on input services, which is set off against GST on output
services. The unutilised credits towards GST on input services are carried forward under ‘Schedule 12 -Advances and Other
Assets’ in the Balance Sheet.

3.7. Commitments made and outstanding on Loans, Investments and Fixed Assets:
The Commitments made and Estimated amount of contracts remaining to be executed on fixed asset by the company is
as below:

Particulars Current Year (`) Previous Year (`)

Estimated amount of commitments made and not provided for loans and NIL NIL
investments
Estimated amount of contracts remaining to be executed on fixed assets to the 77,812 5,238
extent not provided for (net of advance)

3.8. Operating lease commitments

In accordance with Accounting Standard 19 on Leases, the details of leasing arrangements entered into by the Company
are as under:

The Company has entered into agreements in the nature of cancellable and non cancellable leave and license agreements
with different lessors / licensors for the purpose of establishment of Office Premises, Vehicles and IT equipments. These are
generally in the nature of Operating Leases / Leave and Licenses.

The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance
sheet date, as per the rentals stated in the agreements are as follows:

Particulars Current Year (`) Previous Year (`)

Total lease rentals charged to Revenue Account 137,021 128,256
Lease obligations for non – cancellable leases*
- Within one year of the balance sheet date 145,034 147,791
- Due in a period between one year and five years 87,110 231,855
- Due after five years 5,317 12,269

*The company has disclosed all the lease obligation including non-cancellable leases.

The amount in the above table does not include indirect taxes applicable at the time of payment

Some of these lease arrangements contain provisions for renewal and escalation. There are no restrictions imposed by lease
arrangements nor are there any options given to the Company to purchase the properties and the rent is not determined
based on any contingency.

3.9. Claims settled and remaining unpaid

Details of claims which are outstanding for more than six months are as below:

Particulars Current Year (`) Previous Year (`)

Claims settled and remaining unpaid for a period of more than six months. 509 NIL

Annual Report 2022-23 195

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.10 Value of contracts outstanding in relation to investments

Value of investment contracts where settlement or delivery is pending as at March 31, 2023 is as follows:

Current Year (`) Previous Year (`)

Particulars Share Policy Total Share Policy Total
holders Fund holders Fund holders Fund holders Fund
Purchases where deliveries are - 78,339 78,339 - 290,594 290,594
pending
Sales where receipts are pending - 822,749 822,749 - 942,378 942,378
There are no investment contracts where sales have been made and payments are overdue at the Balance Sheet date

3.11 Historical cost of investments

As at March 31, 2023, the aggregate historical cost and market value of Linked investments, which are valued at fair value
is as follows:

Particulars Current Year (`) Previous Year (`)

Historical cost of Linked investments 71,157,663 63,561,226
Market Value of Linked investments 77,388,068 71,776,803

3.12 Foreign exchange gain/loss

The amount of net foreign exchange (gain)/loss credited/debited to revenue account which is included in Schedule 3 –
Operating Expense related to insurance business is as follows:

Particulars Current Year (`) Previous Year (`)

Foreign exchange (gain)/loss 868 2,857

3.13 Disclosures on other work given to auditors

The remuneration paid to statutory auditors / internal auditor or its associates for service other than statutory / internal audit
are disclosed below:

Nature of Work Current Year (`) Previous Year (`)

Towards Certification Fees to Statutory Auditor 415 805
Towards Tax Audit NIL NIL
Towards IPO related certifications 2,039 NIL

3.14 Managerial remuneration

The details of the Managing and Executive Directors’ remuneration included in Employee Remuneration & Welfare Benefit
are as follows:
Current Year (`) Previous Year (`)
Particulars
Ms. R.M.Vishakha -Managing Director & CEO
Salary 30,577 25,771
Other Allowances 28,000 26,529
Contribution to Provident Fund 1,680 1,555
Perquisites(Superannuation and NPS) 2,875 3,240
Total 63,132 57,095

196 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(i) The above remuneration excludes gratuity, leave encashment,long term incentive plan and stock appreciation rights.
Such benefits are reported on payment basis.

(ii) Sitting Fees paid/ payable to independent directors in the current Year is ` 5,920 (Previous Year – ` 5,580)

(iii) The remuneration of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act,
1938 and as approved by IRDAI.

(iv) Details of ESOPs granted to and exercised by Key Managerial Personnel as defined under the Companies Act, 2013,
are as follows:

Current Year Previous Year

Particulars
Ms. R.M.Vishakha -Managing Director & CEO
No of ESOPs granted during the year* 944,652 NIL
No of ESOPs exercised during the year** NIL NIL

* Granted subject to approval of the IRDAI

** Relates to options granted in the past years

3.15 Earnings per Share

In accordance with Accounting Standard 20 on ‘Earning per share’, basic earnings per share is calculated by dividing thenet
profit or loss for the year attributable to equityshareholders by the weighted average number ofequity shares outstanding
during the year. For thepurpose of calculating diluted earnings per share, the net profit or loss for the year attributable to
equity shareholders and the weighted average number of equity shares outstanding during the year area djusted for effects
of all dilutive equity shares. Equity shares are deemed to be dilutive only if their conversion to equity shares would decrease
the net profit per share from continuing ordinary operations

Particulars Current Year Previous Year

Profit / (loss) as per profit and loss account (` in 000.) 762,452 (2,816,188)
Weighted average number of share 728,716,832 663,461,539
Earnings per share (Basic and Diluted) 1.05 (4.24)
Face Value per share - ` 10 10

3.16 Employee benefits

3.16.1 Defined benefit plans

i) Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date using
projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of
employment based on the respective employee’s salary and the years of employment with the Company. Actuarial gains
or losses are recognised in the Revenue Account The gratuity benefit payable is greater of the provisions of the Payment of
Gratuity Act, 1972 and the Company’s Gratuity Scheme as mentioned below:

Annual Report 2022-23 197

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

The Company has recognised following amounts in the Balance Sheet:

Particulars Current Year (`) Previous Year (`)

Present value of defined benefit obligations as at the end of the year 187,110 169,928
Fair value of plan assets at the end of the year 177,425 168,640
Amounts to be recognised as liability or (assets) 9,685 1,288
Liability recognised in the Schedule 14 "Provisions" in the Balance 9,685 1,288
Sheet

The Company has recognised following amounts in the Revenue Account for the year:

Particulars Current Year (`) Previous Year (`)

Current service cost 28,185 26,526
Interest Cost 8,751 6,612
Expected return on plan assets (8,685) (6,742)
Actuarial (gains) or losses 28,296 14,930
Total of above included in “Employee remuneration & welfare benefits” 56,547 41,326
in Schedule 3 - Operating expense related to insurance business

Reconciliation of opening and closing balances of present value of the defined benefit obligations:

Particulars Current Year (`) Previous Year (`)

Present value of defined benefit obligations as at the beginning of the 169,928 155,585
year
Current service cost 28,185 26,526
Interest cost 8,751 6,612
Actuarial (gains) or losses 27,111 18,211

Benefits paid (46,865) (37,006)

Present value of defined benefit obligations at the end of the year 187,110 169,928

Reconciliation of opening and closing balances of the fair value of the plan assets:

Particulars Current Year (`) Previous Year (`)

Fair value of the plan assets at the beginning of the year 168,640 158,645
Expected return on plan assets 8,685 6,742
Actuarial gains or (losses) (1,185) 3,281
Contribution by the employer 48,150 36,978
Benefits paid (46,865) (37,006)
Fair value of the plan assets at the end of the year 177,425 168,640

198 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

The details of actuarial assumptions used is as below:

Particulars Current Year Previous Year

Discount Rate 7.29% 5.15%
Salary Escalation rate 8.00% 7.50%
Investment details of plan asset – Plan asset invested in insurer managed funds 100% 100%

The amounts of the present value of the defined benefit obligations, fair value of the plan assets, surplus or deficit in the plan,
experience adjustments arising on plan liabilities and plan assets for five annual periods are as given below

Experience Adjustments FY 2022-23 FY 2021-22 FY 2020-21 FY 2019-20 FY 2018-19

Defined Benefit Obligation 187,110 169,928 155,585 138,281 108,185
Plan Assets 177,425 168,640 158,645 116,224 103,766
Surplus/ (Deficit) (9,685) (1,288) 3,060 (22,056) (4,419)
Experience Adjustments on Plan Liabilities 32,195 20,967 18,185 12,482 10,675
Experience Adjustments on Plan Assets (1,185) 3,281 15,231 (14,247) 857

The Company expects to fund ` 37,251 (Previous year - ` 29,473) towards the company’s gratuity plan during financial
year 2024.

ii) Accumulated Compensated Absences

The Company provides for accumulated compensated absences as at balance sheet date using projected unit credit method.
This method takes into account the pattern of availment of leave while in service and qualifying salary on date of availment
of leave.

The Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:

Particulars Current Year (`) Previous Year (`)

Present value of obligations as at end of the Year 110,663 99,972
Fair Value of Plan Assets 103,953 79,246
Actuarial assumptions used
Discount rate 7.29% 5.15%
Salary escalation rate 8.00% 7.50%

iii) Long term incentive plan: The liability for this plan is determined as the present value of expected benefit payable.
The discount rate used of valuation of this liability is as given below:

Particulars Current Year Previous year

Discount rate 5.00% 5.00%

Annual Report 2022-23 199

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.16.2 Defined Contribution Plans

During the year, the Company has recognised the below amount as an expense in the Revenue account under Defined
Contribution plans as below :

Particulars Current Year (`) Previous Year (`)

Contribution to Employees Provident Fund 137,373 120,806
Contribution to Superannuation Fund 4,937 6,513
Contribution to NPS 7,288 7,148

3.17 Non-performing investments/ Impairment of investments

In accordance with the Financial Statements Regulations, Schedule A Part I on Accounting Principle for Preparation of
Financial Statements on procedure to determine the value of investment and the relevant circular, the impairment in value of
investments other than temporary diminution has been assessed as at March 31, 2023 and accordingly, the diminution in the
value of Investments has been recognized under the head “Provision for diminution in the value of investments (Net)” in the
Revenue and Profit and Loss Accounts. Further the Non performing asset recognized for the year is as follows.

Particulars Current Year (`) Previous Year (`)

Total impairment loss recognized for the year 7,229 15,914
Total Non-performing Assets recognized for the year NIL NIL

3.18 Deposits made under Local Laws

The company has made deposit as follows under local laws as of March 31, 2023, along with deposits and cash margin
detailed in note no.3.4 of schedule 16.

Particulars Current Year (`) Previous Year (`)

Deposits made under local law 28,178 22,555

3.19 Allocation of investments and investment income

The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments
made out of the shareholders’ and policyholders’ funds are tracked from their inception and the income thereon is also tracked
separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of
investments and income is not required.The underlying investments held on behalf of the shareholders and the policyholders
are included in Schedules 8, 8A and 8B. The investment income arising from the investments held on behalf of shareholders
has been taken to the Profit and Loss Account and those held on behalf of policyholders to the Revenue Account.

3.20 Forward Rate Contract

The Company offers guaranteed products wherein the Policyholders are assured of a fixed rate of return for premiums to be
received in future. These premiums are likely to be received over a longer tenure and the guaranteed rate of return is fixed
at the beginning of the policy term. Any fall in interest rates would mean that each incremental investment of the Company
would earn a lower rate of return. Accordingly, the Company manages the Interest Rate Risk in accordance with the IRDAI

200 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

circular no. IRDA/F&I/ INV/CIR/138/06/2014 dated June 11, 2014 (‘the IRDAI circular on Interest Rate Derivatives’) and IRDAI
Investment Master Circular issued in May 2017 which allows insurers to deal in rupee interest rate derivatives such as Forward
Rate Agreements (“FRAs”), Interest Rate Swaps (“IRS”) and Exchange Traded Interest Rate Futures (“IRF”).
The Company has in place a derivative policy approved by Board which covers various aspects that apply to the functioning
of the derivative transactions undertaken to substantiate the hedge strategy to mitigate the interest rate risk, thereby managing
the volatility of returns from future fixed income investments, due to variations in market interest rates.
During the year, the Company has entered into its first Forward Rate Agreement (FRA) transactions on August 24, 2022, as
part of its Hedging strategy, to hedge the interest rate sensitivity for highly probable forecasted transactions as permitted by
the IRDAI circular on Interest Rate Derivatives.

Forward Rate Agreement derivative contracts are over-the-counter (OTC) transactions wherein, the Company lock-in the
yield on the government bond for the period till the maturity of the contract with an objective to lock in the price of an interest
bearing security at a future date

A. Nature and term of outstanding derivative contract

i. Total notional exposure of Interest Rate Derivative (Forward rate agreement) undertaken during the year (instrument-
wise)

Particulars Current Year (`) Previous Year (`)

6.99% GOVT.STOCK MD:15-12-2051 250,000 NIL
7.36% GOVT.STOCK MD:12-09-2052 4,240,000 NIL
7.40% GOVT.STOCK MD:19-09-2062 2,684,760 NIL
7.54% GOVT.STOCK MD:23-05-2036 2,200,000 NIL
7.26% GOVT.STOCK MD:22-08-2032 1,300,000 NIL
7.41% GOVT.STOCK MD:19-12-2036 500,000 NIL
Total 11,174,760 NIL

ii. Total notional exposure of Interest Rate Derivative outstanding as at the Balance Sheet Date (instrument-wise)

Particulars Current Year (`) Previous Year (`)

6.99% GOVT.STOCK MD:15-12-2051 250,000 NIL
7.36% GOVT.STOCK MD:12-09-2052 4,240,000 NIL
7.40% GOVT.STOCK MD:19-09-2062 2,684,760 NIL
7.54% GOVT.STOCK MD:23-05-2036 1,750,000 NIL
7.26% GOVT.STOCK MD:22-08-2032 1,300,000 NIL
7.41% GOVT.STOCK MD:19-12-2036 500,000 NIL
Total 10,724,760 NIL

Annual Report 2022-23 201

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

iii. The fair value mark to market (MTM) gains or (losses) in respect of Interest Rate Derivative outstanding as at the balance
sheet date is stated below:

Hedging Instrument Current Year (`) Previous Year (`)

6.99% GOVT.STOCK MD:15-12-2051 6,324 NIL
7.36% GOVT.STOCK MD:12-09-2052 (6,837) NIL
7.40% GOVT.STOCK MD:19-09-2062 1,444 NIL
7.54% GOVT.STOCK MD:23-05-2036 2,746 NIL
7.26% GOVT.STOCK MD:22-08-2032 (551) NIL
7.41% GOVT.STOCK MD:19-12-2036 1,423 NIL
Total 4,549 NIL

iv. Notional Principal and Mark-to-market value of Interest Rate Derivative outstanding and not ‘highly effective’

Particulars Current Year (`) Previous Year (`)

Notional principal amount of Forward Rate Agreements (FRA) outstanding and NIL NIL
not ‘highly effective’ as at Balance Sheet date
Mark-to-market value of Forward Rate Agreements (FRA) and not ‘highly NIL NIL
effective’ as at Balance Sheet date

v. Loss which would be incurred if counter party failed to fulfil their obligation under agreements

Particulars Current Year (`) Previous Year (`)

Loss which would be incurred if counter party failed to fulfil their obligation under 37,785 NIL
agreements

vi. Movement in Hedge Reserve

Current Year (`) Previous Year (`)

Hedge Reserve Account
Realised Unrealised Total Realised Unrealised Total
Balance at the beginning of the year NIL NIL NIL NIL NIL NIL
Add: Changes in fair value during the year 2,604 51,224 53,828 NIL NIL NIL
Less: Amounts reclassified to Revenue/Profit & NIL NIL NIL NIL NIL NIL
Loss Account included in ‘Interest, Dividends &
Rent-Gross
Balance at the end of the year 2,604 51,224 53,828 NIL NIL NIL

3.21 Basis of revaluation of investment property

The company does not have any investment property as of March 31, 2023, thus there has been no revaluation of investment
property during the year ended March 31, 2023 and March 31, 2022.

202 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.22 Transfer to Revenue Account (Policyholders’ Account)

The company has net surplus of ` 417,033 in current year. (The Company had net deficit in previous year of ` 3,235,272). The
net surplus/deficit in business segment is based on the actuarial valuation made in accordance with the Insuranc Act, 1938.
The details are tabulated below:

Business Segments Current Year (`) Previous Year (`)

(Surplus) / Deficit
Non Par Linked Individual (448,587) (573,789)
Non Par Linked Individual Pension (27,866) (36,642)
Non Par Linked Group Pension 43,923 10,124
Non Par Linked Group 368 311
Non Par Non-Linked Individual 1,327,211 531,033
Non Par Non-Linked Individual Variable 15,199 13,041
Non Par Non-Linked Health Individual - (143)
Non Par Non Linked Individual Annuity (93,517) 38,136
Non Linked Group Pension (64,908) (452,798)
Non Linked Group (1,132,300) 3,778,750
Non Linked Group Health 741 (833)
Non Linked Group Variable 6,770 5,896
Non Linked Group Pension Variable 4,374 4,802
Par Non Linked Individual (77,988) (76,411)
Par Non Linked Individual Pension (58,905) (52,390)
PAR Non Linked Group Pension (652) (41,485)
PAR Non Linked Group Pension Variable 47,146 49,121
PAR Non Linked Group Non-Pension Variable 36,393 34,108
PAR Non Linked Group Non-Pension Non-Variable 5,565 4,440
Net (Surplus)/ Deficit for Policyholders’ (417,033) 3,235,272

3.23 Funds for Future Appropriation

As at March 31, 2023, the Funds for Future Appropriation (FFA) in non-linked participating segments is ` 2,919,895 (Previous
year ` 2,742,435). There is no FFA under any other segment.

3.24 Segment reporting

As per Accounting Standard 17 on ‘Segment Reporting’ read with the IRDA Financial Statements Regulations, the Company
is required to report segment results separately for linked, non-linked and pension businesses. The same is disclosed in
Annexure 1.

Annual Report 2022-23 203

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.25 i) Percentage of Business Sector-wise

Business for social and rural sector as required under IRDAI (Obligations of insurers to Rural and Social Sectors) Regulations,
2015 issued by IRDAI, are given below:

Current Year Previous Year

Particulars Number of Number of First year Number of Number of First year

Individual group Lives and single Individual group Lives and single
life policies covered premium (`) life policies covered premium (`)
Total Business/ Gross Premium 313,114 5,487,896* 29,586,779 265,471 3,857,767* 27,662,129
underwritten
Rural Sector 129,717 - 5,049,337 101,967 - 3,951,383

As a % of Total Business 41.43% - 17.07% 38.41% - 14.28%

Social Sector - 721,829 213,527 - 277,230 66,295
As a % of Total Business - 13.15% 0.72% - 7.19% 0.24%
* of preceeding financial year

ii) Percentage of risk-retained and risk-reinsured

Particulars Current Year (`) Previous Year (`)
Sum Assured Percentage Sum Assured Percentage
Individual Business
Risk-retained 436,066,503 54 342,087,793 54
Risk-reinsured 369,438,557 46 295,324,578 46
Group Business
Risk-retained 683,803,978 62 781,564,216 53
Risk-reinsured 414,980,318 38 687,736,591 47

Pradhan Mantri Jeevan Jyoti (PMJJY)

Risk-retained 1,640,045,516 100 719,392,696 52
Risk-reinsured NIL NIL 664,592,000 48

3.26 Statement containing names, descriptions, occupations of and directorships held by the persons
in charge of management of the business under section 11 (2) of Insurance Act, 1938. (amended
by Insurance laws (Amendment Act 2015):
Name of the Director Entity in which Director is interested Interested as
1. National Insurance Company Limited 1. Director
2. BOB Financial Solutions Limited 2. Nominee Director and Chairman
3. BOB Capital Markets Limited 3. Nominee Director and Chairman
Mr. Sanjiv Chadha 4. Bank of Baroda 4. Managing Director & CEO
5. BOB UK Limited 5. Chairman
6. Indian Institute of Banking & Finance 6. Member
7. National Institute of Bank Management 7. Member

204 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Name of the Director Entity in which Director is interested Interested as

1. Bank of Baroda 1. Executive Director
2. Baroda BNP Paribas Asset Management 2. Nominee Director
Mr. Joydeep Dutta Roy India Private Limited
3. Bank of Baroda (Botswana) Limited 3. Non – Executive Director
4. Bank of Baroda (UK) Limited 4. Non – Executive Director
1. NNA CRE Properties LLP 1. Designated Partner
2. Warburg Pincus India Private Limited 2. Managing Director
3. Computer Age Management Services 3. Director
Limited
4. Fusion Micro Finance Limited 4. Director
5. Carmel Point Investments India Private 5. Director
Limited
6. Avanse Financial Services Limited 6. Director
7. Home First Finance Company India Limited 7. Director

8. WPI Partners LLC , Class A 8. Member

9. Warburg Pincus LLC 9. Member
Mr. Narendra Ostawal
10. WP & Company Partners US, L.P. 10. Limited Partner
11. Warburg Pincus XI Partners, L.P. 11. Limited Partner
12. Warburg Pincus XI Partners (Cayman), 12. Limited Partner
L.P.
13. Warburg Pincus XI (E&P) Partners – B,L.P. 13. Limited Partner
14. Warburg Pincus Energy Partners, L.P. 14. Limited Partner
15. Warburg Pincus Energy Partners (Cayman), 15. Limited Partner
L.P.
16. Warburg Pincus Enerygy (E&P) Partners 16. Limited Partner
– B, L.P.
17. Arihant Associates 17. Partner
18. Arihant Estates 18. Partner
Mr. K. S. Gopalakrishnan Acko General Insurance Company Limited Independent Director
1. Transcorp International Limited 1. Director
2. Indostar Capital Finance Limited 2. Director
3. OLA Financial Services Private Limited 3. Director
4. Namdev Finvest Private Limited 4. Director
5. OLA Capital Services Private Limited 5. Director
Mr. Hemant Kaul
6. Earlysalary Services Private Limited 6. Director
7. Social Worth Technologies Private Limited 7. Director
8. Jaipur Advisory Group Private Limited 8. Director
9. Goddard Technical Solutions Private Limited 9. Director
10. EGIS Healthcare Services Private Limited 10. Director
1. Serene Valley Realtors LLP 1. Individual Partner
Ms. Harita Gupta
2. Macrotech Developers Limited 2. Independent Director
Ms. R. M. Vishakha NRB Bearings Limited Independent Director

Annual Report 2022-23 205

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.27 Related Party Disclosure

During the year ended March 31, 2023, the Company has had transactions with related parties as defined in Accounting
Standard 18 on ”Related Party Disclosures”. Related Parties have been identified by the management on the basis of
the information available with the Company. Details of these parties with whom the company had transactions, nature of
relationship, transactions with them and balances at year end are detailed as below.

Sr Nature of Relationship Name of Related Party

No
1 Holding Company* Bank of Baroda
2 Significant Influence Carmel Point Investments India Private Limited
3 The Nainital Bank Limited
4 Bank of Baroda (Kenya) Limited
5 Bank of Baroda (Uganda) Limited
6 Bank of Baroda (Guyana) Inc
7 Bank of Baroda (UK) Limited
8 Bank of Baroda (Tanzania) Limited
9 Bank of Baroda (New Zealand) Limited
10 Bank of Baroda (Botswana) Limited

11 Fellow Subsidiaries* BOB Capital Markets Limited

12 BOB Financial Solutions Limited (formerly known as BOB Cards Ltd)
13 Baroda Global Shared Services Ltd
14 Baroda Sun Technologies Ltd
15 Baroda BNP Paribas Asset Management India Private Limited (merged with
Baroda Asset Management India Limited)
16 Baroda BNP Paribas Trustee India Private Limited (formerly known as
Baroda Trustee India Pvt Ltd)
17 Baroda Capital Markets (Uganda) Limited (Subsidiary of Bank of Baroda
Uganda Limited)
18 Baroda U.P. Bank
19 Associate of Holding Company* Baroda Rajasthan Kshetriya Gramin Bank
20 Baroda Gujarat Gramin Bank
21 India International Bank (Malaysia) Bhd.
Joint Venture of Holding Company*
22 India Infra debt Limited
23 Others related party of Holding Company* Indo Zambia Bank Limited
24 Key Management Personnel Ms. R.M.Vishakha
25 Relatives of Key Management Personnel Mr Rajesh Maheshwari
* W.e.f. March 31, 2022

206 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Details of Related Party Transaction in accordance with AS - 18

Name of the related Party Description of transaction Transactions during the Amount recoverable /
year (Payable)
Current Year Previous Current Year Previous
(`) Year (`) (`) Year (`)
Purchase of Fixed Deposit (98) (93) 98 93
Redemption of Fixed Deposits 93 88 - -
Interest on Fixed Deposits 5 5 3 3
Dividend on equity shared 17,413 - - -
Commission (2,128,539) (1,685,663) (109,358) (100,268)
Directors sitting fees (2,420) (3,060) - (200)
Premium Income as a Policyholder 45 1,242 - -
Bank Charges (13,879) (10,026) - -
Advertisement and Publicity (6,900) (6,900) - -
Bank of Baroda
Reimbursement of expenses 1,470 (1,513) - -
Investments in equity shares - - - 730,478
Transaction in security as counter (2,082,211) (8,286,304) - -
Party
Bank Balances# - - 1,726,961 1,573,330
Share Capital Issued 3,250,000 - - -
Other Income - 568 - -
Borrowing - 1,150,000 (1,150,000) (1,150,000)
Interest on Borrowing (96,600) (2,117) (2,117) (2,117)
Directors sitting fees - - - -
Carmel Point Investments India
Share Capital Issued 1,300,000 - - -
Private Limited
Other Income - 340 - -
Commission (1,741) (714) (391) (1,098)
The Nainital Bank Limited Bank Charges (4) (0) - -
Bank Balances# - - 3,451 5,389
BOB Financial Solutions Limited Premium Income as a Policyholder 10,310 1,778 - -
Baroda Capital Markets Ltd Brokerage (1,867) (3,993) - -
Baroda Global Shared Services Premium Income as a Policyholder 2,809 5,350 - -
Limited
Baroda BNP Paribas Trustee India Transactions in securities as 457,937 (292,182) - -
Private Limited counter party
Investments in Bond - - 400,811 1,317,936
India Infradebt Limited Redemption of Bonds 600,000 250,000 - -
Interest Income on Investments 66,602 106,748 22,826 63,038
Commission (105,338) (68,734) (15,319) (1,518)
Baroda U.P. Bank Bank Charges (2) (0) - -
Bank Balances# - - 63,880 106,218

Annual Report 2022-23 207

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Name of the related Party Description of transaction Transactions during the Amount recoverable /
year (Payable)
Current Year Previous Current Year Previous
(`) Year (`) (`) Year (`)
Commission (33,727) (21,189) (2,208) (664)
Baroda Rajasthan Kshetriya Premium Income as policyholder 165 - -
Gramin Bank Bank Charges (1) (0) - -
Bank Balances# - - 28,941 27,361
Commission (27,962) (19,158) (5,586) (1,510)
Baroda Gujarat Gramin Bank Bank Charges (0) (1) - -
Bank Balances# - - 123,540 87,948
Key Management Personnel - Premium Income 60 - - -
R.M.Vishakha Managerial Remuneration (63,132) (57,095) - -
Relatives of Key Management Premium Income 359 65 - -
Personnel

# Banking transaction in the normal course of business with related parties have not been considered

3.28 Assets in the Internal Funds

The Company has presented the financial statements of each internal fund to which the policyholders can link their policy
in Annexure 2. Also additional disclosures as required by the Master Circular issued by IRDA are given in Annexure 2A.

3.29 Summary of financial statements

A summary of the financial statements as per the formats prescribed by the IRDA in its circular dated April 29, 2003 is
as follows.

Particulars 2022-23 2021-22 2020-21 2019-20 2018-19

POLICYHOLDERS' A/C
Gross Premium Income 60,745,341 51,865,644 40,555,023 33,604,364 32,125,522
Net Premium Income (Refer Note 1) 59,736,397 49,852,053 39,009,406 32,452,962 31,577,567
Income from Investments (Net) (Refer Note 2) 12,559,258 17,291,441 24,373,934 2,309,372 11,624,916
Other Income 79,807 65,888 115,609 27,388 18,224
Total Income 72,375,462 67,209,382 63,498,949 34,789,722 43,220,708
Commission 3,104,334 2,537,126 1,713,684 1,506,232 1,150,481
Brokerage - - - - -
Operating Expenses related to Insurance Business 8,862,999 7,416,873 5,932,618 5,212,893 3,683,457
Provision for doubtful debts 158,585 - - - -
Provision (for dimunition value of Investments) (28,771) (11,086) (23,314) 638,782 450,000
Provision for tax - - - - -
Total Expenses 12,097,147 9,942,913 7,622,988 7,357,907 5,283,938
Payment to Policyholders 37,305,368 40,087,655 33,270,922 30,939,098 13,584,156
Increase in Actuarial Liability 17,677,725 8,707,280 4,376,950 292,336 18,145,332
Provision for Linked Liabilities 4,878,190 11,706,807 18,452,156 (3,485,849) 5,794,815
Surplus / (Deficit) from operations 417,032 (3,235,271) (224,067) (313,770) 412,467

208 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars 2022-23 2021-22 2020-21 2019-20 2018-19

SHAREHOLDERS’ A/C
Total Income under Shareholders' Account 578,148 552,828 648,030 498,061 513,973
Total Expenses under Shareholder's Account 232,728 133,745 122,059 1,158,472 310,731
Profit / (Loss) Before Tax 762,452 (2,816,188) 301,904 (974,181) 615,709
Provision for Tax - - - - -
Profit / (Loss) After Tax 762,452 (2,816,188) 301,904 (974,181) 615,709
Profit / (Loss) carried to Balance Sheet (3,644,677) (4,507,128) (1,690,940) (1,992,844) (1,018,663)

MISCELLANEOUS
(A) Policyholders' Account:
Total funds (incl Funds for Future Appropriation) (Refer 205,312,560 182,825,088 162,510,162 139,275,608 142,715,510
Note 3)
Total Investments 205,911,420 181,406,677 162,716,132 137,813,539 142,935,264
Yield on Investments (Refer Note 4) 6.09% 9.53% 14.98% 1.68% 8.13%
(B) Shareholders' Account:
Total funds (incl unrealised gain) (Refer Note 5) 10,689,938 4,932,693 7,755,236 7,169,330 6,634,693
Total Investments 8,242,988 5,756,900 6,202,459 6,556,227 5,303,610
Yield on Investments (%) (Refer Note 6) 7.01% 9.60% 10.45% 7.60% 9.69%
Yield on Total Investments (Refer Note 7) 6.13% 9.53% 14.81% 1.94% 8.19%
Paid up Equity Capital 7,543,706 6,634,615 6,634,615 6,350,000 6,250,000
Net Worth 10,689,938 4,932,693 7,755,236 7,169,330 6,634,693
Total Assets 224,988,041 197,653,843 176,526,154 152,732,955 156,263,218
Earnings per share (share of FV of ` 10 each) ` 1.05 (4.24) 0.46 (1.55) 0.99
Book Value per share (share of FV of ` 10 each) ` 14.17 7.43 11.69 11.29 10.62

Notes:
1. Net of Reinsurance
2. Income from Investments is net of Losses
3. Total Funds under Policyholders' Account = Credit / (Debit) Fair Value Change Account + Policyholders' Liabilities
4. Yield on Policyholders' Investments = Income from Policyholders' Investments (Net)/Total Policyholders' Investments
5. Total Funds under Shareholders' Account = Share Capital + Reserves and Surplus + Credit/(Debit) Fair Value Change
Account - Debit Balance in Profit and Loss Account
6. Yield on Shareholders' Investments = Total Income under Shareholders' Account/Total Shareholders' Investments
7. Yield on Total Investments = (Income from Policyholders' Investments (Net)+ Total Income under Shareholders'
Account)/(Total Policyholders' Investments + Total Shareholders' Investments)

Annual Report 2022-23 209

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.30 Accounting or Financial Ratios

Accounting ratios prescribed by the IRDA in its circular dated April 29, 2003 are provided is as below.

A. New business premium income growth (segment wise)

(New business premium current year - New business premium for previous year)/New business premium for the
previous year
Particulars Current Year Previous Year
Linked Business Individual 7.15% 56.82%
Linked Business Group 499.19% 72.40%
Linked Pension Individual NIL 0.00%
Linked Pension Group (100%) NA
Non-Linked Business Individual (7.44%) 96.19%
Non-Linked Business Individual Variable (36.83) (64.46%)
Non Par Non Linked Health Business (100%) (200.35%)
Non Par Non Linked Individual Annuity 1217.81% 368.73%
Non-Linked Business Group Pension (81.09) (50.89%)
Non-Linked Business Group 27.78% 67.73%
Non-Linked Business Group Health (29.40%) 354.31%
Non-Linked Business Group Variable (88.12%) (89.89%)
Non-Linked Business Group Pension Variable (100%) (44.70%)
Participating Non Linked Individual 23.50% 7.86%
Participating Non Linked Individual Pension (21,081.28%) (99.97%)
Participating Non Linked Group Pension (99.98%) (71.02%)
Participating Non Linked Group Pension Variable (99.67%) 100.41%
Participating Non Linked Group Non Pension Variable (70.03%) 4.15%
Participating Non Linked Group Non Pension Non Variable (39.70%) (36.29%)
Total Business 6.96% 34.90%

A. Net retention ratio: (Net premium divided by gross premium)

Particulars Current Year (`) Previous Year (`)

Net Premium 59,736,397 49,852,051
Gross Premium 60,745,341 51,865,644
Ratio 98.34% 96.12%

B. Ratio of Expenses of management: (Expenses of management divided by Total gross direct premium)

Particulars Current Year (`) Previous Year (`)

Management expenses* 11,546,868 9,579,905
Total gross Premium 60,745,341 51,865,644
Ratio 19.01% 18.47%

Management Expenses = Operating Expenses related to Insurance Business + Commission Expenses

210 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

C. Commission ratio: (Gross commission paid to gross premium)

Particulars Current Year (`) Previous Year (`)
Gross Commission 3,104,334 2,537,126
Gross Premium 60,745,341 51,865,644
Ratio 5.11% 4.89%

D. Ratio of Policyholders’ liabilities to Shareholders’ funds

Particulars Current Year (`) Previous Year (`)
Policyholders Liability 205,312,560 182,825,088
Shareholders Funds 10,689,937 4,932,693
Ratio 19.21 37.06

Policyholders' Liabilities = Policy Liabilities + Funds for Future Appropriations + Provision for Linked Liabilities +Provision for
Discontinued Policies+Credit/(Debit) fair value change account
Shareholders' Funds = Share Capital + Reserves & Surplus + Credit / (Debit) fair value Current Year account + Credit / (Debit)
balance in Profit &Loss A/C

E. Growth rate of Shareholders’ funds

Particulars Current Year (`) Previous Year (`)
Shareholders Funds 10,689,937 4,932,693
Growth Rate 116.72% (36.40%)

F. Ratio of Surplus/(Deficit) to Policyholders’ liability

Particulars Current Year (`) Previous Year (`)
Surplus / (Deficit) in Revenue Account 3,343,841 3,216,166
Policyholders’ liability 205,312,560 182,825,088
Ratio 0.02 0.02

G. Change in Net Worth (` in '000)

Particulars Current Year (`) Previous Year (`)
Networth 10,689,938 4,932,693
Change 5,757,245 (2,822,543)

H. Profit after Tax / Total Income

Particulars Current Year (`) Previous Year (`)
Profit/ (Loss) after Tax 762,452 (2,816,188)
Total Income 72,953,610 67,762,210
Ratio 1.05% (4.16%)

Note: Total Income = Total Income under Policyholders' Account (Excluding Contributions from Shareholders' Account) +
Total Income under Shareholders' Account

Annual Report 2022-23 211

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

I. Total Real Estate + Loans/ Cash & Invested Assets

Particulars Current Year (`) Previous Year (`)
Loans 337,039 232,203
Investment properties-Real estate NIL NIL
Cash & invested assets 216,946,982 189,723,278
Ratio 0.16% 0.12%

J. Total Investments / Total of (Capital + Surplus)

Particulars Current Year (`) Previous Year (`)
Total Investments 214,491,446 187,395,780
Capital 7,543,706 6,634,615
Reserves 6,790,909 2,800,000
Ratio 14.96 19.86

Total Investments = Shareholders' Investments + Policyholders' Investments + Assets held to cover Linked Liabilities+Loans

K. Total affiliated investments/Total of (Capital + Surplus)

Particulars Current Year (`) Previous Year (`)
Total affiliated investments 400,909 1,050,412
Capital 7,543,706 6,634,615
Reserves 6,790,909 2,800,000
Ratio 2.80% 11.13%

L. Investment Yield (Gross and Net)

Particulars Current Year Previous Year
A. Without Unrealised Gain
Shareholder's Fund 8.73% 10.89%
Policholder's Fund
Non Linked
Participating 6.99% 7.28%
Non Participating 8.47% 8.51%
Linked
Non Participating 8.10% 12.31%
B. With Unrealised Gain
Shareholder's Fund 7.48% 9.84%
Policholder's Fund
Non Linked
Participating 5.22% 4.78%
Non Participating 5.67% 5.21%
Linked
Non Participating 4.06% 13.41%

212 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

M. Conservation Ratio
Particulars Current Year Previous Year
a) Linked Business Individual 79.65% 81.54%
b) Linked Business Group NA NA
c) Linked Pension Individual 94.51% 85.37%
d) Linked Pension Group NA NA
e) Non-Linked Business Individual 85.10% 83.47%
f) Non-Linked Business Individual Variable 84.33% 87.68%
g) Non Par Non Linked Health Business 0.00% 35.73%
h) Non Par Non Linked Individual Annuity NA NA
i) Non-Linked Business Group Pension NA NA
j) Non-Linked Business Group NA NA
k) Non-Linked Business Group Health NA NA
l) Non-Linked Business Group Variable NA NA
m) Non-Linked Business Group Pension Variable NA NA
n) Participating Non Linked Individual 86.55% 87.05%
o) Participating Non Linked Individual Pension 72.94% 81.28%
p) Participating Non Linked Group Pension NA NA
q) Participating Non Linked Group Pension Variable NA NA
r) Participating Non Linked Group Non Pension Variable NA NA
s) Participating Non Linked Group Non Pension Non Variable NA NA

N. Persistency Ratio
Particulars Current Year Previous Year
Persistency Ratio (including single premium based on no. of policies)
13th month 73.00% 69.64%
25th month 60.44% 64.64%
37 month
th
60.75% 59.68%
49th month 56.53% 55.99%
61 month
st
45.73% 39.37%
Persistency Ratio (including single premium based on premium)
13th month 82.38% 81.73%
25th month 70.87% 70.93%
37th month 66.95% 63.00%
49 month
th
59.73% 59.94%
61st month 46.77% 44.78%
Persistency Ratio (excluding single premium based on no. of policies)
13th month 72.80% 69.43%
25 month
th
60.18% 61.40%
37th month 57.14% 52.53%
49th month 48.96% 45.70%

Annual Report 2022-23 213

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Current Year Previous Year

61st month 39.54% 39.27%
Persistency Ratio (excluding single premium based on premium)
13th month 81.48% 81.16%
25th month 69.97% 70.32%
37 month
th
66.24% 61.93%
49th month 58.58% 57.51%
61 month
st
44.17% 43.98%

O. NPA Ratio
Particulars Current Year Previous Year
Gross NPA Ratio 1.01% 1.12%
Net NPA Ratio 0.00% 0.00%

P. Solvency Ratio
Particulars Current Year Previous Year
Solvency Ratio 218% 165%
Regulatory Requirement 150% 150%

Solvency ratio has been stated on the basis of computation certified by Appointed Actuary and it excludes inadmissible
assets as required by the IRDA (Assets, Liabilities and Solvency Margin of Insurers) regulations, 2016 and directions
received from IRDAI from time to time.

Q. Other ratios
Particulars Current Year Previous Year
Debt Equity Ratio 0.12 0.46
Debt Service Coverage ratio 0.66 (1.17)
Interest Service Coverage ratio 5.47 (31.00)
Average ticket size in ` – Individual premium (Non Single) 54,698 50,729

NOTES:
1. Persistency ratios for the year end have been calculated for the policies issued in the relevant period. For instance,
a. 13th month persistency for year ended April 30, 2023 is calculated for policies issued from April 01, 2021 to March
31, 2022.
b. 13th month persistency for year ended April 30, 2022 is calculated for policies issued from April 01, 2020 to March
31, 2021.
2. Debt Service Coverage Ratio - (Earnings before Interest and Tax/ Interest charge on borrowings and Principal
Instalments Due)
3. Interest Service Coverage Ratio - (Earnings before Interest and Tax/ Interest charge on borrowings)

214 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.31 Outsourcing, Business Development and Marketing support costs

As required by IRDA vide the Master Circular, the amounts paid (net of service tax and Goods and service tax) towards
Outsourcing, Business Development and Marketing Support shown under operating expenses in schedule 3 “Operating
expenses relating to insurance business” are mentioned below:

Particulars Current Year (`) Previous Year (`)

Marketing Support - -
Business Development 2,380,355 1,781,957
Outsourcing Fees 134,827 101,622

3.32 Penal Actions

As per IRDA Master Circular on Preparation of Financial Statements and Filing of Returns of Life Insurance Business dated
December 11, 2013, the details of various penal actions taken by various Government Authorities are mentioned below:

Authority Non Penalty Awarded Penalty Paid Penalty Waived /

Compliance Reduced
Current Previous Current Previous Current Previous
Year (`) Year (`) Year (`) Year (`) Year (`) Year (`)
Insurance Regulatory & Development Authority NIL NIL NIL NIL NIL NIL NIL
GST Authorities NIL NIL NIL NIL NIL NIL NIL
Income Tax Authorities NIL NIL NIL NIL NIL NIL NIL
Any Other Tax Authorities NIL NIL NIL NIL NIL NIL NIL
Enforcement Directorate/ Adjudicating NIL NIL NIL NIL NIL NIL NIL
Authority/ Tribunal/ any Authority under FEMA
Registrar of Companies/ NCLT/ CLB/ NIL NIL NIL NIL NIL NIL NIL
Department of Corporate Affairs / any Authority
under Companies Act
Penalty awarded by any Court/ Tribunal for any NIL NIL NIL NIL NIL NIL NIL
matter including claim settlement but excluding
compensation
Securities & Exchange Board of India. NIL NIL NIL NIL NIL NIL NIL
Competition Commission of India NIL NIL NIL NIL NIL NIL NIL
Any other Central/ State/ Local Government/ NIL NIL NIL NIL NIL NIL NIL
Statutory Authority

Annual Report 2022-23 215

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.33 Unclaimed Amount of Policyholders

In accordance with master circular IRDA/F&A/CIR/Misc/282/11/2020 issued by the IRDAI on November 17, 2020, the statement
showing the age wise analysis of unclaimed amount of the policyholders at is tabulated below:

(` in lakhs*)

Particulars Total AGE-WISE MONTHLY ANALYSIS – As at March 31, 2023

Amount
0-6 7-12 13-18 19-24 25-30 31-36 37-120 More
than 120
Claims settled but not 5.58 4.03 0.33 0.06 - - 0.03 1.13 -
paid to the policyholders /
insured/ beneficiaries due
to any reasons except
under litigation from the
insured / policyholders
Sum due to the insured / 564.86 40.17 114.84 27.83 98.73 28.21 31.46 223.62 -
policyholders on maturity
or otherwise
Any excess collection 42.85 2.12 2.11 0.95 1.83 0.54 0.86 34.44 -
of the premium / tax or
any other charges which
is refundable to the
policyholders/beneficiaries
either as terms of
conditions of the policy or
as per law or as may be
directed by Authority but
not refunded so far
Cheques issued but 149.67 - 41.68 6.18 3.65 28.64 4.79 64.73 -
not encashed by the
policyholder/ insured/
Beneficiaries

The above amount excludes cheque issued but not encashed by policyholder/insured of ` 244.18 lakhs (Previous Year:` 68.81
lakhs) pertaining to cheques which are within the validity period but not yet encashed by the policyholder as at 31st March 2023.

*amount disclosed in lakhs in accordance with IRDA/F&A/CIR/Misc/282/11/2020. In accordance with IRDAI Master circular
No. IRDA/F&A/CIR/Misc/282/11/2020 on “Unclaimed Amount of Policyholders” dated November 17, 2020 read with rule 3
(6) of Senior Citizens’ Welfare Fund Rules, 2016, the unclaimed of policyholders which are more than 120 months as on 30
September every year, is transferred to the Senior Citizens’ Welfare Fund (SCWF) on or before 01 March of that financial year.

216 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Unclaimed Amount of Policyholders (Continued)

(` in lakhs)

Particulars Total AGE-WISE MONTHLY ANALYSIS – As at March 31, 2022

Amount
0-6 7-12 13-18 19-24 25-30 31-36 37-120 More
than 120
Claims settled but not 0.99 0.01 - - 0.03 - - 0.95 -
paid to the policyholders /
insured/ beneficiaries due
to any reasons except
under litigation from the
insured / policyholders
Sum due to the insured / 659.68 89.94 151.80 51.31 59.19 45.44 37.93 223.92 0.15
policyholders on maturity
or otherwise
Any excess collection 45.31 2.70 2.91 0.62 0.82 0.90 0.64 36.65 0.05
of the premium / tax or
any other charges which
is refundable to the
policyholders/beneficiaries
either as terms of
conditions of the policy or
as per law or as may be
directed by Authority but
not refunded so far
Cheques issued but 373.18 0.59 25.48 42.55 23.36 8.77 30.37 242.07 -
not encashed by the
policyholder/ insured/
Beneficiaries

3.34 Amount transferred to Senior Citizens Welfare Fund:

As per IRDAI Master Circular on Unclaimed Amounts of Policyholders IRDA/F&A/CIR/Misc/173/07/2017 dated July 25, 2017,
the unclaimed amount of policyholders outstanding for a period of more than 10 years as on September 30, every year has
been transferred to Senior Citizen's Welfare Fund.

(` in lakhs)

Particulars Current Year (`) Previous Year (`)

Amount transferred during the year to Senior Citizen's Welfare Fund 18 17

Annual Report 2022-23 217

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.35 Details for Discontinued Policies

With reference to the Insurance Regulatory and Development Authority (Treatment of Discontinued Linked Insurance Policies)
Regulations, 2010 (IRDA circular: F.No. IRDA / Reg / 2 / 52 / 2010), the details with respect to discontinued policies is as under:

Sr. Particulars Current Year (`) Previous Year (`)

No.
a) Opening balance 4,459,094 3,446,108
Add: Amount transferred to funds for discontinued policies (Net) 2,402,614 1,909,658
Less: Amount refunded to policyholders (1,669,544) (896,672)
Closing Balance 5,192,164 4,459,094
b) Number of Policies Discontinued 15,605 12,891
c) % of policies discontinued productwise to total policies:
IndiaFirst Smart Save Plan – V1 0.00% 0.00%
IndiaFirst Smart Save Plan – V2 0.00% 0.07%
IndiaFirst Smart Save Plan – V3 5.09% 7.44%
IndiaFirst Smart Save Plan – V4 7.37% 6.25%
IndiaFirst Young India Plan 0.00% 0.00%
IndiaFirst Happy India Plan – V1 0.00% 0.23%
IndiaFirst Happy India Plan – V2 4.19% 2.99%
IndiaFirst Money Back Health Insurance Plan 0.00% 0.00%
IndiaFirst Money Balance Plan – V1 0.00% 0.00%
IndiaFirst Money Balance Plan – V2 0.00% 0.00%
IndiaFirst Money Balance Plan – V3 0.00% 0.95%
IndiaFirst Money Balance Plan – V4 3.81% 7.14%
IndiaFirst Money Balance Plan – V5 8.27% 8.01%
IndiaFirst Life Wealth Maximizer Plan – V1 0.04% 1.91%
IndiaFirst Life Wealth Maximizer Plan – V2 3.31% 5.30%
IndiaFirst Life Wealth Maximizer Plan – V3 8.87% 5.98%
IndiaFirst Life Radiance Smart Invest Plan 2.24% NA
IndiaFirst High Life Plan 0.00% 0.00%
d) Number of Policies revived 516 606
% of Policies revived 2.22% 2.10%
e) Charges imposed on account of discontinued policies 33,559 26,509
Charges readjusted on account of revival of discontinued policies 2,290 1,576

3.36 Unclaimed amounts pertaining to the policyholders

Following is the disclosure on movement in the [Disclosure in line with Para No.7 of Circular No.IRDA/F&A/CIR/CLD/114/05/2015
dated 28.05.2015] and IRDA/F&A/CIR/CPM/134/07/2015 dated July 24, 2015 on “Handling of unclaimed amounts pertaining
to policyholders”, the Company has created a single segregated fund to manage all the unclaimed monies. The amount in
such unclaimed fund has been invested in money market instruments and /or fixed deposit of scheduled banks.

218 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Reconciliation of unclaimed amounts of policyholders:

Further in accordance with the master circular IRDA/F&A/CIR/Misc/282/11/2020 issued by the IRDAI on November 17, 2020,
the details of unclaimed amounts and investment income at March 31, 2023 is tabulated as under:
(` in lakhs*)

Particulars Current Year (`) Previous Year (`)

Opening Balance 1,079 997
Add: Amount transferred to Unclaimed Amount 5,482 3,801
Add: Cheques issued out of the Unclaimed Amount but not encashed by the - -
policyholders (to be included only when the cheques are stale)
Add: Investment Income 63 54
Less: Amount paid during the year (5,843) (3,756)
Less: Amount transferred to SCWF (net of claims paid in respect of amounts (18) (17)
transferred earlier)
Closing Balance of Unclaimed Amount 763 1,079

3.37 Corporate Social Responsibility (CSR)

As per section 135 of the Companies Act, 2013 and amendment rules, The gross amount required to be spend by the
Company on Corporate Social Responsibility (CSR) related activities during the year ended March 31, 2023 was NIL (Previous
Year-` NIL). The amount spent during the year is as follows:
Particulars Incurred and paid
Current Year (`) Previous Year (`)
(i) Construction/acquisition of any asset NIL NIL
(ii) On purpose other than (i) above NIL NIL

Movement in Provision for CSR activities

Particulars Current Year (`) Previous Year (`)
Balance as at beginning of the year NIL NIL
Additional provision made during the year NIL NIL
Amount used during the year NIL NIL
Balance as at end of the year NIL NIL

3.38 The Micro, Small and Medium Enterprises Development Act, 2006:
According to information available with the management, on the basis of intimation received from suppliers, regarding their
status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the details of amounts due to
Micro and Small Enterprises under the said Act as at March 31, 2023 as follows:
Particulars Current Year (`) Previous Year (`)
a) (i) Principal amount remaining unpaid to supplier under MSMED Act 29,866 3,448
(ii) Interest on a) (i) above NIL NIL
b) (i) Amount of principal paid beyond the appointed date NIL NIL
(ii) Amount of interest paid beyond the appointed date (as per Section 16) NIL NIL
c) Amount of interest due and payable for the period of delay in making payment, NIL NIL
but without adding the interest specified under Section 16 of the MSMED Act
d) Amount of further interest remaining due and payable even in earlier years NIL NIL
e) Total amount of interest due under MSMED Act NIL NIL

Annual Report 2022-23 219

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.39 Options Scheme

The company in its board meeting dated 08/11/2016 had approved employee options scheme “The Scheme” for the eligible
employees of the company. Subsequently, the scheme have been granted and under the scheme, the company provides its
eligible employees, options which are settled in cash and vest on the respective due dates in a graded manner as per the
terms and conditions of scheme.

Terms and conditions

The grant price for the scheme shall be the Fair Market Value per share as at the end of the previous financial year in which
the option have been granted.

Options are granted with a qualifying period of four years from the date of grant.

Options normally vests as follows:

50% of granted Options will vest at the end of the second financial year from the date of grant;
25% will vest at the end of the third financial year from the date of grant;
25% will vest at the end of the fourth financial year from the date of grant;

The contractual life (which is equivalent to the vesting period) of the Options outstanding ranges from two to four years.

Detail of activity under Options plan is summarised below:

(No of Options)

Particulars Current Year Previous Year

Outstanding at the beginning of the year 2,368,167 2,206,784
Granted during the year - 1,271,534
Additions/Reduction due to transfer / resignation of employees (65,000) (462,386)
Exercised during the year (455,167) (647,765)
Expired during the year - -
Outstanding at the end of the year 1,848,000 2,368,167

The company has used the intrinsic value method to account for the compensation cost of Options.

Had the company recorded the compensation cost computed on the basis of fair valuation method of Options instead of
intrinsic value method, the impact would be as below:
Particulars Current Year Previous Year
Employee compensation cost would have been higher by 2,241 2,192
Profit after tax would have been lower by 2,241 2,192
Basic and diluted EPS of the company would have been 1.04 (4.25)

Effect of grant of Options to employees on the Revenue/Profit and Loss Account and on its financial position

Particulars Current Year (`) Previous Year (`)

Total employee compensation cost pertaing to Options 49,076 19,055
Total carrying amount at the end of the year 67,951 37,827
Total intrinsic value at the end of the period of liabilities for which the right of the 52,376 28,269
employee to cash had vested by the end of the year

220 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.40 Employee Stock Option plan

IndiaFirst Life Insurance Employee Stock Option Plan 2022 (“ESOP Scheme 2022”) has been approved by the shareholders
of the Company in the Extra Ordinary General Meeting (EGM) held on October 12, 2022 based on the recommendation of
the Board Nomination & Remuneration Committee (‘NRC’) and Board of Directors (‘Board’) in their meetings held on May 11,
2022 and subsequently modified by NRC and Board vide circular resolutions dated September 30, 2022 and October 04,
2022 respectively. The Scheme is directly administered by the Company and provides that eligible employees are granted
options to subscribe to equity shares of the Company which vest in a graded manner. The vested options may be exercised
within a specified period.

The salient features of ESOP Scheme 2022 are as stated below:

Particulars Current Year

Grant date 17th October 2022
Number of options granted 6,970,772
Grant Price ` 75.11
Maximum term of options granted/ Contractual Life 8 years
Share price on measurement date ` 75.11
Graded Vesting Period
1st Year 30% of options granted
2 Year
nd
30% of options granted
3rd Year 40% of options granted
Mode of settlement Equity Shares

Vesting of the Options are subject to continued employment as prescribed in the Employee Stock Option Plan 2022.

A summary of status of Company’s Employee Stock Option Scheme in terms of options granted, forfeited and
exercised is given below:

Particulars Current Year Previous Year

Outstanding at the beginning of the year NIL NIL
Add: Granted during the year 6,970,772 NIL
Less: Forfeited/lapsed during the year NIL NIL
Less: Exercised during the year NIL NIL
Outstanding at the end of the year 6,970,772 NIL
Exercisable at the end of the year* NA NIL

* Vested options available for exercise at the end of the year.

The Company follows intrinsic value method to account for its share-based employee compensation plans. During the year
ended March 31, 2023, the Company has granted 6,970,772 options to its eligible employees under ESOS 2022. Out of
the total NIL options outstanding as at previous year ended March 31, 2022, NIL options are vested during the year ended
March 31, 2023.

Annual Report 2022-23 221

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Details of ESOPs exercised during the year & compensation cost recognised are as follows:
Particulars Current Year (`) Previous Year (`)
No. of options exercised during the year NIL NIL
Amount received on exercise of options NIL NIL
Amount transferred from Employee Stock Options Outstanding Account NIL NIL
Amount of increase in paid-up equity share capital NIL NIL
Amount of increase in securities premium NIL NIL
Amount of compensation cost recognised in Revenue Account NIL NIL

The weighted average remaining contractual life of the options outstanding as at March 31, 2023 is 6.65 years (Previous
year: NIL).

Fair value methodology

Method of computation of Fair Value of Options:

The fair value of options has been calculated using the Black-Scholes model. The key assumptions considered for calculating
fair value of the options as on the grant date are as follows:

Particulars Current Year (`) Basis

Risk free interest rate 7.46% - 7.57% Determined based on G-Sec yield on the grant date corresponding to
maturity period equal to expected life of options
Expected life of the options (years) 3.50 to 5.50 years Average of the weighted-average time to vesting and the contractual life of
options
Expected dividend yield 0% Calculated based on recent rate of dividend declared
Expected volatility 30% Based on historical stock prices using annualised standard deviation of daily
change in stock price

Impact of the fair value method on the net profit and earnings per share:

Had the compensation cost for the Company’s stock option plans been determined based on the fair value approach, the
Company’s net profit for the year and earnings per share (both basic and diluted) would have been as per the proforma
amounts indicated below:

Sr No Particulars Current Year (`) Previous Year (`)

1 Net Profit after tax as per Profit & Loss Account available for both basic 762,452 NA
and diluted earnings per share ` (‘000)
2 Add: Stock-based employee compensation expense under intrinsic value NIL NA
method
3 Less: Stock-based compensation expense determined under fair value 47,483 NA
based
4 Net profit 714,969 NA

222 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.41 Disclosures relating to control fund

As per IRDA guidelines, the details of controlled fund for the financials year 2021-22 and 2022-23 are tabulated as follow.

(` in Crores)
Statement of Controlled Fund Reconciliation Current Year Previous Year
1. Computation of Controlled fund as per the Balance Sheet

Policyholders' Fund (Life Fund)

Participating
Individual Assurance 3,607 2,699
Individual Pension 1,661 1,433
Group Superannuation 1,641 2,539
Any other (Pl. Specify) - -
Non-participating
Individual Assurance 3,248 1,934
Group Assurance 2,323 2,465
Individual Pension - -
Individual Annuity 312 36
Any other (Pl. Specify) - -
Linked
Individual Assurance 7,387 6,870
Group Assurance - -
Individual Pension 243 241
Group Gratuity and Leave Encashment 109 66
Any other (Pl. Specify) 0 -
Funds for Future Appropriations - -
Total (A) 20,531 18,283
Shareholders'' Fund
Paid up Capital 754 663
Reserves & Surpluses 679 280
Fair Value Change 0 1
Total (B) 1,433 944
Misc. expenses not written off -
Credit / (Debit) from P&L A/c. (364) (451)
Total (C ) (364) (451)
Total shareholders' funds (B+C) 1,069 493
Controlled Fund (Total (A+B-C)) 21,600 18,776

Annual Report 2022-23 223

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Statement of Controlled Fund Reconciliation Current Year Previous Year

2. Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account
Opening Balance of Controlled Fund 18,776 17,027
Add: Inflow
Income
Premium Income 6,075 5,187
Less: Reinsurance ceded (101) (201)
Net Premium 5,974 4,985
Investment Income 1,256 1,729
Other Income 8 7
Funds transferred from Shareholders' Accounts (42) 324
Total Income 7,196 7,044
Less: Outgo
(i) Benefits paid (Net) 3,731 4,009
(ii) Interim Bonus Paid - -
(iii) Change in Valuation of Liability 2,256 2,041
(iv) Commission 310 254
(v) Operating Expenses 886 742
(vi) Provision for Taxation
(a) FBT - -
(b) I.T. - -
Provisions (other than taxation)
(a) Provision for dimunition in the value of Investment (3) (1)
(b) Others – Provision for doubtful debts 16 -
Total Outgo 7,196 7,044
Surplus of the Policyholders' Fund - -
Less: transferred to Shareholders' Account 42 (324)
Net Flow in Policyholders' account
Add: Net income in Shareholders' Fund 35 42
Net In Flow / Outflow
Add: change in valuation Liabilities* 2,249 2,031
Add: Increase in Capital and Reserves and Surplus 499 (1)
Closing Balance of Controlled Fund 21,600 18,776
As Per Balance Sheet 21,600 18,776
Difference, if any - -

224 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Statement of Controlled Fund Reconciliation Current Year Previous Year

3. Reconciliation with Shareholders' and Policyholders' Fund
Policyholders' Funds
3.1 Policyholders' Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders' Fund 11,105 10,345
Add: Surplus of the Revenue Account -
Add: change in valuation Liabilities 1,687 760
Add: Credit / [Debit] Fair Value change Account
Total 12,792 11,105
As per Balance Sheet 12,792 11,105
Difference, if any - -
3.2 Policyholders' Funds – Linked
Opening Balance of the Policyholders' Fund 7,178 5,906
Add: Surplus of the Revenue Account -
Add: change in valuation Liabilities 561 1,272
Total 7,739 7,178
As per Balance Sheet 7,739 7,178
Difference, if any - -
Shareholders' Funds
Opening Balance of Shareholders' Fund 493 776
Add: net income of Shareholders' account (P&L) 485 (282)
Add: Infusion of Capital** 91 -
Add: Increase in Reserves & Surplus
Closing Balance of the Shareholders'' fund 1069 493
As per Balance Sheet 1069 493
Difference, if any - -

(*) includes Fair Value Change of policyholders’ funds

(**) Net change in shareholders’ funds between current year and previous year

Annual Report 2022-23 225

Schedules forming part of the Financial Statements
As at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.42 Borrowings

During the previous year ended March 31, 2022, the company has raised ` 1,250,000 through an issue of listed, unsecured,
redeemable, subordinated, non - Convertible debentures through private placements in the nature of subordinated debt
which qualifies as other forms of capital under Insurance Regulatory and Development Authority of India (Other Forms of
Capital) regulations, 2015.

Terms of the borrowings:

Type and Nature of Instrument Unsecured, subordinated, fully paid-up, listed, rated, redeemable, non-convertible debentures in the
nature of subordinated debt.
Face Value ` 1,000,000 per debenture
Issue Size ` 1,250,000 thousand
Allotment Date March 24, 2022
Redemption date March 24, 2032 subject to exercise of any call option
Call option date 1,2,3,4,5 March 24, 2027, March 24, 2028, March 24, 2029, March 24, 2030, March 24, 2031 respectively.
Coupon Rate 8.40% per annum
Credit Rating “(ICRA) AA (Stable)” by ICRA, “CARE AA;Stable by CARE”
Listing Listed on WDM segment of NSE
Interest Payment Frequency Annual

The debenture redemption reserve on above debentures shall be created out of distributable profits available for payment of
dividend as per provisions of Companies (share capital and debentures) rules 2014, as amended.

During the year, the company has made redemption of 8.57% Non Convertible debenture amounting to ` 1,000,000 thousand
through exercise of call option. The debentures were issued during the year ended March 31, 2018. Further, the company has
transferred debenture redemption reserve created for 8.57% Non Convertible debentures amounting to 100,000 thousand
to accumulated Profit & Loss account.

3.43 Initial Public Offer

The Company has filed Draft Red Herring Prospectus (DRHP) on 21st October 2022 with the Securities and Exchange Board
of India (SEBI), The Insurance Regulatory and Development Authority of India (IRDAI), The National Stock Exchange (NSE)
and The Bombay Stock Exchange (BSE) for issue of equity shares of the Company under an IPO by way of an offer of sale
upto 141,299,422 Equity shares by existing shareholders and by way of further issue of shares upto ` 5,000 million by the
company. The Company has since obtained in principle approval from SEBI which would valid for a period of one year from
the date of approval letter. An amount of ` 97,711.60 thousands has been incurred by the Company for IPO issue expenses
till March 31, 2023 which is to be recovered from the shareholders in the agreed ratio out of the sale proceeds.

3.44 Shareholders’ contribution

The contribution of ` 2,749,349 (Previous year ` 4,843,707) made by the shareholders’ to the policyholders’ account is
irreversible in nature, and shall not be recouped to the shareholder’s account at any point of time.

226 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

3.45 Regroupings or reclassification

There is no reprouping or reclassification of previous year number to confirm to current year’s classification.

3.46 Long term contracts

At the year end, the Company has reviewed and ensured that adequate provisions as required under any law/ accounting
standard for material foreseeable losses on such long term contracts have been made in the financial statements.

For insurance contracts, actuarial valuation of liabilities for policies in force is done by the Appointed Actuary of the Company.
The assumptions used in valuation of liabilities for policies in force are in accordance with the guidelines and norms issued
by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI.

As per our report of even date attached For and on behalf of board of directors
IndiaFirst Life Insurance Company Limited
For MEHTA CHOKSHI & SHAH LLP For N S GOKHALE & CO
Chartered Accountants Chartered Accountants
FRN - 106201W/W100598 FRN - 103270W
Abhay R. Mehta Abhay Sidhaye Sanjiv Chadha Joydeep Duttaroy
Partner Partner Chairman Director
Membership No- 046088 Membership No- 033522 DIN: 08368448 DIN: 08055872
K.S. Gopalakrishnan R.M. Vishakha
Director Managing Director
DIN:06567403 & Chief Executive Officer
DIN: 07108012
Kedar Patki Bhavna Verma
Chief Financial Officer Appointed Actuary
Place : Mumbai Aniket Karandikar
Date : 09th May, 2023 Company Secretary

Annual Report 2022-23 227

Revenue Account
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating

Linked Business Non Linked Business

Particulars Individual Individual Group Group Individual Individual Health Annuity Group
Pension Pension Variable Pension

Premium Earned - Net

(A) Premium 14,860,006.73 68,339.44 453,584.50 - 16,574,751.28 11,824.41 - 3,174,095.54 43,484.53

(B) Reinsurance Ceded (16,575.40) - - - (220,135.28) - - - -

(C) Reinsurance Accepted - - - - - - - - -

Sub-Total 14,843,431.33 68,339.44 453,584.50 - 16,354,616.00 11,824.41 - 3,174,095.54 43,484.53

Income From Investments

(A) Interest, Dividends And Rent 1,909,598.57 62,974.40 39,100.98 13.95 1,631,310.98 7,295.73 - 104,824.41 405,917.60
- Gross

(B) Profit On Sale / Redemption Of 6,224,209.30 350,039.60 30,356.13 86.04 93,792.71 - - 2,792.48 43,857.72
Investments

(C) (Loss On Sale/ Redemption Of (2,163,047.50) (49,885.74) (16,438.74) (81.86) (586.21) - - - (11,416.70)
Investments)

(D) Transfer/Gain On Revaluation/ (2,558,889.42) (205,724.47) (10,243.12) 40.67 (40,086.01) - - - -

Change In Fair Value

(E) Amortisation Of Premium / 422,489.90 5,895.29 5,210.70 83.76 122,774.76 1,190.28 - 7,534.12 6,914.34
Discount On Investments

Sub-Total 3,834,360.85 163,299.08 47,985.95 142.56 1,807,206.23 8,486.01 - 115,151.01 445,272.96

Other Income

(A) Miscellaneous Income 36,228.00 - - - 18,411.01 - - 1.76 -

(B) Contribution From - - 43,922.66 367.65 1,327,211.23 15,198.59 - 223,768.01 23,782.45

Shareholder's Account

(C) Contribution From - 1,100.78 - - - - - 64,282.25 -

Shareholder's Account
Towards Excess Eom

Total (A) 18,714,020.18 232,739.30 545,493.11 510.21 19,507,444.47 35,509.01 - 3,577,298.57 512,539.94

Commission 390,179.62 1,215.08 - - 1,356,756.56 8.83 - 223,719.67 -

Operating Expenses Related To 1,337,109.76 2,248.75 51,400.32 396.44 3,036,831.48 544.36 - 178,136.55 31,030.54
Insurance Business

Provisons For Doubtful Debts 182.34 - - - - - - - -

Bad Debts Written Off - - - - - - - - -

Provision For Tax - - - - - - - - -

Provision (Other Than Taxation)

(A) For Diminution In The Value Of (36,000.00) - - - 2,911.22 - - - (1,218.50)

Investment (Net)

(B) Others ( To Be Specified ) - - - - - - - - -

Gst Charge On Linked Charges 413,096.24 5,709.65 1,631.83 5.18 - 22.71 - - -

Total (B) 2,104,567.96 9,173.48 53,032.15 401.62 4,396,499.26 575.9 - 401,856.22 29,812.04

228 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating Participating

Non Linked Business Non Linked Business

Group Group Group Group Individual Individual Group Group Group Group Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

11,198,682.83 6,494.57 2,950.13 - 12,587,955.86 1,607,327.53 1,071.51 9,137.98 117,091.21 28,543.34 60,745,341.39

(754,046.56) - - - (18,180.02) (7.04) - - - - (1,008,944.30)

- - - - - - - - - - -

10,444,636.27 6,494.57 2,950.13 - 12,569,775.84 1,607,320.49 1,071.51 9,137.98 117,091.21 28,543.34 59,736,397.09

965,452.45 - 126,271.48 154,633.01 2,083,429.11 1,046,513.59 269,841.90 720,416.37 410,943.05 7,802.38 9,946,339.96

39,356.11 - 3,775.67 471.30 117,038.84 50,363.93 34,330.51 20,864.96 7,032.18 - 7,018,367.48

- - (6,566.93) - (1,748.90) (5.04) (4,768.75) (45,186.24) (3,820.66) - (2,303,553.27)

- - - - - - - - - - (2,814,902.35)

118,031.81 573.84 (2,710.52) (359.48) 9,393.54 18,201.99 2,217.54 1,694.63 (7,353.60) 1,222.81 713,005.71

1,122,840.37 573.84 120,769.70 154,744.83 2,208,112.59 1,115,074.47 301,621.20 697,789.72 406,800.97 9,025.19 12,559,257.53

- - - - 17,798.92 7,367.96 - - - - 79,807.65

913,322.64 - 6,770.03 4,374.28 - - 13,763.47 47,145.61 53,067.16 5,565.23 2,678,259.01

- 5,706.54 - - - - - - - - 71,089.57

12,480,799.28 12,774.95 130,489.86 159,119.11 14,795,687.35 2,729,762.92 316,456.18 754,073.31 576,959.34 43,133.76 75,124,810.85

255,415.78 250.19 - - 845,501.88 31,286.83 - - - - 3,104,334.44

912,383.76 6,105.81 6,770.02 4,374.28 2,759,162.88 15,451.37 11,888.76 24,944.76 58,792.79 4,960.74 8,442,533.37

158,294.03 - - - 108.03 - - - - - 158,584.40

- - - - - - - - - - -

- - - - - - - - - - -

2,971.35 - - - (2,954.44) 5,543.01 (1,017.38) 1,356.96 (363.46) - (28,771.24)

- - - - - - - - - - -

- - - - - - - - - - 420,465.61

1,329,064.92 6,356.00 6,770.02 4,374.28 3,601,818.35 52,281.21 10,871.38 26,301.72 58,429.33 4,960.74 12,097,146.58

Annual Report 2022-23 229

Revenue Account
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating

Linked Business Non Linked Business

Particulars Individual Individual Group Group Individual Individual Health Annuity Group
Pension Pension Variable Pension

Benefits Paid (Net) 10,986,607.89 173,164.94 67,270.34 - 1,974,066.10 7,950.25 - 33,328.19 6,144,008.41

Interim Bonuses Paid - - - - - - - - -

Change In Valuation Of Liability

Against Life Policies

(A) Gross 9,351.49 379.33 0.20 - 13,136,879.11 26,982.86 - 2,760,546.85 (5,749,970.70)

(B) Fund Reserve 4,431,835.93 21,055.16 425,190.42 108.59 - - - - -

(C) Discontinued Fund Reserve 733,070.11 - - - - - - - -

(D) Amount Ceded In - - - - - - - - -

Reinsurance

(E) Amount Accepted In - - - - - - - - -

Reinsurance

Total (C) 16,160,865.42 194,599.43 492,460.96 108.59 15,110,945.21 34,933.11 - 2,793,875.04 394,037.71

Surplus/ (Deficit ) (D) = 448,586.80 28,966.39 - - - - - 381,567.31 88,690.19

(A) - (B) - ( C )

Appropriations

Transfer To Shareholders Account 448,586.80 28,966.39 - - - - - 381,567.31 88,690.19

Transfer To Balancesheet Being - - - - - - - - -

"Deficit In Revenue Account
(Policyholders'account)"

Transfer To Other Reserves - - - - - - - - -

Funds For Future Appropriation - - - - - - - - -

- Provision For Linked Policies
Unlikely To Be Revived

Balance Being Funds For Future - - - - - - - - -

Appropriations

Total (D) 448,586.80 28,966.39 - - - - - 381,567.31 88,690.19

The Break-Up For The Surplus Is

As Below

(A) Interim Bonuses Paid - - - - - - - - -

(B) Allocation Of Bonus To - - - - - - - - -

Policyholders

(C) Surplus Shown In The 448,586.80 28,966.39 - - - - - 381,567.31 88,690.19

Revenue Account

Total Surplus (A+B+C) 448,586.80 28,966.39 - - - - - 381,567.31 88,690.19

230 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating Participating

Non Linked Business Non Linked Business

Group Group Group Group Individual Individual Group Group Group Group Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

4,231,495.19 1,968.00 776,040.74 40,000.00 2,004,659.92 339,601.03 3,522,097.02 3,654,240.82 3,348,869.30 - 37,305,368.14

- - - - - - - - - - -

4,874,616.56 (514.34) (652,320.90) 114,744.83 8,928,925.54 2,282,945.24 (3,230,062.29) (2,926,469.23) (2,847,013.03) 38,173.02 16,767,194.54

- - - - - - - - - - 4,878,190.10

- - - - - - - - - - 733,070.11

- - - - - - - - - - -

- - - - - - - - - - -

9,106,111.75 1,453.66 123,719.84 154,744.83 10,933,585.46 2,622,546.27 292,034.73 727,771.59 501,856.27 38,173.02 59,683,822.89

2,045,622.61 4,965.29 - - 260,283.54 54,935.44 13,550.07 - 16,673.74 - 3,343,841.38

2,045,622.61 4,965.29 - - 77,988.13 58,904.95 14,415.92 - 16,673.74 - 3,166,381.33

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - 182,295.41 (3,969.51) (865.86) - - - 177,460.05

2,045,622.61 4,965.29 - - 260,283.54 54,935.44 13,550.07 - 16,673.74 - 3,343,841.38

- - - - - - - - - - -

- - - - 701,893.17 530,144.56 238,166.64 660,516.52 353,276.33 8,971.54 2,492,968.76

2,045,622.61 4,965.29 - - 260,283.54 54,935.44 13,550.07 - 16,673.74 - 3,343,841.38

2,045,622.61 4,965.29 - - 962,176.71 585,080.00 251,716.71 660,516.52 369,950.07 8,971.54 5,836,810.14

Annual Report 2022-23 231

Revenue Account
for the year ended 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating
Linked Business Non Linked Business
Individual Individual Group Group Individual Individual Health Annuity Group
Particulars
Pension Pension Variable Pension

Premium Earned - Net

(A) Premium 13,366,405.61 72,310.37 75,699.49 2,499.98 12,254,040.77 13,810.78 71.71 240,861.70 229,973.39
(B) Reinsurance Ceded (18,173.35) - - - (122,820.58) - - - -
(C) Reinsurance Accepted - - - - - - - - -
Sub-Total 13,348,232.26 72,310.37 75,699.49 2,499.98 12,131,220.19 13,810.78 71.71 240,861.70 229,973.39
Income From Investments
(A) Interest, Dividends And Rent 1,909,379.82 65,207.96 31,945.24 4.72 903,870.59 6,411.38 - 9,699.51 1,148,116.58
- Gross
(B) Profit On Sale / Redemption 6,441,462.25 272,170.31 43,554.69 1.16 109,741.36 21.78 - 160.89 456,026.57
Of Investments
(C) (Loss On Sale/ Redemption (807,069.47) (12,594.05) (8,902.41) (16.35) (9,778.11) - - (64.72) (42,584.31)
Of Investments)
(D) Transfer/Gain On 1,362,815.34 17,010.27 (12,025.27) (14.71) - - - - -
Revaluation/Change In Fair
Value
(E) Amortisation Of Premium / (44,837.43) (837.87) 855.44 20.76 58,184.49 57.10 1.23 992.59 (56,222.47)
Discount On Investments
Sub-Total 8,861,750.51 340,956.62 55,427.69 (4.42) 1,062,018.33 6,490.26 1.23 10,788.27 1,505,336.37
Other Income
(A) Miscellaneous Income 38,767.28 - - - 8,442.95 - 12.08 - -
(B) Contribution From 14,459.01 - 10,124.36 310.81 872,277.10 13,040.95 - 38,135.97 12,002.93
Shareholder's Account
(C) Contribution From - 1,597.87 - - - - - - -
Shareholder's Account
Towards Excess Eom
Total (A) 22,263,209.06 414,864.86 141,251.54 2,806.37 14,073,958.57 33,341.99 85.02 289,785.94 1,747,312.69
Commission 335,340.81 1,286.28 - - 1,222,735.37 13.97 - 4,259.96 -
Operating Expenses Related To 998,790.32 2,907.13 16,514.18 321.71 2,655,556.03 710.98 6.53 7,851.98 31,747.65
Insurance Business
Provisons For Doubtful Debts - - - - - - - - -
Bad Debts Written Off - - - - - - - - -
Provision For Tax
a) Fringe Benefit Tax - - - - - - - - -
b) Wealth Tax - - - - - - - - -
Provision (Other Than Taxation)
(A) For Diminution In The Value (27,000.00) - - - 2,257.05 - - - 2,925.33
Of Investment (Net)
(B) Others ( To Be Specified ) - - - - - - - - -
Service tax charge on linked 366,994.65 5,683.41 1,379.36 1.96 - 34.83 - - -
charges

Total (B) 1,674,125.78 9,876.82 17,893.54 323.67 3,880,548.45 759.78 6.53 12,111.94 34,672.98

232 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating Participating
Non Linked Business Non Linked Business
Group Group Group Group Individual Individual Group Group Group Group
Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

8,764,292.23 9,199.20 24,828.64 154,850.00 10,309,979.83 2,232,199.85 920,082.78 2,756,504.14 390,700.38 47,333.26 51,865,644.11
(1,850,137.99) - - - (22,537.26) 77.77 - - - - (2,013,591.41)
- - - - - - - - - - -
6,914,154.24 9,199.20 24,828.64 154,850.00 10,287,442.57 2,232,277.62 920,082.78 2,756,504.14 390,700.38 47,333.26 49,852,052.70

570,786.48 - 140,595.06 144,619.58 1,478,860.68 850,089.21 541,329.31 885,381.18 549,889.14 4,730.13 9,240,916.57

58,392.96 - 358.00 998.72 199,321.94 99,529.95 41,367.96 27,511.36 23,422.71 29.29 7,774,071.90

(5,503.03) - - - (16,099.82) (9,412.92) (24,717.77) (31,694.35) (26,128.53) - (994,565.84)

- - - - - - - - - - 1,367,785.63

9,515.51 166.94 (4,566.33) (4,590.57) (9,872.03) 12,293.00 (22,355.75) (21,964.04) (14,787.30) 1,179.74 (96,766.99)

633,191.92 166.94 136,386.73 141,027.73 1,652,210.77 952,499.24 535,623.75 859,234.15 532,396.02 5,939.16 17,291,441.27

- - - - 11,868.02 6,798.04 - - - - 65,888.37

3,778,750.44 1,527.51 5,895.77 4,802.48 - - 0.00 49,120.73 34,108.08 4,440.14 4,838,996.27

- 3,113.28 - - - - - - - - 4,711.15

11,326,096.60 14,006.93 167,111.14 300,680.21 11,951,521.36 3,191,574.90 1,455,706.53 3,664,859.02 957,204.48 57,712.56 72,053,089.76
157,742.19 243.75 - - 770,728.58 44,775.34 - - - - 2,537,126.25
853,578.80 3,799.85 5,895.78 4,802.48 2,320,331.87 17,897.27 22,677.30 50,288.26 46,419.33 2,681.10 7,042,778.55

- - - - - - - - - - -
- - - - - - - - - - -

- - - - - - - - - - -
- - - - - - - - - - -

92.32 - - - 8,664.87 150.53 1,017.38 445.19 360.89 - (11,086.44)

- - - - - - - - - -
- - - - - - - - - - 374,094.21

1,011,413.31 4,043.60 5,895.78 4,802.48 3,099,725.32 62,823.14 23,694.68 50,733.45 46,780.22 2,681.10 9,942,912.57

Annual Report 2022-23 233

Revenue Account
for the year ended 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating
Linked Business Non Linked Business
Individual Individual Group Group Individual Individual Health Annuity Group
Particulars
Pension Pension Variable Pension

Benefits Paid (Net) 7,526,353.70 221,602.15 240,127.05 - 1,545,550.04 13,598.84 - 8,791.17 14,596,257.92
Interim Bonuses Paid - - - - - - - - -
Change In Valuation Of Liability
Against Life Policies
(A) Gross (205,307.79) (9,145.22) 0.70 0.05 8,306,615.62 18,983.37 (64.31) 268,882.83 (13,348,419.00)
(B) Fund Reserve 11,666,803.16 154,290.58 (116,769.75) 2,482.65 - - - - -
(C) Discontinued Fund Reserve 1,012,986.40 - - - - - - - -
(D) Amount Ceded In - - - - - - - - -
Reinsurance
(E) Amount Accepted In - - - - - - - - -
Reinsurance
Total (C) 20,000,835.47 366,747.51 123,358.00 2,482.70 9,852,165.66 32,582.21 (64.31) 277,674.00 1,247,838.92
Surplus/ (Deficit ) (D) = 588,247.81 38,240.53 - - 341,244.46 - 142.80 - 464,800.79
(A) - (B) - ( C )
Appropriations
Transfer To Shareholders 588,247.81 38,240.53 - - 341,244.46 - 142.80 - 464,800.79
Account
Transfer To Balancesheet Being - - - - - - - - -
"Deficit In Revenue Account
(Policyholders'account)"
Transfer To Other Reserves - - - - - - - - -
Funds For Future Appropriation - - - - - - - - -
- Provision For Linked Policies
Unlikely To Be Revived
Balance Being Funds For Future - - - - - - - - -
Appropriations
Total (D) 588,247.81 38,240.53 - - 341,244.46 - 142.80 - 464,800.79
The Break-Up For The Surplus
Is As Below
(A) Interim Bonuses Paid - - - - - - - - -
(B) Allocation Of Bonus To - - - - - - - - -
Policyholders
(C) Surplus Shown In The 588,247.81 38,240.53 - - 341,244.46 - 142.80 - 464,800.79
Revenue Account
Total Surplus (A+B+C) 588,247.81 38,240.53 - - 341,244.46 - 142.80 - 464,800.79

234 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating Participating
Non Linked Business Non Linked Business
Group Group Group Group Individual Individual Group Group Group Group
Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable
6,109,944.37 2,755.50 36,710.65 - 942,371.16 298,325.35 2,841,309.22 3,427,988.42 2,275,442.45 526.56 40,087,654.55
- - - - - - - - - - -

4,204,738.92 1,733.79 124,504.71 295,877.73 6,636,339.89 2,367,846.53 (1,451,648.02) 186,137.15 (1,365,018.19) 54,504.90 6,086,563.66
- - - - - - - - - - 11,706,806.64
- - - - - - - - - - 1,012,986.40
- - - - - - - - - - -

- - - - - - - - - - -

10,314,683.29 4,489.29 161,215.36 295,877.73 7,578,711.05 2,666,171.88 1,389,661.20 3,614,125.57 910,424.26 55,031.46 58,894,011.25
- 5,474.04 - - 1,273,084.99 462,579.88 42,350.65 - - - 3,216,165.94

- 5,474.04 - - 76,410.83 52,390.23 41,484.78 - - - 1,608,436.27

- - - - - - - - - - -

- - - - - - - - - - -
- - - - - - - - - - -

- - - - 1,196,674.16 410,189.65 865.87 - - - 1,607,729.67

- 5,474.04 - - 1,273,084.99 462,579.88 42,350.65 - - - 3,216,165.94

- - - - - - - - - - -
- - - - 687,697.50 471,512.05 462,802.36 786,551.14 479,943.26 7,152.07 2,895,658.38

- 5,474.04 - - 1,273,084.99 462,579.88 42,350.65 - - - 3,216,165.94

- 5,474.04 - - 1,960,782.49 934,091.93 505,153.01 786,551.14 479,943.26 7,152.07 6,111,824.32

Annual Report 2022-23 235

Balance Sheet for Segments
as at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating
Linked Business Non Linked Business
Individual Individual Group Group Individual Individual Health Annuity Group Group
Particulars
Pension Pension Variable Pension

Sources of Fund
Shareholders Fund - - - - - - - - - -
Share Capital - - - - - - - - - -
Reserves and - - - - - - - - - -
Surplus
Credit/(Debit)/ - - - - - - - - - -
fair value change
account
SUB TOTAL - - - - - - - - - -
Borrowings - - - - - - - - - -
Policyholder's
Funds:
Credit/(Debit)/ - - - - (6,706.17) - - - 1,706.83 (5,802.29)
fair value change
account
Policy Liabilities 145,514.41 647.35 3.89 0.06 32,201,331.37 144,746.28 - 3,116,141.80 3,199,380.84 16,581,213.52
Insurance Reserves - - - - - - - - - -
Provision For Linked 68,676,491.02 2,428,652.73 1,088,163.94 2,591.24 - - - - - -
Liabilities
Fund for 5,192,164.15 - - - - - - - - -
Discontinued
Policies
Credit/(Debit)/ - - - - - - - -
fair value change
account
SUB TOTAL 74,014,169.58 2,429,300.08 1,088,167.83 2,591.30 32,194,625.20 144,746.28 - 3,116,141.80 3,201,087.67 16,575,411.23
Funds for Future - - - - - - - - - -
Appropriation -
Provision for Linked
Policies unlikely to
be revived
Funds for Future - - - - - - - - - -
Appropriation
TOTAL 74,014,169.58 2,429,300.08 1,088,167.83 2,591.30 32,194,625.20 144,746.28 - 3,116,141.80 3,201,087.67 16,575,411.23
Application of
Funds
Investments
Shareholders - - - - - - - - - -
Policyholders 1,290,798.46 - - - 31,929,752.86 141,292.86 - 3,077,255.18 3,110,794.26 17,547,405.58
Asset Helds to Cover 73,868,655.17 2,428,652.73 1,088,163.94 2,591.24 - - - - - -
Linked Liabilities
Loans - - - - - - - - - -
Fixed Assets - - - - - - - - - -
SUB TOTAL(A) 75,159,453.63 2,428,652.73 1,088,163.94 2,591.24 31,929,752.86 141,292.86 - 3,077,255.18 3,110,794.26 17,547,405.58

236 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating Participating

Non Linked Business Non Linked Business
Group Group Group Individual Individual Group Group Group Non Group
Shareholders Total
Health Variable Pension Pension Pension Pension Pension Non
Funds
Variable Variable Variable Pension
Non
Variable

- - - - - - - - - 7,543,706.30 7,543,706.30
- - - - - - - - - - -
- - - - - - - - - 6,790,909.10 6,790,909.10

- - - - - - - - - (0.48) (0.48)

- - - - - - - - - 4,334,614.92 14,334,614.92
- - - - - - - - - 1,250,000.00 1,250,000.00

- - - 5,495.82 (2,877.46) 653.53 1,802.15 (2.57) - - (5,730.16)

1,585.01 1,258,902.79 2,195,408.13 34,532,443.63 15,220,854.10 2,993,674.44 9,125,638.44 4,125,174.97 167,670.54 - 125,010,331.57
- - - - - - - - - - -
- - - - - - - - - - 72,195,898.93

- - - - - - - - - - 5,192,164.15

- - - - - - - -

1,585.01 258,902.79 2,195,408.13 34,537,939.45 15,217,976.64 2,994,327.97 9,127,440.59 4,125,172.40 167,670.54 1,250,000.00 203,642,664.49
- - - - - - - - - - -

- - - 1,529,975.28 1,389,920.08 - - - - - 2,919,895.36

1,585.01 1,258,902.79 2,195,408.13 36,067,914.73 16,607,896.72 2,994,327.97 9,127,440.59 4,125,172.40 167,670.54 5,584,614.92 220,897,174.77

- - - - - - - - - 8,242,988.31 8,242,988.31
13,238.12 1,276,720.03 2,152,436.97 35,701,814.14 16,308,531.10 2,942,875.47 8,790,878.13 4,075,487.54 164,075.79 - 128,523,356.49
- - - - - - - - - - 77,388,063.08

- - - - - - - - - 337,038.53 337,038.53
- - - - - - - - - 188,217.95 188,217.95
13,238.12 1,276,720.03 2,152,436.97 35,701,814.14 16,308,531.10 2,942,875.47 8,790,878.13 4,075,487.54 164,075.79 8,768,244.79 214,679,664.36

Annual Report 2022-23 237

Balance Sheet for Segments
as at 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating
Linked Business Non Linked Business
Individual Individual Group Group Individual Individual Health Annuity Group Group
Particulars
Pension Pension Variable Pension

Current Assets
Cash and Bank 350.52 - - - 11,703.57 7.39 0.01 68.17 93.07 229.39
Balances
Advances and Other 624,611.36 39,257.33 4,869.89 17.25 1,784,179.93 5,038.51 - 79,389.61 301,806.16 497,794.00
Assets
SUB TOTAL(B) 624,961.88 39,257.33 4,869.89 17.25 1,795,883.50 5,045.90 0.01 79,457.78 301,899.23 498,023.39
Current Liabilities 1,770,245.93 38,609.98 4,866.00 17.19 1,531,011.16 1,592.48 0.01 40,571.16 211,605.82 1,470,017.74
Provisions - - - - - - - - - -
SUB TOTAL (C) 1,770,245.93 38,609.98 4,866.00 17.19 1,531,011.16 1,592.48 0.01 40,571.16 211,605.82 1,470,017.74
NET CURRENT (1,145,284.05) 647.35 3.89 0.06 264,872.34 3,453.42 - 38,886.62 90,293.41 (971,994.35)
ASSET (D) = (B-C)
Miscellaneous - - - - - - - - - -
Expenditure (To the
extent not written off
or Adjusted )
Debit Balance - - - - - - - - - -
in Profit and
Loss Account
(Shareholders
Account )
Sub Total (E)
Deficit in the - - - - - - - - - -
Revenue Account
(Policyholders'
Account)
Sub Total (F)
TOTAL 74,014,169.58 2,429,300.08 1,088,167.83 2,591.30 32,194,625.20 144,746.28 - 3,116,141.80 3,201,087.67 16,575,411.23
(F)=(A+D+E+F)

238 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating Participating

Non Linked Business Non Linked Business
Group Group Group Individual Individual Group Group Group Non Group
Shareholders Total
Health Variable Pension Pension Pension Pension Pension Non
Funds
Variable Variable Variable Pension
Non
Variable

8.77 12.45 12.99 429.65 156.28 167.74 127.01 61.43 14.71 2,779,130.90 2,792,574.05

203.54 43,879.92 42,960.46 1,154,327.33 378,550.15 228,480.20 349,272.53 658,743.32 8,739.07 1,313,682.45 7,515,803.01

212.31 43,892.37 42,973.45 1,154,756.98 378,706.43 228,647.94 349,399.54 658,804.75 8,753.78 4,092,813.35 10,308,377.06
11,865.42 61,709.61 2.29 788,656.39 79,340.81 177,195.44 12,837.08 609,119.89 5,159.03 904,724.36 7,719,147.79
- - - - - - - - - 16,395.64 16,395.64
11,865.42 61,709.61 2.29 788,656.39 79,340.81 177,195.44 12,837.08 609,119.89 5,159.03 921,120.00 7,735,543.43
(11,653.11) (17,817.24) 42,971.16 366,100.59 299,365.62 51,452.50 336,562.46 49,684.86 3,594.75 3,171,693.35 2,572,833.63

- - - - - - - - - - -

- - - - - - - - - 3,644,676.78 3,644,676.78

- - - - - - - - - - -

1,585.01 1,258,902.79 2,195,408.13 36,067,914.73 16,607,896.72 2,994,327.97 9,127,440.59 4,125,172.40 167,670.54 15,584,614.92 220,897,174.77

Annual Report 2022-23 239

Balance Sheet for Segments
as at 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating
Linked Business Non Linked Business
Individual Individual Group Group Individual Individual Health Annuity Group Group
Particulars
Pension Pension Variable Pension

Sources of Fund
Shareholders Fund
Share Capital - - - - - - - - - -
Reserves and - - - - - - - - - -
Surplus
Credit/(Debit)/ - - - - - - - - - -
fair value change
account
SUB TOTAL - - - - - - - - -
Borrowings - - - - - - - - - -
Policyholder's
Funds:
Credit/(Debit)/ - - - - 17,529.95 - - - 4,550.89 (4,536.41)
fair value change
account
Policy Liabilities 136,160.92 269.95 3.76 0.05 19,064,452.27 117,763.42 - 355,594.94 8,949,351.54 11,706,596.96
Insurance Reserves - - - - - - - - - -
Provision For Linked 64,244,657.11 2,407,595.63 662,973.45 2,482.65 - - - - - -
Liabilities
Fund for 4,459,094.04 - - - - - - - - -
Discontinued
Policies
Credit/(Debit)/ - - - - - - - -
fair value change
account
SUB TOTAL 68,839,912.07 2,407,865.58 662,977.21 2,482.70 19,081,982.22 117,763.42 - 355,594.94 8,953,902.43 11,702,060.55
Funds for Future - - - - - - - - - -
Appropriation -
Provision for Linked
Policies unlikely to
be revived
Funds for Future - - - - - - - - - -
Appropriation
TOTAL 68,839,912.07 2,407,865.58 662,977.21 2,482.70 19,081,982.22 117,763.42 - 355,594.94 8,953,902.43 11,702,060.55
Application of
Funds
Investments
Shareholders - - - - - - - - - -
Policyholders 985,084.14 - - - 19,248,626.52 111,976.71 - 323,845.24 8,775,138.50 10,560,655.92
Asset Helds to Cover 68,703,751.15 2,407,595.63 662,973.45 2,482.65 - - - - - -
Linked Liabilities
Loans - - - - - - - - - -
Fixed Assets - - - - - - - - - -
SUB TOTAL(A) 69,688,835.29 2,407,595.63 662,973.45 2,482.65 19,248,626.52 111,976.71 - 323,845.24 8,775,138.50 10,560,655.92

240 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating Participating

Non Linked Business Non Linked Business
Group Group Group Individual Individual Group Group Group Non Group
Shareholders Total
Health Variable Pension Pension Pension Pension Pension Non
Funds
Variable Variable Variable Pension
Non
Variable

- - - - - - - - - 6,634,615.39 6,634,615.39
- - - - - - - - - 2,800,000.00 2,800,000.00

- - - - - - - - - 5,206.31 5,206.31

- - - - - - - - 9,439,821.70 9,439,821.70
- - - - - - - - 2,250,000.00 2,250,000.00

- - - 35,839.95 (6,171.22) 6,043.95 4,911.00 4,544.39 - - 62,712.48

2,099.35 1,911,223.69 2,080,663.31 25,603,518.09 12,937,908.86 6,223,736.73 12,052,107.67 6,972,187.99 129,497.51 - 108,243,137.01
- - - - - - - - - - -
- - - - - - - - - - 67,317,708.84

- - - - - - - - - - 4,459,094.04

- - - - - - - -

2,099.35 1,911,223.69 2,080,663.31 25,639,358.04 12,931,737.64 6,229,780.68 12,057,018.67 6,976,732.38 129,497.51 2,250,000.00 182,332,652.37
- - - - - - - - - - -

- - - 1,347,679.87 1,393,889.59 865.86 - - - - 2,742,435.32

2,099.35 1,911,223.69 2,080,663.31 26,987,037.91 14,325,627.23 6,230,646.54 12,057,018.67 6,976,732.38 129,497.51 11,689,821.70 194,514,909.39

- - - - - - - - - 5,756,900.03 5,756,900.03
8,265.52 1,879,423.97 2,038,604.53 26,647,674.84 14,155,684.78 6,176,669.68 11,763,864.18 6,829,794.42 124,565.11 - 109,629,874.06
- - - - - - - - - - 71,776,802.88

- - - - - - - - - 232,203.22 232,203.22
- - - - - - - - - 191,635.43 191,635.43
8,265.52 1,879,423.97 2,038,604.53 26,647,674.84 14,155,684.78 6,176,669.68 11,763,864.18 6,829,794.42 124,565.11 6,180,738.68 187,587,415.62

Annual Report 2022-23 241

Balance Sheet for Segments
as at 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating
Linked Business Non Linked Business
Individual Individual Group Group Individual Individual Health Annuity Group Group
Particulars
Pension Pension Variable Pension

Current Assets
Cash and Bank 428.31 - - - 1,643.68 7.75 0.01 31.77 94.41 1,020.65
Balances
Advances and Other - 8,293.21 117.73 0.05 1,036,914.04 11,687.87 - 32,116.21 327,881.67 1,344,171.43
Assets
SUB TOTAL(B) 428.31 8,293.21 117.73 0.05 1,038,557.72 11,695.62 0.01 32,147.98 327,976.08 1,345,192.08
Current Liabilities 849,351.53 8,023.26 113.97 - 1,205,202.02 5,908.91 0.01 398.28 149,212.15 203,787.45
Provisions - - - - - - - - - -
SUB TOTAL (C) 849,351.53 8,023.26 113.97 - 1,205,202.02 5,908.91 0.01 398.28 149,212.15 203,787.45
NET CURRENT (848,923.22) 269.95 3.76 0.05 (166,644.30) 5,786.71 - 31,749.70 178,763.93 1,141,404.63
ASSET (D) = (B-C)
Miscellaneous - - - - - - - - - -
Expenditure (To the
extent not written off
or Adjusted )
Debit Balance - - - - - - - - - -
in Profit and
Loss Account
(Shareholders
Account )
Sub Total (E)
Deficit in the - - - - - - - - - -
Revenue Account
(Policyholders'
Account)
Sub Total (F)
TOTAL 68,839,912.07 2,407,865.58 662,977.21 2,482.70 19,081,982.22 117,763.42 - 355,594.94 8,953,902.43 11,702,060.55
(F)=(A+D+E+F)

242 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Non Participating Participating

Non Linked Business Non Linked Business
Group Group Group Individual Individual Group Group Group Non Group
Shareholders Total
Health Variable Pension Pension Pension Pension Pension Non
Funds
Variable Variable Variable Pension
Non
Variable

4.27 43.79 43.94 916.07 498.18 334.64 450.68 220.59 17.37 2,553,945.19 2,559,701.30

119.28 40,528.01 42,019.74 917,298.47 334,979.58 177,560.33 302,496.34 189,418.64 5,024.60 2,736,098.53 7,506,725.73

123.55 40,571.80 42,063.68 918,214.54 335,477.76 177,894.97 302,947.02 189,639.23 5,041.97 5,290,043.72 10,066,427.03
6,289.72 8,772.08 4.90 578,851.47 165,535.31 123,918.11 9,792.53 42,701.27 109.57 4,266,075.16 7,624,047.72
- - - - - - - - - 22,013.88 22,013.88
6,289.72 8,772.08 4.90 578,851.47 165,535.31 123,918.11 9,792.53 42,701.27 109.57 4,288,089.04 7,646,061.60
(6,166.17) 31,799.72 42,058.78 339,363.07 169,942.45 53,976.86 293,154.49 146,937.96 4,932.40 1,001,954.68 2,420,365.43

- - - - - - - - - - -

- - - - - - - - - 4,507,128.34 4,507,128.34

- - - - - - - - - - -

2,099.35 1,911,223.69 2,080,663.31 26,987,037.91 14,325,627.23 6,230,646.54 12,057,018.67 6,976,732.38 129,497.51 11,689,821.70 194,514,909.39

Annual Report 2022-23 243

Premium for Segments
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 1 - PREMIUM

For The Year Ended 31 March 2023

Non Participating

Linked Business Non Linked Business

Particulars Individual Individual Group Group Individual Individual Health Annuity Group
Pension Pension Variable Pension

First Year Premiums 4,249,114.91 - - - 6,142,904.86 177.20 - 2,980,719.93 -

Renewal Premiums 10,113,514.72 68,339.44 - - 10,420,802.56 11,647.21 - - -

Single Premiums 497,377.10 - 453,584.50 - 11,043.86 - - 193,375.61 43,484.53

Total Gross Premiums 14,860,006.73 68,339.44 453,584.50 - 16,574,751.28 11,824.41 - 3,174,095.54 43,484.53

244 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating Participating

Non Linked Business Non Linked Business

Group Group Group Group Individual Individual Group Group Group Group Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

3,833.34 - - - 3,665,119.26 (14,899.77) - - - - 17,026,969.73

865.38 - - - 8,922,836.60 1,620,556.16 - - - - 31,158,562.07

11,193,984.11 6,494.57 2,950.13 - - 1,671.14 1,071.51 9,137.98 117,091.21 28,543.34 12,559,809.59

11,198,682.83 6,494.57 2,950.13 - 12,587,955.86 1,607,327.53 1,071.51 9,137.98 117,091.21 28,543.34 60,745,341.39

Annual Report 2022-23 245

Premium for Segments
for the year ended 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 1 - PREMIUM

For The Year Ended 31 March 2022

Non Participating

Linked Business Non Linked Business

Particulars Individual Individual Group Group Individual Individual Health Annuity Group
Pension Pension Variable Pension

First Year Premiums 3,760,553.39 - - - 6,639,650.56 280.51 13.70 - -

Renewal Premiums 8,936,605.24 72,310.37 - - 5,605,408.45 13,530.27 58.01 - -

Single Premiums 669,246.98 - 75,699.49 2,499.98 8,981.76 - - 240,861.70 229,973.39

Total Gross Premiums 13,366,405.61 72,310.37 75,699.49 2,499.98 12,254,040.77 13,810.78 71.71 240,861.70 229,973.39

246 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating Participating

Non Linked Business Non Linked Business

Group Group Group Group Individual Individual Group Group Group Group Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

4,861.48 - - - 2,967,591.75 (10,417.89) - - - - 13,362,533.50

1,077.81 - - - 7,342,388.08 2,232,136.81 - - - - 24,203,515.04

8,758,352.94 9,199.20 24,828.64 154,850.00 - 10,480.93 920,082.78 2,756,504.14 390,700.38 47,333.26 14,299,595.57

8,764,292.23 9,199.20 24,828.64 154,850.00 10,309,979.83 2,232,199.85 920,082.78 2,756,504.14 390,700.38 47,333.26 51,865,644.11

Annual Report 2022-23 247

Commission Expenses for Segments
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 2 - COMMISSION EXPENSES

For The Year Ended 31 March 2023

Non Participating

Linked Business Non Linked Business

Particulars Individual Individual Group Group Individual Individual Health Annuity Group
Pension Pension Variable Pension

Direct - First Year Premiums 224,596.85 - - - 1,010,031.59 8.83 - 220,222.99 -

- Renewal Premiums 156,215.07 1,215.08 - - 346,568.61 - - - -

- Single Premiums 9,367.70 - - - 156.36 - - 3,496.68 -

Sub-total 390,179.62 1,215.08 - - 1,356,756.56 8.83 - 223,719.67 -

Add: Commission on - - - - - - - - -
Resinsurance Accepted

Less: Commission on - - - - - - - - -
Re-insurance Ceded

Net Commission 390,179.62 1,215.08 - - 1,356,756.56 8.83 - 223,719.67 -

Rewards and Remuneration - - - - - - - - -

to Agents, brokers and other
intermediateries

Total Commission 390,179.62 1,215.08 - - 1,356,756.56 8.83 - 223,719.67 -

248 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating Participating

Non Linked Business Non Linked Business

Group Group Group Group Individual Individual Group Group Group Group Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

252.71 - - - 710,709.35 (1,107.06) - - - - 2,164,715.26

46.77 - - - 134,792.53 32,360.47 - - - - 671,198.53

255,116.30 250.19 - - - 33.42 - - - - 268,420.65

255,415.78 250.19 - - 845,501.88 31,286.83 - - - - 3,104,334.44

- - - - - - - - - - -

- - - - - - - - - - -

255,415.78 250.19 - - 845,501.88 31,286.83 - - - - 3,104,334.44

- - - - - - - - - - -

255,415.78 250.19 - - 845,501.88 31,286.83 - - - - 3,104,334.44

Annual Report 2022-23 249

Commission Expenses for Segments
for the year ended 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 2 - COMMISSION EXPENSES

For The Year Ended 31 March 2022

Non Participating

Linked Business Non Linked Business

Particulars Individual Individual Group Group Individual Individual Health Annuity Group
Pension Pension Variable Pension

Direct - First Year Premiums 187,462.52 0.19 - - 1,035,725.82 13.97 - - -

- Renewal Premiums 135,044.21 1,286.09 - - 186,811.85 - - - -

- Single Premiums 12,834.08 - - - 197.70 - - 4,259.96 -

Sub-total 335,340.81 1,286.28 - - 1,222,735.37 13.97 - 4,259.96 -

Add: Commission on - - - - - - - - -
Resinsurance Accepted

Less: Commission on - - - - - - - - -
Re-insurance Ceded

Net Commission 335,340.81 1,286.28 - - 1,222,735.37 13.97 - 4,259.96 -

Rewards and Remuneration - - - - - - - - -

to Agents, brokers and other
intermediateries

Total Commission 335,340.81 1,286.28 - - 1,222,735.37 13.97 - 4,259.96 -

250 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating Participating

Non Linked Business Non Linked Business

Group Group Group Group Individual Individual Group Group Group Group Total
Health Variable Pension Pension Pension Pension Non Non
Variable Variable Pension Pension
Variable Non
Variable

309.43 - - - 649,987.55 (807.84) - - - - 1,872,691.64

75.86 - - - 120,741.03 45,373.56 - - - - 489,332.60

157,356.90 243.75 - - - 209.62 - - - - 175,102.01

157,742.19 243.75 - - 770,728.58 44,775.34 - - - - 2,537,126.25

- - - - - - - - - - -

- - - - - - - - - - -

157,742.19 243.75 - - 770,728.58 44,775.34 - - - - 2,537,126.25

- - - - - - - - - - -

157,742.19 243.75 - - 770,728.58 44,775.34 - - - - 2,537,126.25

Annual Report 2022-23 251

Operating Expenses for Segments
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 3 - OPERATING EXPENSES RELATED TO INSURANCE COMPANIES

For The Year Ended 31 March 2023

Non Participating
Linked Business Non Linked Business
Sr. Individual Individual Group Group Individual Individual Health Annuity Group
No. Particulars Pension Pension Variable Pension

1 Employee's remuneration & 598,661.06 1,023.22 32,074.24 175.21 1,342,941.78 225.89 - 76,206.21 15,473.22
welfare benefits
2 Travel,conveyance and vehicle 34,584.61 14.55 1,266.36 1.30 82,917.81 5.71 - 3,813.25 166.25
running expenses
3 Training Expenses 22,741.53 89.11 382.51 3.12 76,075.11 12.09 - 4,267.35 769.71
4 Rents, Rates & Taxes 48,709.78 143.70 3,343.21 29.74 131,066.45 37.79 - 9,220.73 2,222.83
5 Repairs 6,566.99 10.83 133.96 1.92 13,790.64 2.63 - 1,189.04 123.78
6 Printing and Stationery 5,691.64 5.17 352.06 3.22 12,160.87 1.02 - 1,687.11 213.82
7 Communication expenses 14,203.89 28.34 424.29 5.46 31,924.82 4.90 - 2,989.24 357.13
8 Legal & professional charges 18,526.09 33.56 838.03 8.80 37,739.84 8.99 - 2,568.88 577.56
9 Medical Fees 5,769.78 1.25 - - 52,415.75 - - 11.22 -
10 Auditor's Fees,expenses,etc.
(a) (i) as auditor 597.78 4.67 47.45 0.75 1,150.66 0.50 - 119.06 48.20
(b) as adviser or in any other
capacity,in respect of
(i) Taxation Services / Matters - - - - - - - - -
(ii) Insurance Matters - - - - - - - - -
(iii) Management Services; - - - - - - - - -
and
(c) in any other capacity 76.18 0.60 6.05 0.10 146.65 0.06 - 15.17 6.14
11 Advertisement and Publicity 418,014.17 103.62 1,354.56 0.02 916,665.31 146.22 - 41,199.30 70.12
12 Interest & Bank Charges 4,847.18 23.98 101.23 0.20 10,627.73 1.25 - 481.49 290.07
13 Others
1. Administrative Support 6,287.40 13.29 148.88 2.22 13,132.37 2.57 - 1,253.25 142.61
Expenses
2. Information technology 91,328.73 538.14 7,958.13 125.88 181,155.62 59.58 - 20,453.93 8,067.55
expenses (including
maintenance )
3. Outsourcing expenses 28,019.94 92.39 1,509.63 16.90 48,006.63 19.49 - 4,514.23 1,112.38
4. Policy Stamps 7,011.40 2.50 - - 33,446.69 0.38 - 3,003.29 -
14 Depreciation 25,471.61 119.83 1,459.73 21.60 51,466.75 15.29 - 5,143.80 1,389.17
TOTAL 1,337,109.76 2,248.75 51,400.32 396.44 3,036,831.48 544.36 - 178,136.55 31,030.54

252 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating Participating
Non Linked Business Non Linked Business
Group Group Group Group Individual Individual Group Group Group Group
Health Variable Pension Pension Pension Pension Non Non Total
Variable Variable Pension Pension
Variable Non
Variable
359,574.96 2,526.29 3,603.20 2,885.28 1,209,231.98 7,335.26 6,559.97 15,073.77 30,372.32 2,819.11 3,706,762.97

17,545.13 19.38 32.95 20.51 80,047.62 200.77 49.96 128.99 536.01 85.61 221,436.77

10,411.46 39.78 278.47 424.33 155,156.46 590.42 619.15 1,776.97 1,091.59 53.13 274,782.29
38,867.20 424.70 470.62 269.39 137,965.96 836.81 811.50 1,622.75 4,159.70 337.48 380,540.34
4,395.93 28.76 23.17 5.77 10,528.52 64.82 36.58 56.05 225.11 16.19 37,200.69
6,140.31 45.43 39.64 9.67 6,132.42 25.56 61.58 96.45 415.75 35.16 33,116.88
10,951.84 77.88 67.64 19.22 23,952.28 158.71 107.70 171.42 656.48 48.83 86,150.07
13,520.66 356.49 107.43 26.40 31,988.02 208.67 167.84 260.87 1,097.82 88.24 108,124.19
10,907.74 21.53 - - 2,239.04 - - - - - 71,366.31

442.21 10.55 9.04 2.26 668.96 22.82 14.31 21.84 86.61 6.03 3,253.70

- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -

56.36 1.35 1.15 0.29 85.25 2.91 1.82 2.78 11.04 0.77 414.67
200,663.03 189.57 9.02 0.06 910,715.89 2,027.61 3.55 27.80 412.31 85.32 2,491,687.48
1,569.38 0.62 119.67 202.52 9,275.66 177.90 276.22 826.41 378.99 15.19 29,215.69

4,374.28 32.46 26.71 6.66 9,315.72 73.69 42.22 64.59 258.14 18.33 35,195.39

73,982.16 1,764.75 1,514.95 384.93 102,182.01 2,635.80 2,401.61 3,680.64 14,496.43 1,009.07 513,739.91

18,311.50 236.99 205.72 50.71 28,052.60 474.05 322.19 499.11 2,078.52 163.21 133,686.19
121,371.97 23.77 - - 7,754.54 11.31 - - - - 172,625.85
19,297.64 305.51 260.64 66.28 33,869.95 604.26 412.56 634.32 2,515.97 179.07 143,233.98
912,383.76 6,105.81 6,770.02 4,374.28 2,759,162.88 15,451.37 11,888.76 24,944.76 58,792.79 4,960.74 8,442,533.37

Annual Report 2022-23 253

Operating Expenses for Segments
for the year ended 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 3 - OPERATING EXPENSES RELATED TO INSURANCE COMPANIES

For The Year Ended 31 March 2022

Non Participating
Linked Business Non Linked Business
Sr. Individual Individual Group Group Individual Individual Health Annuity Group
No. Particulars Pension Pension Variable Pension

1 Employee's remuneration & 521,617.45 1,231.59 7,254.25 140.21 1,288,810.77 282.62 2.92 4,445.25 17,026.16
welfare benefits
2 Travel,conveyance and vehicle 24,723.04 7.64 23.21 0.64 64,086.79 5.17 0.01 245.75 68.63
running expenses
3 Training Expenses 11,690.44 101.93 234.47 3.43 37,451.19 8.62 0.06 57.80 1,553.68
4 Rents, Rates & Taxes 37,609.28 173.76 1,176.97 22.90 96,286.05 36.16 0.43 219.12 2,077.68
5 Repairs 5,664.96 16.01 86.10 1.71 13,805.65 3.10 0.07 34.86 113.86
6 Printing and Stationery 3,213.86 8.80 72.31 1.44 7,914.59 1.21 0.05 15.79 97.12
7 Communication expenses 14,729.35 39.11 195.08 3.86 36,345.32 6.76 0.15 101.06 267.07
8 Legal & professional charges 10,121.80 39.81 209.61 4.21 23,293.38 7.11 0.09 62.79 284.43
9 Medical Fees 5,053.22 - - - 38,706.06 - - - -
10 Auditor's Fees,expenses,etc.
(a) (i) as auditor 621.31 7.45 34.76 0.68 1,251.66 0.68 0.01 1.81 44.98
(b) as adviser or in any other
capacity,in respect of
(i) Taxation Services / Matters - - - - - - - - -
(ii) Insurance Matters - - - - - - - - -
(iii) Management Services; - - - - - - - - -
and
(c) in any other capacity 145.97 1.75 8.17 0.16 294.07 0.16 - 0.43 10.57
11 Advertisement and Publicity 196,889.56 71.68 116.42 3.70 667,211.83 225.06 0.95 1,608.34 339.44
12 Interest & Bank Charges 5,476.69 29.26 51.15 0.24 11,929.08 1.59 0.00 57.93 651.70
13 Others
1. Administrative Support 5,299.39 15.88 83.47 1.65 12,880.99 2.89 0.06 31.96 110.08
Expenses
2. Information technology 97,825.25 867.69 5,571.21 109.27 212,462.16 82.38 1.17 348.32 7,221.22
expenses (including
maintenance )
3. Outsourcing expenses 22,508.32 86.81 501.38 9.93 35,356.00 24.44 0.24 46.28 661.75
4. Policy Stamps 6,973.51 2.50 - 0.02 43,192.00 0.68 - 444.76 -
14 Depreciation 28,626.92 205.46 895.62 17.66 64,278.44 22.35 0.32 129.73 1,219.28
TOTAL 998,790.32 2,907.13 16,514.18 321.71 2,655,556.03 710.98 6.53 7,851.98 31,747.65

254 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating Participating
Non Linked Business Non Linked Business
Group Group Group Group Individual Individual Group Group Group Group
Health Variable Pension Pension Pension Pension Non Non Total
Variable Variable Pension Pension
Variable Non
Variable
312,329.53 1,660.08 3,196.56 3,197.95 891,411.09 8,575.74 14,345.79 33,181.15 22,776.71 1,285.80 3,132,771.68

12,785.32 1.77 8.78 35.87 44,790.54 194.37 204.80 599.88 105.47 10.92 147,898.59

5,659.88 28.50 316.78 380.86 106,358.94 566.80 1,373.83 3,032.38 1,432.59 53.18 170,305.38
33,887.73 292.11 385.73 267.31 86,623.04 904.62 1,288.32 2,711.84 3,154.97 181.65 267,299.66
3,831.28 23.32 20.33 7.92 8,558.73 86.32 52.32 100.49 203.19 12.51 32,622.72
3,463.59 18.18 17.12 8.39 4,116.06 41.18 54.20 115.74 173.08 10.93 19,343.64
10,472.02 51.67 47.87 21.08 24,015.98 217.80 131.00 258.86 467.33 28.65 87,400.01
5,983.90 55.26 49.71 27.71 15,737.11 207.07 177.20 396.83 506.42 32.52 57,196.95
5,557.68 - - - 1,657.79 (0.59) - - - - 50,974.16

484.67 8.86 8.18 2.04 810.27 31.19 14.31 19.76 80.41 4.77 3,427.80

- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -

113.87 2.08 1.92 0.48 190.37 7.33 3.36 4.64 18.89 1.12 805.33
150,329.48 135.14 32.98 227.31 922,503.77 1,582.12 1,350.73 4,045.68 576.84 69.67 1,947,320.68
1,232.37 1.83 139.27 151.95 7,865.43 199.54 464.82 894.04 511.11 9.83 29,667.83

3,644.06 22.48 19.70 7.31 7,895.01 83.46 48.57 90.84 196.47 12.04 30,446.31

85,258.44 1,422.22 1,312.41 335.23 126,053.75 3,664.98 2,333.70 3,283.79 12,902.75 766.14 561,822.08

13,303.07 125.99 118.35 44.57 25,809.94 594.64 295.55 557.27 1,181.08 72.49 101,298.11
184,303.38 (277.75) 0.06 - 6,546.35 32.59 - - - - 241,218.10
20,938.53 228.11 220.03 86.50 39,387.70 908.11 538.80 995.07 2,132.02 128.88 160,959.52
853,578.80 3,799.85 5,895.78 4,802.48 2,320,331.87 17,897.27 22,677.30 50,288.26 46,419.33 2,681.10 7,042,778.55

Annual Report 2022-23 255

Benefits Paid (Net) for Segments
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 4 - BENEFITS PAID (NET)

For The Year Ended 31 March 2023

Non Participating
Linked Business Non Linked Business
Sr. Individual Individual Group Group Individual Individual Health Annuity Group
No. Particulars Pension Pension Variable Pension

1 Insurance Claims:
(a) Claims by death 410,179.46 25,591.63 - - 637,935.93 173.98 - 9,301.91 -
(b) Claims by Maturity 2,360,461.52 - - - 27,853.94 - - - -
(c) Annuties / Pension - - - - - - - 24,015.28 -
payments
(d) Other benefits
- Claims by health 3,599.29 - - - - - - - -
- Survival benefit - - - - 1,296,861.80 - - - -
- Critical illness rider - - - - - - - - -
- Claims Investigation 1,182.80 - - - 2,936.00 - - 11.00 5.50
(e) Surrenders / 8,220,742.31 147,573.31 67,270.34 - 190,430.67 7,776.27 - - 6,144,002.91
Withdrawals
2 (Amount ceded in
reinsurance):
(a) Claims by death (7,968.07) - - - (181,952.24) - - - -
(b) Claims by Maturity - - - - - - - - -
(c) Annuties / Pension - - - - - - - - -
payments
(d) Other benefits - Claims (1,589.42) - - - - - - - -
by health
3 Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - -
(b) Claims by Maturity - - - - - - - - -
(c) Annuities/Pension - - - - - - - - -
payment
(d) Other benefits - Claims - - - - - - - - -
by health
TOTAL 10,986,607.89 173,164.94 67,270.34 - 1,974,066.10 7,950.25 - 33,328.19 6,144,008.41

256 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Non Participating Participating
Non Linked Business Non Linked Business
Group Group Group Group Individual Individual Group Group Group Group
Health Variable Pension Pension Pension Pension Non Non Total
Variable Variable Pension Pension
Variable Non
Variable

4,967,614.06 - - - 324,687.89 197,895.98 - - 56.19 - 6,573,437.04

- - - - 1,293,816.15 17,151.59 - - - - 3,699,283.20
- - - - - - - - - - 24,015.28

- 1,968.00 - - - - - - - - 5,567.29
- - - - - - - - - - 1,296,861.80
- - - - - - - - - - -
6,639.89 - - - 1,885.50 - - - - - 12,660.70
65,651.18 - 776,040.74 40,000.00 410,387.00 124,553.46 3,522,097.02 3,654,240.82 3,348,813.11 - 26,719,579.13

(808,409.94) - - - (26,116.62) - - - - - (1,024,446.88)

- - - - - - - - - - -
- - - - - - - - - - -

- - - - - - - - - - (1,589.42)

- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -

- - - - - - - - - - -

4,231,495.19 1,968.00 776,040.74 40,000.00 2,004,659.92 339,601.03 3,522,097.02 3,654,240.82 3,348,869.30 - 37,305,368.14

Annual Report 2022-23 257

Benefits Paid (Net) for Segments
for the year ended 31 March 2022

(Currency: In Thousands of Indian Rupees unless otherwise stated)

SCHEDULE 4 - BENEFITS PAID (NET)

For The Year Ended 31 March 2022

Non Participating
Linked Business Non Linked Business
Sr. Individual Individual Group Group Individual Individual Health Annuity Group
No. Particulars Pension Pension Variable Pension

1 Insurance Claims:
(a) Claims by death 784,959.60 32,235.21 - - 806,849.31 1,998.71 - 875.40 -
(b) Claims by Maturity 1,067,248.91 - - - - - - - -
(c) Annuties / Pension - - - - - - - 7,915.77 -
payments
(d) Other benefits
- Claims by health 13,752.62 - - - - - - - -
- Survival benefit - - - - 1,103,484.74 - - - -
- Critical illness rider - - - - - - - - -
- Claims Investigation 1,683.50 - - - 2,118.01 - - - -
(e) Surrenders / 5,679,205.71 189,366.94 240,127.05 - 99,682.71 11,600.13 - - 14,596,257.92
Withdrawals
2 (Amount ceded in
reinsurance):
(a) Claims by death (13,592.55) - - - (466,584.73) - - - -
(b) Claims by Maturity - - - - - - - - -
(c) Annuties / Pension - - - - - - - - -
payments
(d) Other benefits - Claims (6,904.09) - - - - - - - -
by health
3 Amount accepted in
reinsurance:
(a) Claims by Death - - - - - - - - -
(b) Claims by Maturity - - - - - - - - -
(c) Annuities/Pension - - - - - - - - -
payment
(d) Other benefits - Claims - - - - - - - - -
by health
TOTAL 7,526,353.70 221,602.15 240,127.05 - 1,545,550.04 13,598.84 - 8,791.17 14,596,257.92

258 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Non Participating Participating
Non Linked Business Non Linked Business
Group Group Group Group Individual Individual Group Group Group Group
Health Variable Pension Pension Pension Pension Non Non Total
Variable Variable Pension Pension
Variable Non
Variable

8,917,027.11 - - - 486,706.72 171,637.68 - - 9.00 - 11,202,298.75

- - - - 234,576.84 16,663.68 - - - - 1,318,489.43
- - - - - - - - - - 7,915.77

- 2,755.50 - - - - - - - - 16,508.12
- - - - - - - - - - 1,103,484.74
- - - - - - - - - - -
5,674.87 - - - 1,970.50 - - - - - 11,446.89
30,950.07 - 36,710.65 - 260,341.22 110,023.99 2,841,309.22 3,427,988.42 2,275,433.45 526.56 29,799,524.03

(2,843,707.68) - - - (41,224.12) - - - - - (3,365,109.09)

- - - - - - - - - - -
- - - - - - - - - - -

- - - - - - - - - - (6,904.09)

- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -

- - - - - - - - - - -

6,109,944.37 2,755.50 36,710.65 - 942,371.16 298,325.35 2,841,309.22 3,427,988.42 2,275,442.45 526.56 40,087,654.55

Annual Report 2022-23 259

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Form A-BS (UL) - Fund Balance Sheet as at 31st March 2023 (Annexure 2)

Particulars Sch Balanced Fund 1 BALANCED FUND Balanced Fund Pension DEBT FUND
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders'
Funds:
Policyholder F-1 1,433,678 1,629,918 88,305 104,738 (254,506) (222,303) 14,006,191 14,560,931
contribution
Revenue Account 2,948,401 2,830,817 1,259,784 1,205,118 1,087,649 1,054,466 2,503,935 2,054,766
Total 4,382,079 4,460,735 1,348,089 1,309,856 833,143 832,163 16,510,127 16,615,697
Application of Funds
Investments F-2 4,349,557 4,384,020 1,338,219 1,296,490 827,262 780,475 15,682,987 15,800,576
Current Assets F-3 39,157 90,769 11,883 18,809 6,919 65,895 1,471,907 1,412,116
Less: Current Liabilities F-4 6,635 14,054 2,014 5,442 1,038 14,208 644,767 596,994
and Provisions
Net current assets 32,522 76,715 9,869 13,366 5,881 51,687 827,140 815,122
Payable to
Policyholders
(a) Total 4,382,079 4,460,735 1,348,089 1,309,856 833,143 832,163 16,510,127 16,615,697
(b) Number of Units 161,859,439 170,430,828 44,148,466 44,745,421 26,316,772 27,369,084 784,983,020 821,574,938
outstanding
NAV per Unit (a)/(b) (`) 27.0734 26.1733 30.5353 29.2735 31.6583 30.4052 21.0325 20.2242

Particulars Sch DEBT FUND- DEBT FUND PENSION- EQUITY FUND 1- EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders'
Funds:
Policyholder F-1 (10,038) (3,713) (11,203) (150) 21,675,487 18,195,317 (171,491) (147,660)
contribution
Revenue Account 188,494 181,097 333,719 321,210 15,423,291 14,749,807 2,587,491 2,518,327
Total 178,456 177,384 322,516 321,060 37,098,778 32,945,125 2,416,000 2,370,667
Application of Funds
Investments F-2 166,227 174,849 305,296 316,858 36,776,943 32,472,585 2,416,281 2,302,744
Current Assets F-3 13,230 8,537 18,323 7,807 370,618 514,121 2,713 70,776
Less: Current Liabilities F-4 1,001 6,002 1,103 3,606 48,783 41,581 2,994 2,853
and Provisions
Net current assets 12,229 2,534 17,220 4,201 321,835 472,540 (280) 67,924
Payable to
Policyholders
(a) Total 178,456 177,384 322,516 321,060 37,098,778 32,945,125 2,416,000 2,370,667
(b) Number of Units 7,697,674 7,990,992 14,233,352 14,741,923 1,134,896,389 1,045,770,091 68,121,994 69,571,980
outstanding
NAV per Unit (a)/(b) (`) 23.1831 22.1980 22.6592 21.7787 32.6891 31.5032 35.4658 34.0750

260 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Form A-BS (UL) - Fund Balance Sheet as at 31st March 2023 (Annexure 2)

Particulars Sch EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders'
Funds:
Policyholder F-1 (350,001) (287,252) 168,242 128,087 292 318 (108) 177
contribution
Revenue Account 1,621,092 1,539,769 146,662 145,023 1,609 1,539 184 174
Total 1,271,091 1,252,516 314,904 273,110 1,901 1,857 76 351
Application of Funds
Investments F-2 1,270,133 1,240,529 313,166 269,829 1,885 1,836 76 351
Current Assets F-3 2,532 29,510 2,153 15,129 18 23 - 1
Less: Current Liabilities F-4 1,574 17,523 415 11,848 2 2 - -
and Provisions
Net current assets 958 11,987 1,738 3,281 16 20 - -
Payable to
Policyholders
(a) Total 1,271,091 1,252,516 314,904 273,110 1,901 1,857 76 351
(b) Number of Units 33,941,010 35,708,382 10,799,972 9,517,324 102,743 104,248 4,864 23,352
outstanding
NAV per Unit (a)/(b) (`) 37.4500 35.0763 29.1578 28.6961 18.5030 17.8095 15.6230 15.0309

Particulars Sch VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders'
Funds:
Policyholder F-1 1,391,814 1,116,232 487,761 420,682 3,143,697 3,348,811 3,651,293 3,138,887
contribution
Revenue Account 548,711 493,500 129,491 112,297 718,290 600,213 1,540,871 1,320,207
Total 1,940,524 1,609,732 617,251 532,978 3,861,987 3,949,024 5,192,164 4,459,094
Application of Funds
Investments F-2 1,918,362 1,577,148 607,011 513,129 3,841,378 3,831,039 5,228,360 4,436,367
Current Assets F-3 24,705 34,595 41,451 20,505 25,855 123,071 (33,600) 24,991
Less: Current Liabilities F-4 2,542 2,011 31,212 656 5,246 5,087 2,596 2,264
and Provisions
Net current assets 22,163 32,584 10,240 19,849 20,609 117,984 (36,196) 22,727
Payable to
Policyholders
(a) Total 1,940,524 1,609,732 617,251 532,978 3,861,987 3,949,024 5,192,164 4,459,094
(b) Number of Units 54,804,088 47,479,397 31,237,132 28,159,357 135,812,936 144,180,575 260,625,051 233,968,959
outstanding
NAV per Unit (a)/(b) (`) 35.4084 33.9038 19.7602 18.9272 28.4361 27.3894 19.9220 19.0585

Annual Report 2022-23 261

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Form A-BS (UL) - Fund Balance Sheet as at 31st March 2023 (Annexure 2)

Particulars Sch IndiaFirst EBP - Cash Fund IndiaFirst EBP - Bond Fund IndiaFirst EBP - Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Equity Advantage Fund Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders'
Funds:
Policyholder F-1 (2,959) (2,959) (625,771) (956,603) 167,791 44,825 127,513 193,409
contribution
Revenue Account 2,959 2,959 1,198,519 1,177,479 66,744 60,539 153,368 143,324
Total - - 572,748 220,876 234,535 105,364 280,881 336,733
Application of Funds
Investments F-2 - - 541,589 214,968 233,190 108,231 262,626 330,558
Current Assets F-3 - - 33,699 30,677 1,642 999 28,827 6,882
Less: Current Liabilities F-4 - - 2,540 24,769 296 3,866 10,573 708
and Provisions
Net current assets - - 31,159 5,908 1,346 (2,867) 18,254 6,175
Payable to
Policyholders
(a) Total - - 572,748 220,876 234,535 105,364 280,881 336,733
(b) Number of Units - - 24,663,353 9,976,376 6,569,650 3,071,089 15,279,232 19,047,631
outstanding
NAV per Unit (a)/(b) (`) - - 23.2226 22.1399 35.6998 34.3083 18.3832 17.6785

Particulars Sch Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders'
Funds:
Policyholder F-1 1,000 1,000 1,500 1,500 7,778 - 535 -
contribution
Revenue Account 12 (30) 80 13 (89) - (2) -
Total 1,012 970 1,580 1,513 7,689 - 533 -
Application of Funds
Investments F-2 1,012 965 1,575 1,509 7,653 - 533 -
Current Assets F-3 1 6 6 6 47 - 0 -
Less: Current Liabilities F-4 1 1 2 2 10 - 1 -
and Provisions
Net current assets (1) 4 4 4 37 - (0) -
Payable to
Policyholders
(a) Total 1,012 970 1,580 1,513 7,689 - 533 -
(b) Number of Units 99,996 99,996 149,993 149,993 741,553 - 51,740 -
outstanding
NAV per Unit (a)/(b) (`) 10.1169 9.6984 10.5311 10.0861 10.3692 - 10.3006 -

262 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Annexure 2)
Form A-RA (UL)
Fund Revenue Account for the year ended 31st March 2023

Particulars Sch Balanced Fund 1 BALANCED FUND Balanced Fund Pension DEBT FUND 1 -
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Income from
investments
Interest income 104,047 89,788 30,841 28,200 20,775 17,494 1,079,415 964,485
Dividend income 41,208 33,062 12,351 10,890 7,413 8,007 - -
Profit / Loss on sale of 270,801 419,977 100,014 149,603 116,042 70,672 (56,307) (101,313)
investment
Profit / Loss on inter - - - - - - (457) -
fund transfer/ sale of
investment
Miscellaneous Income - - - - - - 36,045 38,475
Unrealised Gain/loss* (193,882) 107,451 (67,721) 13,567 (98,495) 18,757 (161,078) (226,483)
Total (A) 222,174 650,278 75,486 202,261 45,734 114,930 897,618 675,163
Fund management 69,905 68,618 19,414 18,859 12,182 12,143 260,077 251,422
expenses
Other charges: F-5 34,685 39,229 1,406 1,530 369 401 188,372 200,874
Total (B) 104,590 107,848 20,819 20,389 12,551 12,545 448,450 452,297
Net Income for the 117,584 542,430 54,666 181,872 33,183 102,385 449,169 222,866
year (A-B)
Add: Fund revenue 2,830,817 2,288,387 1,205,118 1,023,246 1,054,466 952,080 2,054,766 1,831,900
account at the
beginning of the year
Fund revenue 2,948,401 2,830,817 1,259,784 1,205,118 1,087,649 1,054,466 2,503,935 2,054,766
account at the end
of the year

* Net change in mark to market value of invesmtents

Particulars Sch DEBT FUND- DEBT FUND PENSION- EQUITY FUND 1- EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Income from
investments
Interest income 11,558 10,999 20,974 19,762 41,043 28,379 2,467 2,557
Dividend income - - - - 486,997 341,515 34,086 29,049
Profit / Loss on sale of (771) (1,274) (2,435) (4,103) 3,112,052 4,309,066 258,013 382,421
investment
Profit / Loss on inter - 2,666 - 3,457 - - 3,283 -
fund transfer/ sale of
investment
Miscellaneous Income - - - - - - - -
Unrealised Gain/loss* (557) (4,451) (1,279) (5,642) (1,749,273) 1,262,809 (166,496) 56,203
Total (A) 10,230 7,941 17,260 13,474 1,890,819 5,941,769 131,353 470,229
Fund management 2,589 2,624 4,685 4,765 545,836 459,738 35,017 33,589
expenses
Other charges: F-5 244 264 66 74 671,500 564,613 27,173 2,475
Total (B) 2,833 2,888 4,752 4,840 1,217,336 1,024,351 62,189 36,064
Net Income for the 7,397 5,052 12,509 8,634 673,484 4,917,418 69,164 434,165
year (A-B)
Add: Fund revenue 181,097 176,045 321,210 312,576 14,749,807 9,832,390 2,518,327 2,084,162
account at the
beginning of the year
Fund revenue 188,494 181,097 333,719 321,210 15,423,291 14,749,807 2,587,491 2,518,327
account at the end
of the year

* Net change in mark to market value of invesmtents

Annual Report 2022-23 263

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Annexure 2)
Form A-RA (UL)
Fund Revenue Account for the year ended 31st March 2023

Particulars Sch EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Income from
investments
Interest income 929 878 505 264 99 62 16 12
Dividend income 18,680 18,170 3,952 2,990 - - - -
Profit / Loss on sale of 186,547 182,738 6,666 6,988 - - - -
investment
Profit / Loss on inter - 6,812 - - - - - -
fund transfer/ sale of
investment
Miscellaneous Income - - - - - - - -
Unrealised Gain/loss* (105,950) 3,895 (2,013) 30,085 - - - -
Total (A) 100,206 212,493 9,110 40,327 99 62 16 12
Fund management 18,312 17,919 4,575 3,786 27 28 5 6
expenses
Other charges: F-5 570 619 2,896 2,596 1 2 2 2
Total (B) 18,882 18,538 7,471 6,383 29 30 6 7
Net Income for the 81,323 193,955 1,639 33,945 70 32 10 5
year (A-B)
Add: Fund revenue 1,539,769 1,345,814 145,023 111,078 1,539 1,507 174 169
account at the
beginning of the year
Fund revenue 1,621,092 1,539,769 146,662 145,023 1,609 1,539 184 174
account at the end
of the year

* Net change in mark to market value of invesmtents

Particulars Sch VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Income from
investments
Interest income 3,281 1,657 3,505 1,557 68,170 65,409 266,486 171,340
Dividend income 24,563 14,601 7,229 4,549 40,114 29,447 - -
Profit / Loss on sale of 157,224 189,401 57,316 43,554 176,179 240,029 (22,823) (6,726)
investment
Profit / Loss on inter 1 - - - - - - -
fund transfer/ sale of
investment
Miscellaneous Income - - - - - - - -
Unrealised Gain/loss* (80,339) 69,483 (34,400) 23,301 (73,440) 45,011 6,136 12,841
Total (A) 104,730 275,142 33,651 72,961 211,023 379,896 249,799 177,455
Fund management 27,815 21,090 9,015 6,341 61,980 56,502 29,135 24,938
expenses
Other charges: F-5 21,704 17,519 7,441 5,240 30,966 36,586 - -
Total (B) 49,519 38,609 16,457 11,580 92,946 93,088 29,135 24,938
Net Income for the 55,211 236,533 17,194 61,381 118,077 286,808 220,664 152,517
year (A-B)
Add: Fund revenue 493,500 256,967 112,297 50,916 600,213 313,405 1,320,207 1,167,690
account at the
beginning of the year
Fund revenue 548,711 493,500 129,491 112,297 718,290 600,213 1,540,871 1,320,207
account at the end
of the year

* Net change in mark to market value of invesmtents

264 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Annexure 2)
Form A-RA (UL)
Fund Revenue Account for the year ended 31st March 2023

Particulars Sch IndiaFirst EBP - Cash Fund IndiaFirst EBP - Bond Fund IndiaFirst EBP - Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Equity Advantage Fund Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Income from
investments
Interest income - 27 26,126 12,606 345 86 14,577 17,884
Dividend income - - - - 2,139 895 1,125 1,301
Profit / Loss on sale of - - (579) (1,361) 8,158 12,878 5,907 16,388
investment
Profit / Loss on inter - - 0 3,938 - 2,321 432 488
fund transfer/ sale of
investment
Miscellaneous Income - - - - - - - -
Unrealised Gain/loss* - - (1,087) (6,407) (1,842) 736 (7,315) (6,354)
Total (A) - 27 24,460 8,775 8,800 16,916 14,726 29,707
Fund management - 4 3,420 1,758 2,595 1,189 4,682 6,092
expenses
Other charges: F-5 - - - - - - - -
Total (B) - 4 3,420 1,758 2,595 1,189 4,682 6,092
Net Income for the - 23 21,040 7,017 6,205 15,727 10,044 23,616
year (A-B)
Add: Fund revenue 2,959 2,936 1,177,479 1,170,462 60,539 44,811 143,324 119,709
account at the
beginning of the year
Fund revenue 2,959 2,959 1,198,519 1,177,479 66,744 60,539 153,368 143,324
account at the end
of the year
* Net change in mark to market value of invesmtents

Particulars Sch Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Income from
investments
Interest income 2 1 82 20 17 - 1 -
Dividend income 14 5 - - 62 - 4 -
Profit / Loss on sale of (0) (15) 3 - (32) - 2 -
investment
Profit / Loss on inter 1 - - - - - - -
fund transfer/ sale of
investment
Miscellaneous Income - - - - - - - -
Unrealised Gain/loss* 41 (15) - - 170 - 4 -
Total (A) 58 (24) 85 20 217 - 11 -
Fund management 16 6 18 7 72 - 5 -
expenses
Other charges: F-5 - - - - 234 - 8 -
Total (B) 16 6 18 7 306 - 13 -
Net Income for the 42 (30) 67 13 (89) - (2) -
year (A-B)
Add: Fund revenue (30) - 13 - - - - -
account at the
beginning of the year
Fund revenue 12 (30) 80 13 (89) - (2) -
account at the end
of the year
* Net change in mark to market value of invesmtents

Annual Report 2022-23 265

Schedules to Fund Balance Sheet
as on 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-1)
POLICYHOLDERS' CONTRIBUTION

Particulars Balanced Fund 1 BALANCED FUND Balanced Fund Pension DEBT FUND
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance 1,629,918 1,786,508 104,738 164,887 (222,303) (166,694) 14,560,931 12,580,973
Add: Additions during 340,536 395,255 32,104 27,006 17,699 18,888 2,657,184 3,860,881
the year* **
Less: Deductions 571,460 591,075 49,943 88,685 50,271 74,898 3,400,296 2,081,797
during the year* **
Closing balance** 1,433,678 1,629,918 88,305 104,738 (254,506) (222,303) 14,006,191 14,560,931
* Additions represents units creation & deductions represent unit cancellations
**Closing balance includes Sch F5 Charges

Particulars DEBT FUND- DEBT FUND PENSION- EQUITY FUND EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 1-ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance (3,713) 4,010 (150) 12,939 18,195,317 16,111,243 (147,660) (37,220)
Add: Additions during 8,855 8,201 5,979 5,754 8,047,508 66,39,714 48,233 33,959
the year* **
Less: Deductions 15,423 16,188 17,098 18,918 5,238,838 5,120,252 99,236 146,874
during the year* **
Closing balance** (10,038) (3,713) (11,203) (150) 21,675,487 18,195,317 (171,491) (147,660)
* Additions represents units creation & deductions represent unit cancellations
**Closing balance includes Sch F5 Charges

Particulars EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance (287,252) (205,290) 128,087 98,271 318 372 177 202
Add: Additions during 28,777 31,623 79,521 66,057 89 92 78 -
the year* **
Less: Deductions 92,097 114,205 42,263 38,837 116 149 364 27
during the year* **
Closing balance** (350,001) (287,252) 168,242 128,087 292 318 (108) 177
* Additions represents units creation & deductions represent unit cancellations
**Closing balance includes Sch F5 Charges

Particulars VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance 1,116,232 815,934 420,682 256,869 3,348,811 2,827,510 3,138,887 2,278,418
Add: Additions during 440,798 400,416 205,125 196,091 569,357 789,095 2,641,861 2,322,478
the year* **
Less: Deductions 186,920 117,636 145,487 37,518 805,436 304,381 2,129,454 1,462,009
during the year* **
Closing balance** 1,391,814 1,116,232 487,761 420,682 3,143,697 3,348,811 3,651,293 3,138,887
* Additions represents units creation & deductions represent unit cancellations
**Closing balance includes Sch F5 Charges

266 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-1)
POLICYHOLDERS' CONTRIBUTION

Particulars IndiaFirst EBP - Cash Fund- IndiaFirst EBP - Bond Fund- IndiaFirst EBP - Equity Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Advantage Fund- Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance (2,959) (780) (956,603) (954,295) 44,825 23,705 193,409 373,194
Add: Additions during - 0 339,827 46,568 123,772 41,696 1,463 2,302
the year* **
Less: Deductions - 2,180 8,995 48,877 805 20,576 67,359 182,087
during the year* **
Closing balance** (2,959) (2,959) (625,771) (956,603) 167,791 44,825 127,513 193,409

* Additions represents units creation & deductions represent unit cancellations

**Closing balance includes Sch F5 Charges

Particulars Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Opening balance 1,000 - 1,500 - - - - -
Add: Additions during - 1,000 - 1,500 7,974 - 535 -
the year* **
Less: Deductions - - - - 430 - 8 -
during the year* **
Closing balance** 1,000 1,000 1,500 1,500 7,778 - 535 -
* Additions represents units creation & deductions represent unit cancellations
**Closing balance includes Sch F5 Charges

Annual Report 2022-23 267

Schedules to Fund Balance Sheet
as on 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-2)
INVESTMENTS

Particulars Balanced Fund 1 BALANCED FUND Balanced Fund Pension DEBT FUND 1 -
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Approved
Investments
Government Bonds 1,066,049 997,305 305,346 246,489 201,762 185,832 8,864,620 10,021,282
Equity 2,232,069 2,262,654 704,790 624,224 417,701 450,628 - -
Mutual Funds - - - - - - - -
Fixed Deposits - - - - - - - -
Money Market 432,567 92,291 102,305 63,770 92,652 10,711 43,500 2,608,361
Corporate Bonds - 40,268 - 45,783 10,361 44,130 2,613,489 702,654
Infrastructure Bonds 265,208 309,548 103,238 106,956 38,624 26,734 4,062,117 2,375,889
Total 3,995,893 3,702,067 1,215,680 1,087,222 761,100 718,035 15,583,726 15,708,187
Other Investments
Corporate Bonds - - - - - - 99,261 92,388
Infrastructure Bonds - - - - - - - -
Equity 139,420 411,511 37,216 113,206 25,908 35,856 - -
Mutual Funds 214,244 270,442 85,323 96,062 40,254 26,584 - -
AIF - - - - - - - -
Total 353,664 681,953 122,539 209,268 66,162 62,440 99,261 92,388
Grand Total 4,349,557 4,384,020 1,338,219 1,296,490 827,262 780,475 15,682,987 15,800,576
% of Approved 91.87% 84.44% 90.84% 83.86% 92.00% 92.00% 99.37% 99.42%
Investments to Total
% of Other 8.13% 15.56% 9.16% 16.14% 8.00% 8.00% 0.63% 0.58%
Investments to Total

Particulars DEBT FUND- DEBT FUND PENSION- EQUITY FUND EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 1-ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Approved
Investments
Government Bonds 86,529 111,296 164,803 211,175 - - - -
Equity - - - - 29,745,834 23,393,539 1,957,149 1,731,976
Mutual Funds - - - - - - - -
Fixed Deposits - - - - - - - -
Money Market 7,758 47,971 3,723 77,261 2,594,904 1,822,351 124,735 24,252
Corporate Bonds 34,544 - 60,444 - - 1,311 - 144
Infrastructure Bonds 37,396 15,582 76,327 28,422 - - - -
Total 166,227 174,849 305,296 316,858 32,340,738 25,217,201 2,081,884 1,756,373
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity - - - - 1,828,642 3,918,518 112,282 303,428
Mutual Funds - - - - 2,607,562 3,336,865 222,114 242,943
AIF - - - - - - - -
Total - - - - 4,436,204 7,255,383 334,396 546,371
Grand Total 166,227 174,849 305,296 316,858 36,776,943 32,472,585 2,416,281 2,302,744
% of Approved 100.00% 100.00% 100.00% 100.00% 87.94% 77.66% 86.16% 76.27%
Investments to Total
% of Other 0.00% 0.00% 0.00% 0.00% 12.06% 22.34% 13.84% 23.73%
Investments to Total

268 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-2)
INVESTMENTS

Particulars EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Approved
Investments
Government Bonds - - - - - - - -
Equity 1,066,535 962,385 269,235 221,605 - - - -
Mutual Funds - - - - - - - -
Fixed Deposits - - - - - - - -
Money Market 37,207 27,702 11,274 8,545 1,885 1,836 76 351
Corporate Bonds 69 164 14 27 - - - -
Infrastructure Bonds - - - - - - - -
Total 1,103,812 990,250 280,523 230,177 1,885 1,836 76 351
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 108,248 103,172 17,179 14,102 - - - -
Mutual Funds 58,073 147,107 15,464 25,550 - - - -
AIF - - - - - - - -
Total 166,321 250,279 32,642 39,652 - - - -
Grand Total 1,270,133 1,240,529 313,166 269,829 1,885 1,836 76 351
% of Approved 86.91% 79.82% 89.58% 85.30% 100.00% 100.00% 100.00% 100.00%
Investments to Total
% of Other 13.09% 20.18% 10.42% 14.70% 0.00% 0.00% 0.00% 0.00%
Investments to Total

Particulars VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Approved
Investments
Government Bonds - - - - 977,200 603,049 3,722,905 3,287,135
Equity 1,483,419 1,125,180 325,658 343,528 1,651,128 2,099,304 - -
Mutual Funds - - - - - - - -
Fixed Deposits - - - - - - - -
Money Market 225,915 103,962 228,370 63,380 509,607 343,165 1,505,456 1,149,232
Corporate Bonds 44 61 12 16 7,838 48,724 - -
Infrastructure Bonds - - - - 411,261 107,467 - -
Total 1,709,378 1,229,203 554,039 406,924 3,557,035 3,201,708 5,228,360 4,436,367
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 102,057 194,029 21,730 59,040 95,632 311,148 - -
Mutual Funds 106,926 153,916 31,242 47,164 188,710 318,183 - -
AIF - - - - - - - -
Total 208,984 347,945 52,972 106,205 284,343 629,331 - -
Grand Total 1,918,362 1,577,148 607,011 513,129 3,841,378 3,831,039 5,228,360 4,436,367
% of Approved 89.11% 77.94% 91.27% 79.30% 92.60% 83.57% 100.00% 100.00%
Investments to Total
% of Other 10.89% 22.06% 8.73% 20.70% 7.40% 16.43% 0.00% 0.00%
Investments to Total

Annual Report 2022-23 269

Schedules to Fund Balance Sheet
as on 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-2)
INVESTMENTS

Particulars IndiaFirst EBP - Cash Fund- IndiaFirst EBP - Bond Fund- IndiaFirst EBP - Equity Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Advantage Fund- Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Approved
Investments
Government Bonds - - 336,737 123,098 - - 119,056 90,630
Equity - - - - 178,746 75,774 46,607 72,111
Mutual Funds - - - - - - - -
Fixed Deposits - - - - - - - -
Money Market - - 9,647 68,189 29,240 9,217 23,058 71,470
Corporate Bonds - - 85,338 - 3 5 16,084 13
Infrastructure Bonds - - 109,866 23,681 - - 50,172 64,381
Total - - 541,589 214,968 207,989 84,996 254,976 298,604
Other Investments
Corporate Bonds - - - - - - - 10,265
Infrastructure Bonds - - - - - - - -
Equity - - - - 12,294 12,975 2,878 10,795
Mutual Funds - - - - 12,906 10,260 4,772 10,893
AIF - - - - - - - -
Total - - - - 25,200 23,235 7,650 31,954
Grand Total - - 541,589 214,968 233,190 108,231 262,626 330,558
% of Approved 0.00% 0.00% 100.00% 100.00% 89.19% 78.53% 97.09% 90.33%
Investments to Total
% of Other 0.00% 0.00% 0.00% 0.00% 10.81% 21.47% 2.91% 9.67%
Investments to Total

Particulars Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Approved
Investments
Government Bonds - - - - - - - -
Equity 793 703 - - 4,774 - 376 -
Mutual Funds - - - - - - - -
Fixed Deposits - - - - - - - -
Money Market 105 44 1,575 1,509 1,890 - 59 -
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Total 898 747 1,575 1,509 6,664 - 435 -
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 52 122 - - 988 - 60 -
Mutual Funds 62 96 - - - - 37 -
AIF - - - - - - - -
Total 114 218 - - 988 - 98 -
Grand Total 1,012 965 1,575 1,509 7,653 - 533 -
% of Approved 88.74% 77.39% 100.00% 100.00% 87.08% 0.00% 81.64% 0.00%
Investments to Total
% of Other 11.26% 22.61% 0.00% 0.00% 12.92% 0.00% 18.36% 0.00%
Investments to Total

270 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedule F-3)
current assets

Particulars Balanced Fund 1 BALANCED FUND Balanced Fund Pension DEBT FUND
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Accrued Interest 37,297 43,419 10,412 13,285 5,860 8,008 383,722 304,225
Cash & Bank Balance 442 218 162 125 156 105 114 685
Dividend Receivable 126 785 - 215 23 133 - -
Receivable for Sale of - 26,486 - - - 44,413 464,463 489,475
Investments
Other Current Assets 1,292 19,861 1,310 5,184 880 13,236 623,608 617,730
(for Investments)#
Total 39,157 90,769 11,883 18,809 6,919 65,895 1,471,907 1,412,116

# represents interfund receivables or payables

Particulars DEBT FUND- DEBT FUND PENSION- EQUITY FUND EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 1-ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Accrued Interest 3,062 2,217 5,722 4,203 0 61 0 7
Cash & Bank Balance 24 32 22 39 1,691 950 265 200
Dividend Receivable - - - - 1,661 8,730 - 610
Receivable for Sale of 8,540 - 11,554 - - 208,900 - 67,902
Investments
Other Current Assets 1,604 6,287 1,025 3,565 367,266 295,480 2,448 2,058
(for Investments)#
Total 13,230 8,537 18,323 7,807 370,618 514,121 2,713 70,776

# represents interfund receivables or payables

Particulars EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Accrued Interest 3 8 1 1 - - - -
Cash & Bank Balance 213 202 7 4 17 18 0 1
Dividend Receivable 142 174 - 2 - - - -
Receivable for Sale of - 12,370 - 2,095 - - - -
Investments
Other Current Assets 2,174 16,757 2,145 13,027 1 5 (0) -
(for Investments)#
Total 2,532 29,510 2,153 15,129 18 23 0 1

# represents interfund receivables or payables

Annual Report 2022-23 271

Schedules to Fund Balance Sheet
as on 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-3)
current assets

Particulars VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Accrued Interest 2 3 1 1 27,136 20,827 - 62,721
Cash & Bank Balance 141 47 218 105 352 184 50 77
Dividend Receivable 86 428 17 128 93 814 - -
Receivable for Sale of - 10,430 - 4,155 - 73,137 - -
Investments
Other Current Assets 24,476 23,688 41,216 16,116 (1,727) 28,108 (33,650) (37,806)
(for Investments)#
Total 24,705 34,595 41,451 20,505 25,855 123,071 (33,600) 24,991

# represents interfund receivables or payables

Particulars IndiaFirst EBP - Cash Fund- IndiaFirst EBP - Bond Fund- IndiaFirst EBP - Equity Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Advantage Fund- Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Accrued Interest - - 11,298 2,468 0 0 3,453 3,603
Cash & Bank Balance - - 26 40 96 82 29 40
Dividend Receivable - - - - 10 26 3 27
Receivable for Sale of - - 15,071 - - - 15,071 3,014
Investments
Other Current Assets 0 0 7,305 28,170 1,535 890 10,272 198
(for Investments)#
Total 0 0 33,699 30,677 1,642 999 28,827 6,882
# represents interfund receivables or payables

Particulars Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Accrued Interest - - - - - - - -
Cash & Bank Balance 1 5 6 6 11 - 1 -
Dividend Receivable 0 0 - - 1 - 0 -
Receivable for Sale of - - - - - - - -
Investments
Other Current Assets - - - - 35 - (0) -
(for Investments)#
Total 1 6 6 6 47 - 0 -

# represents interfund receivables or payables

272 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-4)
current LIABILITIES

Particulars Balanced Fund 1 - BALANCED FUND- Balanced Fund Pension- DEBT FUND
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 1-ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Payable for Purchase of - - - - - 13,188 - -
Investments
Other Current 6,635 14,054 2,014 5,442 1,038 1,020 644,767 596,994
Liabilities
Unit Payable A/c#
Total 6,635 14,054 2,014 5,442 1,038 14,208 644,767 596,994
# Represents inter fund receivables or payables, if any

Particulars DEBT FUND- DEBT FUND PENSION- EQUITY FUND EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 1-ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Payable for Purchase of - - - - - - - -
Investments
Other Current 1,001 6,002 1,103 3,606 48,783 41,581 2,994 2,853
Liabilities
Unit Payable A/c#
Total 1,001 6,002 1,103 3,606 48,783 41,581 2,994 2,853
# Represents inter fund receivables or payables, if any

Particulars EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Payable for Purchase of - 16,021 - 11,509 - - - -
Investments
Other Current 1,574 1,502 415 339 2 2 0 0
Liabilities
Unit Payable A/c#
Total 1,574 17,523 415 11,848 2 2 0 0
# Represents inter fund receivables or payables, if any

Annual Report 2022-23 273

Schedules to Fund Balance Sheet
as on 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-4)
current LIABILITIES

Particulars VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Payable for Purchase of - - 30,401 - - - - -
Investments
Other Current 2,542 2,011 810 656 5,246 5,087 2,596 2,264
Liabilities
Unit Payable A/c#
Total 2,542 2,011 31,212 656 5,246 5,087 2,596 2,264
# Represents inter fund receivables or payables, if any

Particulars IndiaFirst EBP - Cash Fund- IndiaFirst EBP - Bond Fund- IndiaFirst EBP - Equity Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Advantage Fund- Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Payable for Purchase of - - - - - 3,758 - -
Investments
Other Current 0 0 2,540 24,769 296 107 10,573 708
Liabilities
Unit Payable A/c#
Total 0 0 2,540 24,769 296 3,866 10,573 708

# Represents inter fund receivables or payables, if any

Particulars Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Payable for Purchase of - - - - - - - -
Investments
Other Current 1 1 2 2 10 - 1 -
Liabilities
Unit Payable A/c#
Total 1 1 2 2 10 - 1 -
# Represents inter fund receivables or payables, if any

274 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-5)
OTHER CHARGES

Particulars Balanced Fund 1 - BALANCED FUND- Balanced Fund Pension- DEBT FUND
ULIF011010910BALAN1FUND143 ULIF005161109BALANCEDFN143 ULIF006161109BALFUNDPEN143 1-ULIF010010910DEBT01FUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Policy Administration 7,028 7,942 523 564 245 267 44,005 46,256
charge
Surrender charge - - - - - - - -
Switching charge - - - - - - - -
Mortality charge 18,819 21,463 601 663 - - 99,424 106,496
Rider Premium charge - - - - - - - -
Discontinuance 784 623 - - - - 4,198 4,125
Charges
Partial withdrawal - - - - - - - -
charge
Miscellaneous charge 8,054 9,201 282 304 124 135 40,745 43,997
Total 34,685 39,229 1,406 1,530 369 401 188,372 200,874

Particulars DEBT FUND- DEBT FUND PENSION- EQUITY FUND EQUITY FUND-
ULIF003161109DEBTFUND00143 ULIF004161109DEBFUNDPEN143 1-ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Policy Administration 84 91 44 49 157,187 127,016 845 909
charge
Surrender charge - - - - - - - -
Switching charge - - - - - - - -
Mortality charge 112 122 - - 331,877 268,800 970 1,077
Rider Premium charge - - - - - - - -
Discontinuance - - - - - 19,938 24,906 -
Charges
Partial withdrawal - - - - - - - -
charge
Miscellaneous charge 47 52 22 25 182,436 148,859 452 488
Total 244 264 66 74 671,500 564,613 27,173 2,475

Annual Report 2022-23 275

Schedules to Fund Balance Sheet
as on 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-5)
OTHER CHARGES

Particulars EQUITY FUND PEN- INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND-
ULIF002161109EQUFUNDPEN143 ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Policy Administration 378 413 80 114 1 1 1 1
charge
Surrender charge - - - - - - - -
Switching charge - - - - - - - -
Mortality charge - - 1,816 1,594 - - 0 0
Rider Premium charge - - - - - - - -
Discontinuance - - 138 56 - - 0 -
Charges
Partial withdrawal - - - - - - - -
charge
Miscellaneous charge 192 206 862 833 0 1 0 1
Total 570 619 2,896 2,596 1 2 2 2

Particulars VALUE FUND- EQUITY ELITE OPPORTUNITIES- DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF020280716EQUELITEOP143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Policy Administration 3,054 2,155 - - 368 451 - -
charge
Surrender charge - - - - - - - -
Switching charge - - - - - - - -
Mortality charge 11,788 9,432 4,650 2,966 21,368 24,230 - -
Rider Premium charge - - - - - - - -
Discontinuance 561 389 222 99 445 898 - -
Charges
Partial withdrawal - - - - - - - -
charge
Miscellaneous charge 6,302 5,543 2,569 2,174 8,785 11,008 - -
Total 21,704 17,519 7,441 5,240 30,966 36,586 - -

276 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

(Schedule F-5)
OTHER CHARGES

Particulars IndiaFirst EBP - Cash Fund- IndiaFirst EBP - Bond Fund- IndiaFirst EBP - Equity Indiafirst EBP - Dynamic
ULGF003240111EBPCSHFUND143 ULGF002240111EBPBNDFUND143 Advantage Fund- Moderator Fund-
ULGF001240111EBPEQADFND143 ULGF006300713DYNMODFUND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Policy Administration - - - - - - - -
charge
Surrender charge - - - - - - - -
Switching charge - - - - - - - -
Mortality charge - - - - - - - -
Rider Premium charge - - - - - - - -
Discontinuance - - - - - - - -
Charges
Partial withdrawal - - - - - - - -
charge
Miscellaneous charge - - - - - - - -
Total - - - - - - - -

Particulars Indiafirst Group Growth Advantage- Indiafirst Group Secure Capital Fund- IndiaFirst Flexi Cap Equity Fund - IndiaFirst Sustainable Equity Fund -
ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143 ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Policy Administration - - - - - - - -
charge
Surrender charge - - - - - - - -
Switching charge - - - - - - - -
Mortality charge - - - - 198 - 7 -
Rider Premium charge - - - - - - - -
Discontinuance - - - - 0 - 0 -
Charges
Partial withdrawal - - - - - - - -
charge
Miscellaneous charge - - - - 36 - 1 -
Total - - - - 234 - 8 -

Annual Report 2022-23 277

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

ANNEXURE TO REVENUE ACCOUNT-Break up of Unit Linked Business (UL)

Revenue Account
Policyholders’ Account (Technical Account)

For The Year Ended 31 March 2023

Linked Life Linked Pension

Particulars Sch Non-Unit Unit Total Non-Unit Unit Total

(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5)

Premiums earned – net

(a) Premium 655,975 14,204,031 14,860,007 1,216 67,124 68,339
(b) Reinsurance ceded (16,575) - (16,575) - - -
Income from Investments
(a) Interest, Dividend & Rent - Gross 13,248 1,896,351 1,909,599 - 62,974 62,974
(b) Profit on sale/redemption of investments - 6,224,209 6,224,209 - 350,040 350,040
(c) Loss on sale/redemption of investments - (2,163,048) (2,163,048) - (49,886) (49,886)
(d) Transfer/Gain on revaluation/change in fair value Gain /Loss - (2,558,889) (2,558,889) - (205,724) (205,724)
on Amortisation
(e) Amortisation of premium / discount on investments 56,921 365,569 422,490 - 5,895 5,895
Other income:
(a) Linked Income - Charges UL1 1,638,975 (1,638,975) - 30,504 (30,504) -
(b) Linked Income- Others- Appropriation - - - - - -
(c) Others Income - 36,228 36,228 - - -
(d) Contribution from the Shareholders' a/c - - - - - -
(e) Contribution from Shareholder's Account towards Excess - - - 1,101 - 1,101
EOM
TOTAL (A) 2,348,544 16,365,477 18,714,020 32,821 199,919 232,739
Commission 390,180 - 390,180 1,215 - 1,215
Operating Expenses related to Insurance Business 1,334,041 380,347 1,714,388 2,260 5,698 7,958
Provision for Taxation - - - - - -
Prior Period Expenses - - - - - -
TOTAL (B) 1,724,221 380,347 2,104,568 3,475 5,698 9,173
Benefits Paid (Net) UL2 166,385 10,820,223 10,986,608 - 173,165 173,165
Interim Bonus Paid - - - - - -
Change in valuation of liability in respect of life policies 9,351 5,164,906 5,174,258 379 21,055 21,434
Transfer to Non - Linked Reserves - - - - - -
Change in Valuation Liability - - - - - -
TOTAL (C) 175,736 15,985,129 16,160,865 379 194,220 194,599
SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C) 448,587 - 448,587 28,966 - 28,966
APPROPRIATIONS
Insurance reserve at the beginning of the year - - - - - -
Transfer to Shareholders' a/c 448,587 - 448,587 28,966 - 28,966
Funds available for future appropriations - - - - - -
Total (D) 448,587 - 448,587 28,966 - 28,966

278 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Linked Group Linked Group Pension
Total Unit
Linked
Non-Unit Unit Total Non-Unit Unit Total
(7) (8) (9)=(7) + (8) (10) (11) (12)=(10) + (13)=(3)+
(11) (6)+(9)+(12)

- 453,585 453,585 - - - 15,381,931

- - - - - - (16,575)

- 39,101 39,101 - 14 14 2,011,688

- 30,356 30,356 - 86 86 6,604,691
- (16,439) (16,439) - (82) (82) (2,229,454)
- (10,243) (10,243) - 41 41 (2,774,816)

- 5,211 5,211 - 84 84 433,680

9,066 (9,066) - 29 (29) - -

(1,588) 1,588 - - - - -
- - - - - - 36,228
43,923 - 43,923 368 - 368 44,290
- - - - - - 1,101

51,400 494,093 545,493 396 114 510 19,492,763

- - - - - - 391,395
51,400 1,632 53,032 396 5 402 1,775,781
- - - - - - -
- - - - - - -
51,400 1,632 53,032 396 5 402 2,167,175
- 67,270 67,270 - - - 11,227,043
- - - - - - -
(0) 425,190 425,191 - 109 109 5,620,991
- - - - - - -
- - - - - - -
(0) 492,461 492,461 - 109 109 16,848,034
- - - - - - 477,553

- - - - - - -
- - - - - - 477,553
- - - - - - -
- - - - - - 477,553

Annual Report 2022-23 279

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

ANNEXURE TO REVENUE ACCOUNT-Break up of Unit Linked Business (UL)

Revenue Account
Policyholders’ Account (Technical Account)

For The Year Ended 31 March 2022

Linked Life Linked Pension

Particulars Sch Non-Unit Unit Total Non-Unit Unit Total

(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5)

Premiums earned – net

(a) Premium 588,406 12,777,999 13,366,406 1,287 71,023 72,310
(b) Reinsurance ceded (18,173) - (18,173) - - -
Income from Investments
(a) Interest, Dividend & Rent - Gross - 1,909,380 1,909,380 - 65,208 65,208
(b) Profit on sale/redemption of investments - 6,441,462 6,441,462 - 272,170 272,170
(c) Loss on sale/redemption of investments - (807,069) (807,069) - (12,594) (12,594)
(d) Transfer/Gain on revaluation/change in fair value Gain /Loss - 1,362,815 1,362,815 - 17,010 17,010
on Amortisation
(e) Amortisation of premium / discount on investments 33,773 (78,610) (44,837) - (838) (838)
Other income:
(a) Linked Income - Charges UL1 1,450,253 (1,450,253) - 30,269 (30,269) -
(b) Linked Income- Others- Appropriation - - - - - -
(c) Others Income - 38,767 38,767 - - -
(d) Contribution from the Shareholders' a/c 14,459 - 14,459 - - -

(e) Contribution from Shareholder's Account towards Excess - - - 1,598 - 1,598

EOM
TOTAL (A) 2,068,718 20,194,491 22,263,209 33,154 381,711 414,865
Commission 335,341 - 335,341 1,286 - 1,286
Operating Expenses related to Insurance Business 1,000,175 338,610 1,338,785 2,772 5,818 8,591
Provision for Taxation - - - - - -
Prior Period Expenses - - - - - -
TOTAL (B) 1,335,515 338,610 1,674,126 4,059 5,818 9,877
Benefits Paid (Net) UL2 350,262 7,176,091 7,526,354 - 221,602 221,602
Interim Bonus Paid - - - - - -
Change in valuation of liability in respect of life policies (205,308) 12,679,790 12,474,482 (9,145) 154,291 145,145
Transfer to Non - Linked Reserves - - - - - -
Change in Valuation Liability - - - - - -
TOTAL (C) 144,955 19,855,881 20,000,835 (9,145) 375,893 366,748
SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C) 588,248 - 588,248 38,241 - 38,241
APPROPRIATIONS
Insurance reserve at the beginning of the year - - - - - -
Transfer to Shareholders' a/c 588,248 - 588,248 38,241 - 38,241
Funds available for future appropriations - - - - - -
Total (D) 588,248 - 588,248 38,241 - 38,241

280 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Linked Group Linked Group Pension
Total Unit
Linked
Non-Unit Unit Total Non-Unit Unit Total
(7) (8) (9)=(7) + (8) (10) (11) (12)=(10) + (13)=(3)+
(11) (6)+(9)+(12)

- 75,699 75,699 - 2,500 2,500 13,516,915

- - - - - - (18,173)

- 31,945 31,945 - 5 5 2,006,538

- 43,555 43,555 - 1 1 6,757,188
- (8,902) (8,902) - (16) (16) (828,582)
- (12,025) (12,025) - (15) (15) 1,367,786

- 855 855 - 21 21 (44,799)

7,663 (7,663) - 11 (11) - -

(1,035) 1,035 - - - - -
- - - - - - 38,767
10,124 - 10,124 311 - 311 24,894

- - - - - - 1,598

16,752 124,499 141,252 322 2,485 2,806 22,822,132

- - - - - - 336,627
16,751 1,142 17,894 322 2 324 1,365,593
- - - - - - -
- - - - - - -
16,751 1,142 17,894 322 2 324 1,702,220
- 240,127 240,127 - - - 7,988,083
- - - - - - -
- (116,769) (116,769) - 2,483 2,483 12,505,341
- - - - - - -
- - - - - - -
- 123,358 123,358 - 2,483 2,483 20,493,424
- - - - - - 626,488

- - - - - - -
- - - - - - 626,488
- - - - - - -
- - - - - - 626,488

Annual Report 2022-23 281

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Schedule–UL1
Linked Income (Recovered from linked funds)*

For The Year Ended 31 March 2023

Particulars Linked Life Linked Linked Group Linked Group Total

Pension Pension

Fund Administration charges

Fund Management charge 902,915 29,836 9,066 29 941,846

Policy Administration charge 213,175 668 - - 213,844

Surrender charge - - - - -

Switching charge - - - - -

Mortality charge /Rider Premium 491,629 - - - 491,629

Charge

Discontinuance Charges 31,256 - - - 31,256

Partial withdrawal charge - - - - -

Miscellaneous charge - - - - -

TOTAL (UL-1) 1,638,975 30,504 9,066 29 1,678,574

* (net of GST, if any)

282 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Schedule–UL1
Linked Income (Recovered from linked funds)*

For The Year Ended 31 March 2022

Particulars Linked Life Linked Linked Group Linked Group Total

Pension Pension

Fund Administration charges

Fund Management charge 802,979 29,539 7,663 11 840,192

Policy Administration charge 185,498 730 - - 186,228

Surrender charge - - - - -

Switching charge - - - - -

Mortality charge /Rider Premium 436,843 - - - 436,843

Charge

Discontinuance Charges 24,933 - - - 24,933

Partial withdrawal charge - - - - -

Miscellaneous charge - - - - -

TOTAL (UL-1) 1,450,253 30,269 7,663 11 1,488,196

* (net of GST, if any)

Annual Report 2022-23 283

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Schedule–UL2
Benefits Paid [Net]

Sr No For The Year Ended 31 March 2023

Linked Life Linked Pension

Particulars Non-Unit Unit Total Non-Unit Unit Total

(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5)

1 Insurance Claims
(a) Claims by Death 171,160 239,019 410,179 - 25,592 25,592
(b) Claims by Maturity - 2,360,462 2,360,462 - - -
(c) Annuties / Pension payments - - - - - -
(d) Other benefits -
- Claims by health 3,599 - 3,599 - - -
- Survival benefit - - - - - -
- Critical illness rider - - - - - -
- Claims Investigation 1,183 - 1,183 - - -
(e) Surrenders / Withdrawals - 8,220,742 8,220,742 - 147,573 147,573
Sub Total (A) 175,942 10,820,223 10,996,165 - 173,165 173,165
2 Amount Ceded in reinsurance
(a) Claims by death (7,968) - (7,968) - - -
(b) Claims by Maturity - - - - - -
(c) Annuties / Pension payments - - - - - -
(d) Other benefits
- Claims by health (1,589) - (1,589) - - -
Sub Total (B) (9,557) - (9,557) - - -
TOTAL (A) - (B) 166,385 10,820,223 10,986,608 - 173,165 173,165
Benefits paid to claimants:
In India 166,385 10,820,223 10,986,608 - 173,165 173,165
Outside India - - - - - -
TOTAL (UL2) 166,385 10,820,223 10,986,608 - 173,165 173,165

284 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2023

Linked Group Linked Group Pension
Total Unit
Linked
Non-Unit Unit Total Non-Unit Unit Total
(7) (8) (9)=(7) + (8) (10) (11) (12)=(10) + (13)=(3)+
(11) (6)+(9)+(12)

- - - - - - 435,771
- - - - - - 2,360,462
- - - - - - -

- - - - - - 3,599
- - - - - - -
- - - - - - -
- - - - - - 1,183
- 67,270 67,270 - - - 8,435,586
- 67,270 67,270 - - - 11,236,601

- - - - - - (7,968)
- - - - - - -
- - - - - - -

- - - - - - (1,589)
- - - - - - (9,557)
- 67,270 67,270 - - - 11,227,043

- 67,270 67,270 - - - 11,227,043

- - - -
- 67,270 67,270 - - - 11,227,043

Annual Report 2022-23 285

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Schedule–UL2
Benefits Paid [Net]

Sr No For The Year Ended 31 March 2022

Linked Life Linked Pension

Particulars Non-Unit Unit Total Non-Unit Unit Total

(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5)

1 Insurance Claims
(a) Claims by Death 355,323 429,637 784,960 - 32,235 32,235
(b) Claims by Maturity - 1,067,249 1,067,249 - - -
(c) Annuties / Pension payments - - - - - -
(d) Other benefits
- Claims by health 13,753 - 13,753 - - -
- Survival benefit - - - - - -
- Critical illness rider - - - - - -
- Claims Investigation 1,684 - 1,684 - - -
(e) Surrenders / Withdrawals - 5,679,206 5,679,206 - 189,367 189,367
Sub Total (A) 370,759 7,176,091 7,546,850 - 221,602 221,602
2 Amount Ceded in reinsurance
(a) Claims by death (13,593) - (13,593) - - -
(b) Claims by Maturity - - - - - -
(c) Annuties / Pension payments - - - - - -
(d) Other benefits
- Claims by health (6,904) - (6,904) - - -
Sub Total (B) (20,497) - (20,497) - - -
TOTAL (A) - (B) 350,262 7,176,091 7,526,354 - 221,602 221,602
Benefits paid to claimants:
In India 350,262 7,176,091 7,526,354 - 221,602 221,602
Outside India - - - - - -
TOTAL (UL2) 350,262 7,176,091 7,526,354 - 221,602 221,602

286 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

For The Year Ended 31 March 2022

Linked Group Linked Group Pension
Total Unit
Linked
Non-Unit Unit Total Non-Unit Unit Total
(7) (8) (9)=(7) + (8) (10) (11) (12)=(10) + (13)=(3)+
(11) (6)+(9)+(12)

- - - - - - 817,195
- - - - - - 1,067,249
- - - - - - -

- - - - - - 13,753
- - - - - - -
- - - - - - -
- - - - - - 1,684
- 240,127 240,127 - - - 6,108,700
- 240,127 240,127 - - - 8,008,580

- - - - - - (13,593)
- - - - - - -
- - - - - - -

- - - - - - (6,904)
- - - - - - (20,497)
- 240,127 240,127 - - - 7,988,083

- 240,127 240,127 - - - 7,988,083

- - - -
- 240,127 240,127 - - - 7,988,083

Annual Report 2022-23 287

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Annexure-2A
Performance of ULIP funds - Returns as on 31st March 2023
Year of FY 2022- FY 2021- FY 2020- NAV as on
Inception
FUND NAME Inception 23 (%) 22 (%) 21 (%) March March March
NAV
31, 2023 31, 2022 31, 2021
IndiaFirst Balanced Fund-ULIF005161109BALANCEDFN143 16-Nov-09 4.31% 15.65% 46.05% 30.5353 29.2735 25.3117 10.00

IndiaFirst Balanced Fund Pension 16-Nov-09 4.12% 13.40% 41.69% 31.6583 30.4052 26.8129 10.00
- ULIF006161109BALFUNDPEN143

IndiaFirst Debt Fund-ULIF003161109DEBTFUND00143 16-Nov-09 4.44% 3.02% 4.71% 23.1831 22.1980 21.5473 10.00

IndiaFirst Debt Fund Pension-ULIF004161109DEBFUNDPEN143 16-Nov-09 4.04% 2.72% 4.21% 22.6592 21.7787 21.2012 10.00

IndiaFirst Equity Fund-ULIF001161109EQUITYFUND143 16-Nov-09 4.08% 21.64% 74.85% 35.4658 34.0750 28.0130 10.00

IndiaFirst Equity Fund Pension-ULIF002161109EQUFUNDPEN143 16-Nov-09 6.77% 17.60% 68.53% 37.4500 35.0763 29.8272 10.00

IndiaFirst Equity Elite Opportunities Fund- 28-Jul-16 4.40% 20.53% 65.06% 19.7602 18.9272 15.7031 10.00
ULIF020280716EQUELITEOP143

IndiaFirst Liquid Fund Pension-ULIF008161109LIQFUNDPEN143 16-Nov-09 3.89% 1.78% 1.53% 18.5030 17.8095 17.4978 10.00

IndiaFirst Liquid Fund -ULIF007161109LIQUIDFUND143 16-Nov-09 3.94% 1.81% 1.56% 15.6230 15.0309 14.7643 10.00

IndiaFirst Equity Fund 1- ULIF009010910EQUTY1FUND143 01-Sep-10 3.76% 21.19% 69.35% 32.6891 31.5032 25.9950 10.00

IndiaFirst Debt Fund 1-ULIF010010910DEBT01FUND143 01-Sep-10 4.00% 2.78% 5.61% 21.0325 20.2242 19.6773 10.00

IndiaFirst Balanced Fund 1-ULIF011010910BALAN1FUND143 01-Sep-10 3.44% 14.58% 42.46% 27.0734 26.1733 22.8420 10.00

IndiaFirst Index Tracker Fund-ULIF012010910INDTRAFUND143 01-Sep-10 1.61% 17.56% 68.57% 29.1578 28.6961 24.4088 10.00

IndiaFirst Value Fund-ULIF013010910VALUEFUND0143 01-Sep-10 4.44% 23.03% 68.83% 35.4084 33.9038 27.5582 10.00

IndiaFirst EBP Bond Fund-ULGF002240111EBPBNDFUND143 24-Jan-11 4.89% 3.55% 5.60% 23.2227 22.1399 21.3805 10.00

IndiaFirst EBP Equity Advantage Fund- 24-Jan-11 4.06% 22.45% 71.33% 35.7000 34.3083 28.0183 10.00
ULGF001240111EBPEQADFND143

IndiaFirst EBP Cash Fund-ULGF003240111EBPCSHFUND143 24-Jan-11 0.00% 1.08% 2.60% 18.3993 18.3993 18.2036 10.00

IndiaFirst Discontinued Policy Fund- 14-May-11 4.53% 3.75% 2.76% 19.9220 19.0585 18.3694 10.00
DPFF016140511DPFND00000143

Indiafirst EBP Dynamic Moderator Fund- 30-Jul-13 3.99% 6.02% 12.83% 18.3832 17.6785 16.6745 10.00
ULGF006300713DYNMODFUND143

IndiaFirst Dynamic Asset Allocation Fund- 08-Aug-11 3.82% 10.06% 26.82% 28.4361 27.3894 24.8851 10.00
ULIF015080811DYAALLFUND143

Indiafirst Group Growth Advantage - 25-Nov-20 4.32% -3.02% NA 10.1169 9.6984 0.0000 10.00
ULGF00925/11/20GGAEQUFUND143

Indiafirst Group Secure Capital Fund- 25-Nov-20 4.41% 0.86% NA 10.5311 10.0861 0.0000 10.00
ULGF00725/11/20GSCBNDFUND143

IndiaFirst Flexi Cap Equity Fund-ULIF02121/02/22FLEXCAPFND143 23-Feb-22 NA NA NA 10.3692 NA NA 10.00

IndiaFirst Sustainable Equity Fund- 23-Feb-22 NA NA NA 10.3006 NA NA 10.00

ULIF02221/02/22SUSTEQUFND143

288 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Investment in Promoter Group Companies

As on 31st March 2023

Balanced Fund - ULIF005161109BALANCEDFN143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 15,272 1.17%
Total Investment in Promoter Group - - 0.00% - 15,272 1.17%
Asset held 606,082 742,007 1,348,089 572,426 737,429 1,309,856

Balanced Pension Fund - ULIF006161109BALFUNDPEN143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 1,724 0.21%
Total Investment in Promoter Group - - 0.00% - 1,724 0.21%
Asset held 389,535 443,608 833,143 345,679 486,484 832,163

Balanced 1 Fund - ULIF011010910BALAN1FUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 50,635 1.14%
Total Investment in Promoter Group - - 0.00% - 50,635 1.14%
Asset held 2,010,590 2,371,489 4,382,079 1,786,570 2,674,165 4,460,735

Debt Fund - ULIF003161109DEBTFUND00143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 178,456 - 178,456 177,384 - 177,384

Debt Pension Fund - ULIF004161109DEBFUNDPEN143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 322,516 - 322,516 321,060 - 321,060

Annual Report 2022-23 289

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Investment in Promoter Group Companies

As on 31st March 2023

Debt 1 Fund - ULIF010010910DEBT01FUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 16,510,132 - 16,510,132 16,615,696 - 16,615,696

Equity Pension Fund - ULIF002161109EQUFUNDPEN143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 11,536 0.92%
Total Investment in Promoter Group - - 0.00% - 11,536 0.92%
Asset held 96,308 1,174,783 1,271,091 186,959 1,065,557 1,252,516

Equity Fund - ULIF001161109EQUITYFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 43,522 1.84%
Total Investment in Promoter Group - - 0.00% - 43,522 1.84%
Asset held 346,569 2,069,432 2,416,000 335,263 2,035,404 2,370,667

Equity 1 Fund - ULIF009010910EQUTY1FUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 5,40,058 1.64%
Total Investment in Promoter Group - - 0.00% - 5,40,058 1.64%
Asset held 5,524,302 31,574,476 37,098,778 5,633,067 27,312,057 32,945,125

Value Fund - ULIF013010910VALUEFUND0143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 24,720 1.54%
Total Investment in Promoter Group - - 0.00% - 24,720 1.54%
Asset held 355,048 1,585,477 1,940,524 290,523 1,319,209 1,609,732

290 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Investment in Promoter Group Companies

As on 31st March 2023

Index Tracker Fund - ULIF012010910INDTRAFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 28,490 286,414 314,904 37,403 235,707 273,110

Dynamic Asset Allocation Fund - ULIF015080811DYAALLFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 32,725 0.83%
Total Investment in Promoter Group - - 0.00% - 32,725 0.83%
Asset held 2,115,226 1,746,760 3,861,987 1,538,572 2,410,451 3,949,024

Discontinued Policy Fund - DPFF016140511DPFND00000143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 5,192,164 - 5,192,164 4,459,094 - 4,459,094

EBP Dynamic Moderator Fund - ULGF006300713DYNMODFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 1,120 0.33%
Total Investment in Promoter Group - - 0.00% - 1,120 0.33%
Asset held 231,395 49,485 280,881 253,827 82,906 336,733

EBP Equity Advantage Fund - ULGF001240111EBPEQADFND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 1,654 1.57%
Total Investment in Promoter Group - - 0.00% - 1,654 1.57%
Asset held 43,495 191,040 234,535 16,615 88,749 105,364

Annual Report 2022-23 291

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Investment in Promoter Group Companies

As on 31st March 2023

Elite Opportunites Fund - ULIF020280716EQUELITEOP143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 7,494 1.41%
Total Investment in Promoter Group - - 0.00% - 7,494 1.41%
Asset held 269,863 347,388 617,251 130,410 402,568 532,978

IndiaFirst Flexi Cap Equity Fund - ULIF02121/02/22FLEXCAPFND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 7,689 - 7,689 - - -

IndiaFirst Sustainable Equity Fund - ULIF02221/02/22SUSTEQUFND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% 0.00 0.00 0.00%
Total Investment in Promoter Group - - 0.00% 0.00 0.00 0.00%
Asset held 533 - 533 0.00 0.00 0.00

Group Growth Advantage - ULGF00925/11/20GGAEQUFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - 17 1.70%
Total Investment in Promoter Group - - 0.00% - 17 1.70%
Asset held 166 845 1,012 144 825 970

Group Secure Capital Fund - ULGF00725/11/20GSCBNDFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 1,580 - 1,580 1,513 - 1,513

292 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Investment in Promoter Group Companies

As on 31st March 2023

Liquid Fund - ULIF007161109LIQUIDFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 76 - 76 351 - 351

EBP Cash Fund - ULGF003240111EBPCSHFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held - - 0.00 - - 0.00

Liquid Fund Pension - ULIF008161109LIQFUNDPEN143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 1,901 - 1,901 1,857 - 1,857

EBP Bond Fund - ULGF002240111EBPBNDFUND143

Current Year Previous Year
Name of the Company
Debt & % to Debt & % to
Equity Equity
Mutual Fund the fund Mutual Fund the fund
Bank of Baroda - - 0.00% - - 0.00%
Total Investment in Promoter Group - - 0.00% - - 0.00%
Asset held 572,748 - 572,748 220,876 - 220,876

Annual Report 2022-23 293

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

Balanced Fund 1 - ULIF011010910BALAN1FUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 55,183 1.26%
Bajaj Finance Limited 27,320 0.62%
HDFC BANK LTD 193,891 4.42%
HOUSING DEVLOPMENT FINANCE CORPORATION 139,729 3.19%
ICICI BANK LTD 151,533 3.46%
INDUSIND BANK LTD 7,006 0.16%
KOTAK MAHINDRA BANK LTD 57,084 1.30%
STATE BANK OF INDIA 52,942 1.21%
Financial and Insurance Activities Total 684,687 15.62%
Greater than 10% 684,687 15.62%
Less than 10% 3,697,393 84.38%
Grand Total 4,382,079 100.00%

BALANCED FUND-ULIF005161109BALANCEDFN143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 14,490 1.07%
Bajaj Finance Limited 8,403 0.62%
HDFC BANK LTD 55,261 4.10%
HOUSING DEVLOPMENT FINANCE CORPORATION 44,300 3.29%
ICICI BANK LTD 41,661 3.09%
INDUSIND BANK LTD 1,722 0.13%
KOTAK MAHINDRA BANK LTD 17,954 1.33%
STATE BANK OF INDIA 13,663 1.01%
Financial and Insurance Activities Total 197,452 14.65%
Greater than 10% 684,687 15.62%
Less than 10% 1,150,636 85.35%
Grand Total 1,348,089 100.00%

294 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

Balanced Fund Pension-ULIF006161109BALFUNDPEN143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 10.15 BAJAJ FINANCE LTD MD : 19/09/2024 10,323 1.24%
AXIS BANK LTD 10,180 1.22%
Bajaj Finance Limited 4,909 0.59%
HDFC BANK LTD 35,569 4.27%
HOUSING DEVLOPMENT FINANCE CORPORATION 25,974 3.12%
ICICI BANK LTD 27,833 3.34%
INDUSIND BANK LTD 1,504 0.18%
KOTAK MAHINDRA BANK LTD 11,543 1.39%
STATE BANK OF INDIA 9,748 1.17%
YES BANK LTD 54 0.01%
Financial and Insurance Activities Total 137,636 16.52%
Greater than 10% 137,636 16.52%
Less than 10% 695,507 83.48%
Grand Total 833,143 100.00%

DEBT FUND 1-ULIF010010910DEBT01FUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 10.15 BAJAJ FINANCE LTD MD : 19/09/2024 85,166 0.52%
7.60 ICICI BANK MD:07.10.2023 225,757 1.37%
7.65 AXIS BANK LTD MD:30.01.2027 29,988 0.18%
7.95% HDFC BANK LTD(MD: 21.09.2026) 229,853 1.39%
8.60 AXIS BANK LTD MD:28.12.2028 52,276 0.32%
6.00% KOTAK MAHINDRA PRIME LTD Sr I MD:150324 210,235 1.27%
7.88 AXIS BANK LTD MD:13.12.2032 223,709 1.35%
7.65% HDB Financial Services LTD 2018 (MD: 469,177 2.84%
10.09.2027)
7.86% HDFC BANK LTD MD: 021232 228,457 1.38%
7.62% NABARD (Sr 23I)MD: 31/01/2028 232,638 1.41%
8.25% KOTAK MAHINDRA PRIME LTD MD:200625 243,383 1.47%
7.63% KOTAK MAHINDRA BANK LTD MD:011229 471,089 2.85%
7.70 BAJAJ FINANCE LTD (SR 285) MD: 070627 478,124 2.90%
7.42 ICICI BANK INFRA MD:15929 235,454 1.43%
6.07% NABARD (Sr MIF 1B)MD: 19/11/2027 442,600 2.68%
Financial and Insurance Activities Total 3,857,907 23.37%
Greater than 10% 3,857,907 23.37%
Less than 10% 12,652,225 76.63%
Grand Total 16,510,132 100.00%

Annual Report 2022-23 295

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

BBEQEO - IndiaFirst Equity Elite Opportunities Fund-ULIF020280716EQUELITEOP143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 6,665 1.08%
Bajaj Finance Limited 2,977 0.48%
HDFC BANK LTD 26,667 4.32%
HOUSING DEVLOPMENT FINANCE CORPORATION 17,811 2.89%
ICICI BANK LTD 17,641 2.86%
INDUSIND BANK LTD 654 0.11%
KOTAK MAHINDRA BANK LTD 7,236 1.17%
STATE BANK OF INDIA 6,187 1.00%
Financial and Insurance Activities Total 85,838 13.91%
Greater than 10% 85,838 13.91%
Less than 10% 531,413 86.09%
Grand Total 617,251 100.00%

EQUITY FUND PEN-ULIF002161109EQUFUNDPEN143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 31,807 2.50%
CANARA BANK 6,992 0.55%
HDFC BANK LTD 94,130 7.41%
HDFC Standard Life Insurance Company Limited 10,718 0.84%
HOUSING DEVLOPMENT FINANCE CORPORATION 65,648 5.16%
ICICI BANK LTD 84,152 6.62%
KOTAK MAHINDRA BANK LTD 16,661 1.31%
STATE BANK OF INDIA 32,395 2.55%
THE FEDERAL BANK LTD 10,745 0.85%
YES BANK LTD 113 0.01%
Financial and Insurance Activities Total 353,360 27.80%
Computer software TATA CONSULTANCY SERVICES LTD 51,278 4.03%
INFOSYS LTD 82,251 6.47%
Computer software Total 133,530 10.51%
Greater than 10% 486,890 38.30%
Less than 10% 784,201 61.70%
Grand Total 1,271,091 100.00%

296 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

EQUITY FUND-ULIF001161109EQUITYFUND143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 44,154 1.83%
Bajaj Finance Limited 23,478 0.97%
HDFC BANK LTD 159,569 6.60%
HOUSING DEVLOPMENT FINANCE CORPORATION 121,576 5.03%
ICICI BANK LTD 121,966 5.05%
INDUSIND BANK LTD 5,034 0.21%
KOTAK MAHINDRA BANK LTD 50,351 2.08%
STATE BANK OF INDIA 43,060 1.78%
Financial and Insurance Activities Total 569,190 23.56%
Computer software TATA CONSULTANCY SERVICES LTD 87,213 3.61%
INFOSYS LTD 144,623 5.99%
HCL TECHNOLOGIES LTD 28,958 1.20%
Computer software Total 260,794 10.79%
Refinery RELIANCE INDUSTRIES LTD 222,818 9.22%
INDIAN OIL CORPORATION LTD 18,692 0.77%
Refinery Total 241,510 10.00%
Greater than 10% 1,071,494 44.35%
Less than 10% 1,344,507 55.65%
Grand Total 2,416,000 100.00%

EQUITY FUND 1-ULIF009010910EQUTY1FUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 739,199 1.99%
Bajaj Finance Limited 356,394 0.96%
HDFC BANK LTD 2,609,905 7.04%
HOUSING DEVLOPMENT FINANCE CORPORATION 1,809,277 4.88%
ICICI BANK LTD 2,024,731 5.46%
INDUSIND BANK LTD 121,291 0.33%
KOTAK MAHINDRA BANK LTD 839,477 2.26%
STATE BANK OF INDIA 715,800 1.93%
Financial and Insurance Activities Total 9,216,074 24.84%
Computer software TATA CONSULTANCY SERVICES LTD 1,278,157 3.45%
INFOSYS LTD 2,125,506 5.73%
HCL TECHNOLOGIES LTD 414,042 1.12%
Computer software Total 3,817,706 10.29%
Greater than 10% 13,033,780 35.13%
Less than 10% 24,064,997 64.87%
Grand Total 37,098,778 100.00%

Annual Report 2022-23 297

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

INDEX TRACKER FUND-ULIF012010910INDTRAFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 6,724 2.14%
Bajaj Finance Limited 4,521 1.44%
BAJAJ FINSERV LTD 2,280 0.72%
HDFC BANK LTD 23,557 7.48%
HDFC Standard Life Insurance Company Limited 1,279 0.41%
HOUSING DEVLOPMENT FINANCE CORPORATION 15,099 4.79%
ICICI BANK LTD 20,169 6.40%
INDUSIND BANK LTD 2,078 0.66%
KOTAK MAHINDRA BANK LTD 7,314 2.32%
SBI Life Insurance Company Limited 1,535 0.49%
STATE BANK OF INDIA 6,039 1.92%
YES BANK LTD 17 0.01%
Financial and Insurance Activities Total 90,613 28.77%
Computer software TECH MAHINDRA LTD 2,750 0.87%
TATA CONSULTANCY SERVICES LTD 13,163 4.18%
WIPRO LTD 2,121 0.67%
INFOSYS LTD 20,791 6.60%
HCL TECHNOLOGIES LTD 4,588 1.46%
Computer software Total 43,414 13.79%
Greater than 10% 134,028 42.56%
Less than 10% 180,876 57.44%
Grand Total 314,904 100.00%

VALUE FUND-ULIF013010910VALUEFUND0143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 34,478 1.78%
Bajaj Finance Limited 13,739 0.71%
HDFC BANK LTD 129,780 6.69%
HOUSING DEVLOPMENT FINANCE CORPORATION 81,944 4.22%
ICICI BANK LTD 90,563 4.67%
INDUSIND BANK LTD 5,341 0.28%
KOTAK MAHINDRA BANK LTD 36,738 1.89%
STATE BANK OF INDIA 31,864 1.64%
Financial and Insurance Activities Total 424,447 21.87%
Greater than 10% 424,447 21.87%
Less than 10% 1,516,077 78.13%
Grand Total 1,940,524 100.00%

298 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

DAAF - DYNMIC ASST ALL FN-ULIF015080811DYAALLFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 10.15 BAJAJ FINANCE LTD MD : 19/09/2024 7,742 0.20%
AXIS BANK LTD 38,222 0.99%
Bajaj Finance Limited 15,188 0.39%
HDFC BANK LTD 136,907 3.54%
HOUSING DEVLOPMENT FINANCE CORPORATION 103,925 2.69%
ICICI BANK LTD 105,154 2.72%
INDUSIND BANK LTD 4,344 0.11%
KOTAK MAHINDRA BANK LTD 43,141 1.12%
STATE BANK OF INDIA 37,200 0.96%
Financial and Insurance Activities Total 491,824 12.73%
Greater than 10% 491,824 12.73%
Less than 10% 3,370,163 87.27%
Grand Total 3,861,987 100.00%

DPF - DISCONTINUED POLICY FUND-DPFF016140511DPFND00000143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities Axis BANK LTD CD (MD : 10.01.2024) 235,968 4.54%
Canara Bank CD (MD : 18.08.2023) 244,015 4.70%
NATIONAL BANK FOR AGRICULTURE & RURAL 234,734 4.52%
DEVELOPMENT CD (MD : 06.02.2024)
HDFC BANK LTD CD (MD : 05.02.2024) 234,780 4.52%
ICICI BANK LTD CD (MD : 17.11.2023) 238,983 4.60%
KOTAK MAHINDRA BANK CD (MD : 11.01.2024) 236,092 4.55%
Financial and Insurance Activities Total 1,424,572 27.44%
Greater than 10% 1,424,572 27.44%
Less than 10% 3,767,592 72.56%
Grand Total 5,192,164 100.00%

Annual Report 2022-23 299

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

DYNMOD - Indiafirst EBP - Dynamic Moderator Fund-ULGF006300713DYNMODFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 7.65 AXIS BANK LTD MD:30.01.2027 19,992 7.12%
7.95% HDFC BANK LTD(MD: 21.09.2026) 9,073 3.23%
AXIS BANK LTD 1,068 0.38%
Bajaj Finance Limited 798 0.28%
HDFC BANK LTD 3,922 1.40%
HOUSING DEVLOPMENT FINANCE CORPORATION 2,888 1.03%
ICICI BANK LTD 2,991 1.06%
INDUSIND BANK LTD 120 0.04%
KOTAK MAHINDRA BANK LTD 1,222 0.43%
STATE BANK OF INDIA 1,039 0.37%
6.00% KOTAK MAHINDRA PRIME LTD Sr I MD:150324 7,385 2.63%
7.65% HDB Financial Services LTD 2018 (MD: 8,694 3.10%
10.09.2027)
Financial and Insurance Activities Total 59,192 21.07%
Greater than 10% 59,192 21.07%
Less than 10% 221,689 78.93%
Grand Total 280,881 100.00%

EBP - Bond Fund-ULGF002240111EBPBNDFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 7.60 ICICI BANK MD:07.10.2023 14,984 2.62%
7.95% HDFC BANK LTD(MD: 21.09.2026) 13,106 2.29%
6.00% KOTAK MAHINDRA PRIME LTD Sr I MD:150324 14,771 2.58%
7.88 AXIS BANK LTD MD:13.12.2032 15,184 2.65%
7.65% HDB Financial Services LTD 2018 (MD: 6,795 1.19%
10.09.2027)
7.86% HDFC BANK LTD MD: 021232 12,636 2.21%
7.62% NABARD (Sr 23I)MD: 31/01/2028 8,786 1.53%
8.25% KOTAK MAHINDRA PRIME LTD MD:200625 5,060 0.88%
7.63% KOTAK MAHINDRA BANK LTD MD:011229 15,003 2.62%
7.70 BAJAJ FINANCE LTD (SR 285) MD: 070627 8,010 1.40%
7.42 ICICI BANK INFRA MD:15929 4,957 0.87%
6.07% NABARD (Sr MIF 1B)MD: 19/11/2027 14,096 2.46%
Financial and Insurance Activities Total 133,387 23.29%
Greater than 10% 133,387 23.29%
Less than 10% 439,361 76.71%
Grand Total 572,748 100.00%

300 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

EBP-Equity Advantage Fund-ULGF001240111EBPEQADFND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 4,160 1.77%
Bajaj Finance Limited 1,629 0.69%
HDFC BANK LTD 15,651 6.67%
HOUSING DEVLOPMENT FINANCE CORPORATION 9,882 4.21%
ICICI BANK LTD 10,928 4.66%
INDUSIND BANK LTD 649 0.28%
KOTAK MAHINDRA BANK LTD 4,419 1.88%
STATE BANK OF INDIA 3,845 1.64%
Financial and Insurance Activities Total 51,164 21.82%
Greater than 10% 51,164 21.82%
Less than 10% 183,371 78.18%
Grand Total 234,535 100.00%

GGAEQU - Indiafirst Group Growth Advantage - ULGF00925/11/20GGAEQUFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 18 1.78%
Bajaj Finance Limited 6 0.56%
HDFC BANK LTD 69 6.84%
HOUSING DEVLOPMENT FINANCE CORPORATION 45 4.41%
ICICI BANK LTD 48 4.77%
INDUSIND BANK LTD 3 0.32%
KOTAK MAHINDRA BANK LTD 19 1.88%
STATE BANK OF INDIA 17 1.66%
Financial and Insurance Activities Total 225 22.22%
Greater than 10% 225 22.22%
Less than 10% 787 77.78%
Grand Total 1,012 100.00%

Annual Report 2022-23 301

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

DEBT FUND-ULIF003161109DEBTFUND00143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 6.00% KOTAK MAHINDRA PRIME LTD Sr I MD:150324 4,924 2.76%
7.88 AXIS BANK LTD MD:13.12.2032 5,061 2.84%
7.65% HDB Financial Services LTD 2018 (MD: 5,296 2.97%
10.09.2027)
7.86% HDFC BANK LTD MD: 021232 4,043 2.27%
7.62% NABARD (Sr 23I)MD: 31/01/2028 2,995 1.68%
8.25% KOTAK MAHINDRA PRIME LTD MD:200625 1,518 0.85%
7.63% KOTAK MAHINDRA BANK LTD MD:011229 5,001 2.80%
7.70 BAJAJ FINANCE LTD (SR 285) MD: 070627 6,008 3.37%
7.42 ICICI BANK INFRA MD:15929 2,478 1.39%
6.07% NABARD (Sr MIF 1B)MD: 19/11/2027 4,699 2.63%
Financial and Insurance Activities Total 42,024 23.55%
Greater than 10% 42,024 23.55%
Less than 10% 136,432 76.45%
Grand Total 178,456 100.00%

DEBT FUND PENSION-ULIF004161109DEBFUNDPEN143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 7.60 ICICI BANK MD:07.10.2023 8,990 2.79%
6.00% KOTAK MAHINDRA PRIME LTD Sr I MD:150324 8,862 2.75%
7.88 AXIS BANK LTD MD:13.12.2032 9,110 2.82%
7.65% HDB Financial Services LTD 2018 (MD: 9,693 3.01%
10.09.2027)
7.86% HDFC BANK LTD MD: 021232 7,582 2.35%
7.62% NABARD (Sr 23I)MD: 31/01/2028 5,192 1.61%
8.25% KOTAK MAHINDRA PRIME LTD MD:200625 3,036 0.94%
7.63% KOTAK MAHINDRA BANK LTD MD:011229 9,002 2.79%
7.70 BAJAJ FINANCE LTD (SR 285) MD: 070627 8,511 2.64%
7.42 ICICI BANK INFRA MD:15929 4,957 1.54%
6.07% NABARD (Sr MIF 1B)MD: 19/11/2027 8,457 2.62%
Financial and Insurance Activities Total 83,393 25.86%
Greater than 10% 83,393 25.86%
Less than 10% 239,123 74.14%
Grand Total 322,516 100.00%

302 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

LIQUID FUND PEN-ULIF008161109LIQFUNDPEN143

Sector/Industry_exp Security Name Amount %

Greater than 10% 0.00 0.00%

Less than 10% 1,901 100.00%
Grand Total 1,901 100.00%

LIQUID FUND- ULIF007161109LIQUIDFUND143

Sector/Industry_exp Security Name Amount %

Greater than 10% 0.00 0.00%

Less than 10% 76 100.00%
Grand Total 76 100.00%

IndiaFirst EBP - Cash Fund-ULGF003240111EBPCSHFUND143

Sector/Industry_exp Security Name Amount %

Greater than 10% 0.00 0.00%

Less than 10% 0.00 100.00%
Grand Total 0.00 100.00%

Indiafirst Group Secure Capital Fund-ULGF00725/11/20GSCBNDFUND143

Sector/Industry_exp Security Name Amount %

Greater than 10% 0.00 0.00%

Less than 10% 1,580 100.00%
Grand Total 1,580 100.00%

Annual Report 2022-23 303

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2023

IndiaFirst Sustainable Equity Fund - ULIF02221/02/22SUSTEQUFND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 18 3.38%
CANARA BANK 8 1.44%
HDFC BANK LTD 14 2.72%
HOUSING DEVLOPMENT FINANCE CORPORATION 11 1.97%
ICICI BANK LTD 19 3.62%
INDUSIND BANK LTD 9 1.60%
KOTAK MAHINDRA BANK LTD 10 1.95%
SBI Life Insurance Company Limited 10 1.86%
STATE BANK OF INDIA 21 3.93%
THE FEDERAL BANK LTD 6 1.09%
SBI Cards and Payment Services Limited 7 1.39%
ICICI Lombard General Insurance Company Limited 4 0.80%
Financial and Insurance Activities Total 137 25.76%
Computer software TECH MAHINDRA LTD 11 2.07%
TATA CONSULTANCY SERVICES LTD 13 2.41%
WIPRO LTD 3 0.55%
INFOSYS LTD 27 5.09%
HCL TECHNOLOGIES LTD 16 3.05%
Computer software Total 70 13.17%
Greater than 10% 207 38.93%
Less than 10% 325 61.07%
Grand Total 533 100.00%

IndiaFirst Flexi Cap Equity Fund - ULIF02121/02/22FLEXCAPFND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities AXIS BANK LTD 93 1.21%
CANARA BANK 67 0.87%
HDFC BANK LTD 135 1.76%
ICICI BANK LTD 63 0.82%
INDIAN BANK 69 0.89%
INDUSIND BANK LTD 90 1.17%
KOTAK MAHINDRA BANK LTD 111 1.44%
STATE BANK OF INDIA 153 2.00%
THE FEDERAL BANK LTD 146 1.89%
CITY UNION BANK LTD 61 0.80%
Financial and Insurance Activities Total 988 12.84%
Greater than 10% 988 12.84%
Less than 10% 6,702 87.16%
Grand Total 7,689 100.00%

304 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

Balanced Fund 1 - ULIF011010910BALAN1FUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities ICICI BANK LTD 179,885 4.03%
HOUSING DEVLOPMENT FINANCE CORPORATION 155,864 3.49%
HDFC BANK LTD 115,736 2.59%
STATE BANK OF INDIA 88,737 1.99%
AXIS BANK LTD 53,952 1.21%
BANK OF BARODA 50,635 1.14%
KOTAK MAHINDRA BANK LTD 50,634 1.14%
CANARA BANK 42,113 0.94%
INDIAN BANK 29,995 0.67%
INDUSIND BANK LTD 22,897 0.51%
UNION BANK OF INDIA 22,885 0.51%
Financial and Insurance Activities Total 813,332 18.23%
Greater than 10% 813,332 18.23%
Less than 10% 3,647,403 81.77%
Grand Total 4,460,735 100.00%

BALANCED FUND-ULIF005161109BALANCEDFN143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities ICICI BANK LTD 42,162 3.22%
HOUSING DEVLOPMENT FINANCE CORPORATION 41,509 3.17%
7.71 L&T FINANCE MD: 08.08.2022 20,195 1.54%
STATE BANK OF INDIA 17,954 1.37%
BANK OF BARODA 15,272 1.17%
CANARA BANK 13,418 1.02%
AXIS BANK LTD 13,249 1.01%
HDFC BANK LTD 13,004 0.99%
10.02% MAHINDRA & MAHINDRA FIN SERV LTD (MD: 12,841 0.98%
19.10.2022)
10.15% MAHINDRA & MAHINDRA FIN SERV LTD (MD: 10,119 0.77%
20.06.2022)
INDIAN BANK 9,594 0.73%
UNION BANK OF INDIA 6,813 0.52%
KOTAK MAHINDRA BANK LTD 4,495 0.34%
9.15% AXIS BANK LTD (MD:31.12.2022) 2,576 0.20%
Financial and Insurance Activities Total 223,202 17.04%
Greater than 10% 223,202 17.04%
Less than 10% 1,086,653 82.96%
Grand Total 1,309,856 100.00%

Annual Report 2022-23 305

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

Balanced Fund Pension-ULIF006161109BALFUNDPEN143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HOUSING DEVLOPMENT FINANCE CORPORATION 32,306 3.88%
HDFC BANK LTD 29,485 3.54%
10.15% MAHINDRA & MAHINDRA FIN SERV LTD (MD: 20,238 2.43%
20.06.2022)
ICICI BANK LTD 14,852 1.78%
10.02% MAHINDRA & MAHINDRA FIN SERV LTD (MD: 12,841 1.54%
19.10.2022)
KOTAK MAHINDRA BANK LTD 12,093 1.45%
STATE BANK OF INDIA 11,079 1.33%
10.15 BAJAJ FINANCE LTD MD : 19/09/2024 10,974 1.32%
AXIS BANK LTD 5,726 0.69%
INDUSIND BANK LTD 4,904 0.59%
HDFC Standard Life Insurance Company Limited 3,988 0.48%
SBI Life Insurance Company Limited 3,308 0.40%
BANK OF BARODA 1,724 0.21%
YES BANK LTD 44 0.01%
Financial and Insurance Activities Total 163,563 19.66%
Greater than 10% 163,563 19.66%
Less than 10% 668,599 80.34%
Grand Total 832,163 100.00%

DEBT FUND 1-ULIF010010910DEBT01FUND143

Sector/Industry_exp Security Name Amount %
Infrastructure Finance Services Exim BANK CD (MD : 17.03.2023) 477,822 2.88%
8.22 NABARD 2028 GOI SERV(PMAY G PA1)MD: 270,933 1.63%
250228
AXIS BANK CD (MD : 11.11.2022) 242,703 1.46%
AXIS BANK CD (MD : 10.02.2023) 206,376 1.24%
HDFC BANK CD (MD : 06.03.2023) 198,502 1.19%
8.20% NABARD 2028 GOI(PMAY G PA 2)(MD: 108,276 0.65%
09/03/2028)
10.30% Sundaram Finance Ltd (MD: 28-09-2022) 102,624 0.62%
10.15 BAJAJ FINANCE LTD MD : 19/09/2024 90,537 0.54%
10.15% MAHINDRA & MAHINDRA FIN SERV LTD (MD: 55,655 0.33%
20.06.2022)
9.15% AXIS BANK LTD (MD:31.12.2022) 48,947 0.29%
7.65 AXIS BANK LTD MD:30.01.2027 31,536 0.19%
10.02% MAHINDRA & MAHINDRA FIN SERV LTD (MD: 25,682 0.15%
19.10.2022)
Infrastructure Finance Services Total 1,859,593 11.19%
Greater than 10% 1,859,593 11.19%
Less than 10% 14,756,103 88.81%
Grand Total 16,615,696 100.00%

306 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

BBEQEO - IndiaFirst Equity Elite Opportunities Fund-ULIF020280716EQUELITEOP143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HOUSING DEVLOPMENT FINANCE CORPORATION 23,945 4.49%
ICICI BANK LTD 19,661 3.69%
STATE BANK OF INDIA 9,788 1.84%
BANK OF BARODA 7,494 1.41%
AXIS BANK LTD 7,344 1.38%
HDFC BANK LTD 7,152 1.34%
CANARA BANK 7,000 1.31%
Cholamandalam Investment and Finance Company 5,394 1.01%
Limited
INDIAN BANK 5,242 0.98%
INDUSIND BANK LTD 2,902 0.54%
KOTAK MAHINDRA BANK LTD 2,499 0.47%
UNION BANK OF INDIA 1,861 0.35%
Financial and Insurance Activities Total 100,281 18.82%
Computer software INFOSYS LTD 22,621 4.24%
TATA CONSULTANCY SERVICES LTD 21,191 3.98%
TECH MAHINDRA LTD 5,341 1.00%
WIPRO LTD 2,210 0.41%
Computer software Total 51,362 9.64%
Greater than 10% 151,643 28.45%
Less than 10% 381,335 71.55%
Grand Total 532,978 100.00%

EQUITY FUND PEN-ULIF002161109EQUFUNDPEN143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities ICICI BANK LTD 71,405 5.70%
HDFC BANK LTD 47,547 3.80%
HOUSING DEVLOPMENT FINANCE CORPORATION 39,867 3.18%
AXIS BANK LTD 26,809 2.14%
STATE BANK OF INDIA 22,250 1.78%
LIC HOUSING FINANCE LTD 13,162 1.05%
BAJAJ FINSERV LTD 13,000 1.04%
SBI Life Insurance Company Limited 11,948 0.95%
BANK OF BARODA 11,536 0.92%
THE FEDERAL BANK LTD 9,930 0.79%
CANARA BANK 8,951 0.71%
KOTAK MAHINDRA BANK LTD 5,674 0.45%
YES BANK LTD 92 0.01%
Financial and Insurance Activities Total 282,171 22.53%
Computer software INFOSYS LTD 80,967 6.46%
TATA CONSULTANCY SERVICES LTD 43,888 3.50%
HCL TECHNOLOGIES LTD 14,436 1.15%
TECH MAHINDRA LTD 10,657 0.85%
WIPRO LTD 10,330 0.82%
Computer software Total 160,278 12.80%
Greater than 10% 442,449 35.32%
Less than 10% 810,068 64.68%
Grand Total 1,252,516 100.00%

Annual Report 2022-23 307

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

EQUITY FUND-ULIF001161109EQUITYFUND143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities ICICI BANK LTD 115,016 4.85%
HOUSING DEVLOPMENT FINANCE CORPORATION 111,579 4.71%
STATE BANK OF INDIA 49,124 2.07%
BANK OF BARODA 43,522 1.84%
CANARA BANK 37,728 1.59%
HDFC BANK LTD 34,390 1.45%
INDIAN BANK 26,294 1.11%
AXIS BANK LTD 24,743 1.04%
UNION BANK OF INDIA 19,137 0.81%
INDUSIND BANK LTD 15,187 0.64%
KOTAK MAHINDRA BANK LTD 11,998 0.51%
Financial and Insurance Activities Total 488,719 20.62%
Computer software INFOSYS LTD 152,765 6.44%
TATA CONSULTANCY SERVICES LTD 109,401 4.61%
TECH MAHINDRA LTD 22,117 0.93%
WIPRO LTD 11,090 0.47%
Computer software Total 295,374 12.46%
Greater than 10% 784,092 33.07%
Less than 10% 1,586,575 66.93%
Grand Total 2,370,667 100.00%

EQUITY FUND 1-ULIF009010910EQUTY1FUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities ICICI BANK LTD 1,591,437 4.83%
HOUSING DEVLOPMENT FINANCE CORPORATION 1,534,159 4.66%
HDFC BANK LTD 819,963 2.49%
STATE BANK OF INDIA 680,817 2.07%
BANK OF BARODA 540,058 1.64%
CANARA BANK 453,628 1.38%
AXIS BANK LTD 384,835 1.17%
KOTAK MAHINDRA BANK LTD 363,198 1.10%
INDIAN BANK 321,405 0.98%
UNION BANK OF INDIA 238,439 0.72%
INDUSIND BANK LTD 194,583 0.59%
Financial and Insurance Activities Total 7,122,520 21.62%
Computer software INFOSYS LTD 1,991,053 6.04%
TATA CONSULTANCY SERVICES LTD 1,504,690 4.57%
TECH MAHINDRA LTD 361,952 1.10%
WIPRO LTD 153,562 0.47%
Computer software Total 4,011,257 12.18%
Greater than 10% 11,133,778 33.79%
Less than 10% 21,811,347 66.21%
Grand Total 32,945,125 100.00%

308 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

INDEX TRACKER FUND-ULIF012010910INDTRAFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HDFC BANK LTD 16,856 6.17%
ICICI BANK LTD 12,391 4.54%
HOUSING DEVLOPMENT FINANCE CORPORATION 10,181 3.73%
KOTAK MAHINDRA BANK LTD 6,175 2.26%
AXIS BANK LTD 4,886 1.79%
STATE BANK OF INDIA 4,673 1.71%
Bajaj Finance Limited 4,501 1.65%
BAJAJ FINSERV LTD 2,388 0.87%
INDUSIND BANK LTD 1,680 0.62%
HDFC Standard Life Insurance Company Limited 1,309 0.48%
SBI Life Insurance Company Limited 935 0.34%
YES BANK LTD 14 0.01%
Financial and Insurance Activities Total 65,991 24.16%
Computer software INFOSYS LTD 19,377 7.10%
TATA CONSULTANCY SERVICES LTD 10,599 3.88%
HCL TECHNOLOGIES LTD 3,640 1.33%
TECH MAHINDRA LTD 2,318 0.85%
WIPRO LTD 2,254 0.83%
Computer software Total 38,189 13.98%
Greater than 10% 104,179 38.15%
Less than 10% 168,930 61.85%
Grand Total 273,110 100.00%

VALUE FUND-ULIF013010910VALUEFUND0143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HOUSING DEVLOPMENT FINANCE CORPORATION 78,135 4.85%
ICICI BANK LTD 64,598 4.01%
STATE BANK OF INDIA 32,315 2.01%
BANK OF BARODA 24,720 1.54%
AXIS BANK LTD 24,368 1.51%
HDFC BANK LTD 23,362 1.45%
CANARA BANK 22,764 1.41%
Cholamandalam Investment and Finance Company 17,602 1.09%
Limited
INDIAN BANK 17,243 1.07%
INDUSIND BANK LTD 9,223 0.57%
KOTAK MAHINDRA BANK LTD 7,882 0.49%
UNION BANK OF INDIA 6,028 0.37%
Financial and Insurance Activities Total 328,241 20.39%
Computer software INFOSYS LTD 75,105 4.67%
TATA CONSULTANCY SERVICES LTD 69,256 4.30%
TECH MAHINDRA LTD 17,424 1.08%
WIPRO LTD 7,168 0.45%
Computer software Total 168,953 10.50%
Greater than 10% 497,194 30.89%
Less than 10% 1,112,539 69.11%
Grand Total 1,609,732 100.00%

Annual Report 2022-23 309

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

DAAF - DYNMIC ASST ALL FN-ULIF015080811DYAALLFUND143
Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HOUSING DEVLOPMENT FINANCE CORPORATION 132,818 3.36%
ICICI BANK LTD 125,029 3.17%
HDFC BANK LTD 108,725 2.75%
STATE BANK OF INDIA 52,478 1.33%
KOTAK MAHINDRA BANK LTD 51,172 1.30%
CANARA BANK 42,765 1.08%
BANK OF BARODA 32,725 0.83%
AXIS BANK LTD 31,619 0.80%
7.71 L&T FINANCE MD: 08.08.2022 30,293 0.77%
INDIAN BANK 23,808 0.60%
UNION BANK OF INDIA 22,016 0.56%
10.15 BAJAJ FINANCE LTD MD : 19/09/2024 8,231 0.21%
Financial and Insurance Activities Total 661,678 16.76%
Greater than 10% 661,678 16.76%
Less than 10% 3,287,345 83.24%
Grand Total 3,949,024 100.00%

DPF - DISCONTINUED POLICY FUND-DPFF016140511DPFND00000143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities KOTAK BANK CD (MD : 17.01.2023) 240,642 5.40%
NATIONAL BANK FOR AGRICULTURE & RURAL 240,248 5.39%
DEVELOPMENT CD (MD : 08.02.2023)
AXIS BANK CD (MD : 10.02.2023) 239,972 5.38%
HDFC BANK CD (MD : 10.02.2023) 239,957 5.38%
Financial and Insurance Activities Total 960,819 21.55%
Greater than 10% 960,819 21.55%
Less than 10% 3,498,275 78.45%
Grand Total 4,459,094 100.00%

310 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

DYNMOD - Indiafirst EBP - Dynamic Moderator Fund-ULGF006300713DYNMODFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities 7.65 AXIS BANK LTD MD:30.01.2027 21,024 6.24%
HDFC BANK CD (MD : 06.03.2023) 9,566 2.84%
HOUSING DEVLOPMENT FINANCE CORPORATION 4,573 1.36%
ICICI BANK LTD 4,040 1.20%
HDFC BANK LTD 3,801 1.13%
KOTAK MAHINDRA BANK LTD 2,033 0.60%
STATE BANK OF INDIA 1,842 0.55%
CANARA BANK 1,462 0.43%
BANK OF BARODA 1,120 0.33%
AXIS BANK LTD 1,113 0.33%
INDIAN BANK 826 0.25%
UNION BANK OF INDIA 761 0.23%
INDUSIND BANK LTD 625 0.19%
Financial and Insurance Activities Total 52,786 15.68%
Greater than 10% 52,786 15.68%
Less than 10% 283,948 84.32%
Grand Total 336,733 100.00%

EBP - Bond Fund-ULGF002240111EBPBNDFUND143

Sector/Industry_exp Security Name Amount %
Infrastructure Finance Services 8.01%RURAL ELECTRIFICATION CORPORATION LTD 16,108 7.29%
(GOI Fully Serviced) MD: 240328
6.75% NIIF INFRASTRUCTURE FINANCE LIMITED MD: 7,573 3.43%
230227
Infrastructure Finance Services Total 23,681 10.72%
Greater than 10% 23,681 10.72%
Less than 10% 197,195 89.28%
Grand Total 220,876 100.00%

Annual Report 2022-23 311

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

EBP-Equity Advantage Fund-ULGF001240111EBPEQADFND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HOUSING DEVLOPMENT FINANCE CORPORATION 5,237 4.97%
ICICI BANK LTD 4,383 4.16%
STATE BANK OF INDIA 2,150 2.04%
BANK OF BARODA 1,654 1.57%
AXIS BANK LTD 1,646 1.56%
HDFC BANK LTD 1,559 1.48%
CANARA BANK 1,516 1.44%
Cholamandalam Investment and Finance Company 1,205 1.14%
Limited
INDIAN BANK 1,148 1.09%
INDUSIND BANK LTD 604 0.57%
KOTAK MAHINDRA BANK LTD 537 0.51%
UNION BANK OF INDIA 405 0.38%
Financial and Insurance Activities Total 22,045 20.92%
Computer software INFOSYS LTD 5,278 5.01%
TATA CONSULTANCY SERVICES LTD 4,619 4.38%
TECH MAHINDRA LTD 1,162 1.10%
WIPRO LTD 453 0.43%
Computer software Total 11,512 10.93%
Greater than 10% 33,558 31.85%
Less than 10% 71,806 68.15%
Grand Total 105,364 100.00%

GGAEQU - Indiafirst Group Growth Advantage - ULGF00925/11/20GGAEQUFUND143

Sector/Industry_exp Security Name Amount %
Financial and Insurance Activities HOUSING DEVLOPMENT FINANCE CORPORATION 48 4.93%
ICICI BANK LTD 40 4.14%
STATE BANK OF INDIA 20 2.09%
BANK OF BARODA 17 1.70%
AXIS BANK LTD 15 1.57%
HDFC BANK LTD 15 1.52%
CANARA BANK 14 1.46%
INDIAN BANK 12 1.21%
Cholamandalam Investment and Finance Company 11 1.11%
Limited
INDUSIND BANK LTD 6 0.58%
KOTAK MAHINDRA BANK LTD 5 0.54%
UNION BANK OF INDIA 4 0.40%
Financial and Insurance Activities Total 206 21.24%
Computer software INFOSYS LTD 50 5.11%
TATA CONSULTANCY SERVICES LTD 45 4.63%
TECH MAHINDRA LTD 10 1.08%
WIPRO LTD 4 0.43%
Computer software Total 109 11.25%
Greater than 10% 315 32.49%
Less than 10% 655 67.51%
Grand Total 970 100.00%

312 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

DEBT FUND-ULIF003161109DEBTFUND00143
Sector/Industry_exp Security Name Amount %
NIL
Greater than 10% 0.00 0.00%
Less than 10% 177,384 100.00%
Grand Total 177,384 100.00%

DEBT FUND PENSION-ULIF004161109DEBFUNDPEN143

Sector/Industry_exp Security Name Amount %
NIL
Greater than 10% 0.00 0.00%
Less than 10% 321,060 100.00%
Grand Total 321,060 100.00%

LIQUID FUND PEN-ULIF008161109LIQFUNDPEN143

Sector/Industry_exp Security Name Amount %
NIL
Greater than 10% 0.00 0.00%
Less than 10% 1,857 100.00%
Grand Total 1,857 100.00%

LIQUID FUND- ULIF007161109LIQUIDFUND143

Sector/Industry_exp Security Name Amount %
NIL
Greater than 10% 0.00 0.00%
Less than 10% 351 100.00%
Grand Total 351 100.00%

IndiaFirst EBP - Cash Fund-ULGF003240111EBPCSHFUND143

Sector/Industry_exp Security Name Amount %
NIL
Greater than 10% 0.00 0.00%
Less than 10% 0.00 100.00%
Grand Total 0.00 100.00%

Annual Report 2022-23 313

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

INDUSTRYWISE EXPOSURE OF 10% ABOVE AS ON 31ST MARCH 2022

Indiafirst Group Secure Capital Fund-ULGF00725/11/20GSCBNDFUND143

Sector/Industry_exp Security Name Amount %
NIL
Greater than 10% 0.00 0.00%
Less than 10% 1,513 100.00%
Grand Total 1,513 100.00%

314 IndiaFirst Life Insurance Company Limited

(Net Asset Value per unit)

NAV Highest, Lowest and Closing As on 31st March 2023

FUND NAME HIGHEST CY LOWEST CY CLOSING CY

IndiaFirst BALANCED FUND-ULIF005161109BALANCEDFN143 32.0069 26.9063 30.5353

IndiaFirst Balanced Fund Pension-ULIF006161109BALFUNDPEN143 33.1473 28.1287 31.6583

IndiaFirst DEBT FUND-ULIF003161109DEBTFUND00143 23.1831 21.8727 23.1831

IndiaFirst DEBT FUND PENSION-ULIF004161109DEBFUNDPEN143 22.6592 21.3819 22.6592

IndiaFirst EQUITY FUND-ULIF001161109EQUITYFUND143 38.4500 30.0508 35.4658

IndiaFirst EQUITY FUND PEN-ULIF002161109EQUFUNDPEN143 40.0440 31.0939 37.4500

IndiaFirst Equity Elite Opportunities Fund-ULIF020280716EQUELITEOP143 21.2695 16.8091 19.7602

IndiaFirst LIQUID FUND PEN-ULIF008161109LIQFUNDPEN143 18.5030 17.8105 18.5030

IndiaFirst LIQUID FUND -ULIF007161109LIQUIDFUND143 15.6230 15.0318 15.6230

IndiaFirst EQUITY FUND 1-ULIF009010910EQUTY1FUND143 35.4297 27.8455 32.6891

IndiaFirst DEBT FUND 1-ULIF010010910DEBT01FUND143 21.0325 19.8300 21.0325

IndiaFirst Balanced Fund 1 - ULIF011010910BALAN1FUND143 28.3235 23.9913 27.0734

IndiaFirst INDEX TRACKER FUND-ULIF012010910INDTRAFUND143 31.3431 25.4784 29.1578

IndiaFirst VALUE FUND-ULIF013010910VALUEFUND0143 38.3689 29.8561 35.4084

IndiaFirst EBP Bond Fund-ULGF002240111EBPBNDFUND143 23.2227 21.7999 23.2227

IndiaFirst EBP Equity Advantage Fund-ULGF001240111EBPEQADFND143 38.6634 30.2109 35.7000

IndiaFirst EBP Cash Fund-ULGF003240111EBPCSHFUND143 0.0000 0.0000 18.3993

IndiaFirst DISCONTINUED POLICY FUND-DPFF016140511DPFND00000143 19.9220 19.0608 19.9220

Indiafirst EBP Dynamic Moderator Fund-ULGF006300713DYNMODFUND143 18.5254 16.9005 18.3832

IndiaFirst DYNAMIC ASST ALL FN-ULIF015080811DYAALLFUND143 29.9736 24.9301 28.4361

Indiafirst Group Growth Advantage - ULGF00925/11/20GGAEQUFUND143 10.9751 8.5209 10.1169

Indiafirst Group Secure Capital Fund-ULGF00725/11/20GSCBNDFUND143 10.5311 10.0868 10.5311

IndiaFirst Flexi Cap Equity Fund - ULIF02121/02/22FLEXCAPFND143 11.3533 9.9740 10.3692

IndiaFirst Sustainable Equity Fund - ULIF02221/02/22SUSTEQUFND143 11.0873 9.8457 10.3006

Annual Report 2022-23 315

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Statement showing Ratio of Gross Income (Including Unrealized Gain/Loss) to Average Daily Net Assets
- As on 31st March 2023

A Income from Investment ULIP Assets Current Year Previous Year

1 Interest, Dividend & Rent - Gross 1,998,440 2,006,538

2 Profit on Sale/ Redemption of Investments 6,604,691 6,757,188

3 (Loss on Sale/ Redemption of Investments) (2,229,454) (828,582)

4 Gain / (Loss) on Amortization 376,759 (78,591)

5 Other Income 36,045 85,639

Sub Total 6,786,481 7,942,193

B Unrealized Gain / (Loss) (2,738,816) 1,394,786

C Total (A+B) 4,047,664 9,336,978

D Average Daily AUM of the ULIP Funds 73,238,249 65,745,140

E Ratio of Gross Income to Average Daily Net Assets (%) 5.53% 14.20%
(c/d*100)

Annualised Expense Ratio to Average Daily Assets of the Fund - As on 31st March 2023

Particulars Current Year Previous Year

Management Fees for the year*# 1,111,378 991,425

Average Daily AUM of the ULIP Funds 73,238,249 65,745,140

Annualised Expense Ratio to Average Daily AUM (%) 1.52% 1.51%

* Management fees Includes GST @ 18.00%.

# Management fees excludes Unclaimed Fund

Provision for doubtful debts on assets of the fund - As on 31st March 2023

Particulars Current Year Previous Year

Provision for doubtful debts on assets of the fund - Linked Funds (36,000) (26,776)

316 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars Balanced Fund - Balanced Fund 1 Balanced Fund Pension-

ULIF005161109BALANCEDFN143 - ULIF011010910BALAN1FUND143 ULIF006161109BALFUNDPEN143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity (53,424) 18,532 (167,956) 133,857 (86,958) 30,045

GOVT SECURITIES (2,883) (2,543) (13,182) (11,631) (1,778) (1,639)

Mutual Funds (7,130) 4,057 (1,615) (7) (6,887) (5,554)

Corporate Bonds (1,940) (4,092) (1,025) (8,203) (2,178) (3,588)

Infrastructure Bonds * (2,344) 4,613 (10,103) 8,435 (693) (507)

Grand Total (67,721) 20,567 (193,882) 122,451 (98,495) 18,757

* Includes NPA Provisions on IL&FS

Particulars DEBT FUND- DEBT FUND DEBT FUND PENSION-

ULIF003161109DEBTFUND00143 1-ULIF010010910DEBT01FUND143 ULIF004161109DEBFUNDPEN143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity - - - - - -

GOVT SECURITIES (196) (294) (77,513) (132,227) (665) (110)

Mutual Funds - - - - - -

Corporate Bonds 140 1,148 (75,594) (5,447) 359 (2,133)

Infrastructure Bonds * (501) 4,696 196,879 17,211 (974) 1,601

Grand Total (557) 5,549 43,772 (120,463) (1,279) (642)

* Includes NPA Provisions on IL&FS

Particulars EQUITY FUND PEN- EQUITY FUND EQUITY FUND-

ULIF002161109EQUFUNDPEN143 1-ULIF009010910EQUTY1FUND143 ULIF001161109EQUITYFUND143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity (68,863) 1,316 (1,188,096) 1,189,292 (118,961) 60,446

GOVT SECURITIES - - - - - -

Mutual Funds (37,084) 2,581 (561,160) 73,554 (47,533) (4,239)

Corporate Bonds (3) (2) - (37) - (4)

Infrastructure Bonds * - - - - - -

Grand Total (105,950) 3,895 (1,749,257) 1,262,809 (166,494) 56,203

* Includes NPA Provisions on IL&FS

Annual Report 2022-23 317

Schedules forming part of the Financial Statements
for the year ended 31 March 2023

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars INDEX TRACKER FUND- LIQUID FUND PEN- LIQUID FUND

ULIF012010910INDTRAFUND143 ULIF008161109LIQFUNDPEN143 ULIF007161109LIQUIDFUND143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity 1,180 28,481 - - - -

GOVT SECURITIES - - - - - -

Mutual Funds (3,192) 1,604 - - - -

Corporate Bonds (1) (0) - - - -

Infrastructure Bonds * - - - - - -

Grand Total (2,013) 30,085 - - - -

* Includes NPA Provisions on IL&FS

Particulars VALUE FUND- DAAF - DYNMIC ASST ALL FN- DISCONTINUED POLICY FUND-
ULIF013010910VALUEFUND0143 ULIF015080811DYAALLFUND143 DPFF016140511DPFND00000143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity (53,579) 61,486 (73,031) 70,502 - -

GOVT SECURITIES - - (995) (11,721) 6,136 12,841

Mutual Funds (26,759) 7,997 3,836 (8,818) - -

Corporate Bonds (2) (0) 130 (2,633) - -

Infrastructure Bonds * - - (3,380) (2,319) - -

Grand Total (80,339) 69,483 (73,440) 45,011 6,136 12,841

* Includes NPA Provisions on IL&FS

Particulars EBP - Bond Fund- EBP-Equity Advantage Fund- DYNMOD - Indiafirst EBP
ULGF002240111EBPBNDFUND143 ULGF001240111EBPEQADFND143 - Dynamic Moderator Fund-
ULGF006300713DYNMODFUND143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity - - (541) 608 (3,374) (2,297)

GOVT SECURITIES (773) (355) - - (661) (191)

Mutual Funds - - (1,301) 128 26 42

Corporate Bonds 1,062 - (0) (0) (1,895) (2,057)

Infrastructure Bonds * (1,376) 20,159 - - 9,945 (1,850)

Grand Total (1,087) 19,804 (1,842) 736 4,041 (6,354)

* Includes NPA Provisions on IL&FS

318 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

Particulars BBEQEO - IndiaFirst Equity GGAEQU - Indiafirst Group Indiafirst Group Secure
Elite Opportunities Fund- Growth Advantage - Capital Fund-
ULIF020280716EQUELITEOP143 ULGF00925/11/20GGAEQUFUND143 ULGF00725/11/20GSCBNDFUND143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity (27,963) 21,233 36 (9) - -

GOVT SECURITIES - - - - - -

Mutual Funds (6,436) 2,067 4 (5) - -

Corporate Bonds (0) (0) - - - -

Infrastructure Bonds * - - - - - -

Grand Total (34,400) 23,301 41 (15) - -

* Includes NPA Provisions on IL&FS

Particulars IndiaFirst EBP - Cash Fund- BBFCEF - IndiaFirst BBSSEF-IndiaFirst

ULGF003240111EBPCSHFUND143 Flexi Cap Equity Fund - Sustainable Equity Fund -
ULIF02121/02/22FLEXCAPFND143 ULIF02221/02/22SUSTEQUFND143

Current Year Previous Year Current Year Previous Year Current Year Previous Year

Equity - - 170 - 4 -

GOVT SECURITIES - - - - - -

Mutual Funds - - - - (0) -

Corporate Bonds - - - - - -

Infrastructure Bonds * - - - - - -

Grand Total - - 170 - 4 -

* Includes NPA Provisions on IL&FS

Annual Report 2022-23 319

Management Report
for the year ended 31 March 2023
(Currency: In Thousands of Indian Rupees unless otherwise stated)

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report
of Insurance Companies) Regulations, 2002, the following Management Report is submitted by the Board of Directors:

1. Certificate of Registration
The Certificate of Registration granted by the Insurance Regulatory and Development Authority of India (IRDAI) to enable the
Company to transact Life Insurance Business was valid as on March 31, 2023 and is in force as on the date of this Report.

2. Statutory Dues
We hereby certify that all the material dues payable, other than those which are being contested with the statutory authorities,
have been duly paid.

3. Shareholding Pattern
The Company confirms that the shareholding pattern and any transfer of shares during the year are in accordance with the
statutory and / or regulatory requirements.

4. Investment Outside India

The Company has not, directly or indirectly, invested the funds of the policyholders outside India, for policies issued in India.

5. Solvency Margin
The Company has maintained adequate assets to cover both its liabilities and the minimum solvency margin, as stipulated in
Section 64 VA of the Insurance Act, 1938 (amended by the insurance Laws (Amendment) Act, 2015) and the IRDA (Assets,
Liabilities and Solvency Margin of Insurers) Regulations, 2016.

6. Valuation of Assets
We hereby certify that all assets of the Company have been reviewed on the date of the Balance Sheet and to the best of our
knowledge and belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their
realizable or market value under the several headings – “Loans”, “Investments” (other than as mentioned hereunder), “Agents
balances”,

“Outstanding Premiums”, “Interest, Dividends and Rents outstanding”, “Interest, Dividends and Rents accruing but not due”,
“Amounts due from other persons or Bodies carrying on insurance business”, “Sundry Debtors”, “Bills Receivable”, “Cash”
and the several items specified under “Other Accounts”.

Market values of fixed income investments made in the shareholders’ funds and policyholders non-linked funds which are
valued at amortized cost as per IRDAI regulations, is higher than their carrying amounts by ` (1,564,342.75) (Previous Year
` 590,493.07) in aggregate as at March 31, 2023.

7. Investment Pattern
We hereby certify that the Life Insurance funds have been invested in line with the provisions of the Insurance Act, 1938 and
various other circulars / notifications / letters issued by the IRDA in this context from time to time.

320 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

8. Risk Exposure and Mitigation Strategies

The company is exposed to several risks in the course of its business. The risks on the liabilities side may arise due to more
than expected claims and on the assets side, the risks arise due to the possibility of fluctuations in the values. The Company
is also subject to the expense risk as new business volumes grow significantly and the actual expenses of the Company will
exceed the expenses loaded into the product pricing. The Company has implemented adequate safeguards to mitigate these
risks are described below:

The company has developed a comprehensive risk framework policy and has implemented enterprise risk management
(“ERM”) across functions. A Risk appetite statement has been developed and a risk tolerance framework has been put in place.

A strong underwriting team are in place to review all proposals from clients which is supported by a comprehensive process
and procedures and guided by experts. The objective of the underwriting team is to minimize the risks of abnormal mortality
and morbidity by acquiring adequate information, on which to determine, whether to accept individual lives, and if so, the
extra premium, to compensate for any additional risk. Further, the possible financial effect of adverse mortality and morbidity
experience has been reduced by entering into reinsurance agreements for individual/group life and health business. The
reinsurers are specialist international reinsurance companies with excellent reputation and significant financial strength.

The Company has set up systems to continuously monitor its experience regarding other parameters that affect the value of
benefits offered in the products. Such parameters include policy lapses, premium persistency, Surrender retention, maintenance
of expenses and investment returns. The operating expenses are monitored very closely.

The Company’s investment team operates under the close supervision of the Investment Committee appointed by the Board of
Directors. The investments are made as per the Investment Policy adopted by the Company which is in line with the Investment
Regulation 2016 issued by IRDAI.

To control operational risk operating and reporting processes are reviewed and updated regularly. Ongoing training through
internal and external programs is designed to prepare staff at all levels for meeting the demands of their positions.

The Company has a business continuity management system which includes a Disaster Recovery Site for Policy Admin &
Investment Systems to manage any business interruption risk. The Company conducts BCP/DR on regular basis and the drill
report is presented to management by Risk Management Committee.

The Chief Information Security Officer (CISO) monitors the risks associated with Cyber Security on regular basis and effective
plan is put in place to mitigate the risks. The Company has an Information and Cyber Security policy which has been prepared
based on the guidelines issued by IRDAI.

9. Operation in Other Countries

The Company is operating in India only and hence has no exposure to country risk.

Annual Report 2022-23 321

Management Report
for the year ended 31 March 2023
(Currency: In Thousands of Indian Rupees unless otherwise stated)

10. Ageing of Claims

The average claims settlement time to date has been one day from the day all necessary documents are submitted to the
Company. The ageing of outstanding death claims as on March 31, 2023 is given below:

Current Year – 2022-23 Unit Linked Non Unit Linked Total

Period No. Amt No. Amt No. Amt
Upto 30 days 0 0 0 0 0 0
31 days to 6 months 0 0 5 24,862 5 24,862
More than 6 months 5 10,093 1 10,000 6 20,093
Total 5 10,093 6 34,862 11 44,955

Previous Year – 2021- 22 Unit Linked Non Unit Linked Total

Period No. Amt No. Amt No. Amt
Upto 30 days 0 0 1 50 1 50
31 days to 6 months 1 30 8 3,268 9 3,298
More than 6 months 5 1,009 1 1,000 6 2,009
Total 6 1,039 10 4,318 16 5,357

The average claim settlement time from the day of all necessary document received for the current year and previous five
year are given below:

Financial Year Average Claim Settlement Time

(in Days)
2018-19 1
2019-20 1
2020-21 1
2021-22 2
2022-23 1

11. Valuation of Investments

We hereby certify that the fixed income investments made in the shareholders funds and policyholders non linked funds
have been valued on the basis of the amortised value of these assets and mutual fund investments have been valued at the
previous day’s Net Asset Value of the respective mutual funds.

The investments of linked funds of policyholders are valued as under:

• Fixed Income Securities: These are valued on the basis of the CRISIL bond valuer/ CRISIL gilt prices;

• Unlisted equity shares are stated at historical cost;

• Listed equity shares, redeemable preference shares and equity ETFs are valued at the last quoted closing price of
the security on the National Stock Exchange (NSE) of India Limited. In case of securities not traded on NSE, the last
quoted closing price on the BSE is used;

• Money Market Instruments: Money market instruments are valued on amortized value; and

• Mutual Funds: The previous day’s Net Asset Value published by the respective mutual funds.

322 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

12. Review of Asset Quality

Shareholders’ Fund

The Company has invested approximately 44.74% of the Shareholders’ funds in Government securities and Treasury Bills
which have a sovereign rating. Around 36.07% of the funds have been invested in AAA and upto AA rated Infrastructure and
Housing bonds. Approximate 17.08% of the funds comprise of fixed deposits with scheduled banks, Collateralized Borrowing
and Lending Obligation (CBLO) and approved investments (including net current assets), and remaining 2.11% of the funds
are in other than approved investments.

Policyholders’ Fund
The policyholders’ funds are invested as per the regulatory norms and the commitments made to the policyholders. In fixed
income segment the investment is made in government securities having sovereign rating & debt paper of reputed corporate
having rating AA & above. The equity selection is made after appropriate research and analysis of the investee company as
well as the industry to which it belongs. To meet the liquidity requirement a part is invested into liquid & short-term schemes of
leading mutual funds and other money market instruments. The investments are also made keeping in mind the asset-liability
requirement of the respective funds.

The assets held are ` 216,833,790/- as on March 31, 2023 (Previous year ` 189,318,097/-) and is having the following
bifurcation:

Investment Category Shareholder’s Policyholder’s Funds Unclaimed Fund Total

Funds
PH - Non ULIP PH – ULIP
Government Securities 44.74% 67.44% 20.47% 0.00% 49.77%
Corporate Bonds 37.49% 21.36% 10.44% 0.00% 18.09%
TREPS 15.54% 3.52% 5.90% 109.64% 4.88%
CPM 0.00% 0.00% 0.00% 0.00% 0.00%
SFD 0.03% 0.00% 0.00% 0.00% 0.00%
AIF 0.00% 0.12% 0.00% 0.00% 0.07%
EQU 0.69% 3.06% 55.03% 0.00% 21.52%
CASH & NCA 1.51% 1.80% 1.68% -9.64% 1.73%
Corporate Deposit 0.00% 2.00% 1.84% 0.00% 1.86%
AT1 0.00% 0.39% 0.00% 0.00% 0.23%
MFU 0.00% 0.04% 4.64% 0.00% 1.68%
INVIT 0.00% 0.27% 0.00% 0.00% 0.17%
Total 100.00% 100.00% 100.00% 100.00% 100.00%
AUM in Cr 849 13,088 7,738 8 21,683

Annual Report 2022-23 323

Management Report
for the year ended 31 March 2023
(Currency: In Thousands of Indian Rupees unless otherwise stated)

Returns generated by Unit Linked Funds during the year are given below.
Funds AUM as on Return for 1 Year Return for 3 Year Since Inception
31st Mar (In Percentage) (In Percentage) (In Percentage)
2023 (in
Crores) Fund Benchmark Fund Benchmark Fund Benchmark

Balanced Fund 1 438.21 3.44 1.32 19.08 17.98 8.26 8.44

Balanced Fund 134.81 4.31 1.32 20.78 17.98 8.72 8.66
Balanced Fund Pension 83.31 4.12 1.32 18.71 17.98 9.01 8.66
Debt Fund 1 1,651.01 4.00 4.02 4.12 5.54 6.11 7.57
Debt Fund 17.85 4.44 4.02 4.05 5.54 6.50 7.39
Debt Fund Pension 32.25 4.04 4.02 3.66 5.54 6.32 7.39
Equity Elite Opportunities 61.73 4.40 1.85 27.59 17.43 11.18 8.90
Equity Fund Pension 127.11 6.77 0.01 28.38 24.15 10.39 9.25
Equity Fund 241.60 4.08 0.01 30.33 24.15 9.94 9.25
Equity Fund 1 3,709.88 3.76 0.01 28.66 24.15 9.90 8.77
Index Tracker Fund 31.49 1.61 (0.29) 26.28 25.27 8.92 8.73
Liquid Fund 0.01 3.94 5.53 2.43 3.98 4.46 6.01
Liquid Fund Pension 0.19 3.89 5.53 2.40 3.98 4.72 6.15
Value Fund 194.05 4.44 (0.07) 29.45 24.36 10.60 8.69
Dynamic Asset Allocation 386.20 3.82 1.84 13.16 15.83 9.46 9.36
Fund
Dynamic Moderator Fund 28.09 3.99 3.06 7.55 9.74 6.56 8.94
Indiafirst Employee 57.27 4.89 4.02 4.68 5.54 7.22 7.66
Benefit Plan Bond Fund
Indiafirst Employee 23.45 4.06 0.01 29.72 24.15 11.11 9.56
Benefit Plan Equity
Advantage Fund
Indiafirst Group Growth 0.10 4.32 0.01 - 24.15 0.84 (1.98)
Advantage Fund
Indiafirst Group Secure 0.16 4.41 4.02 - 5.54 3.80 3.67
Capital Fund
IndiaFirst Flexi Cap Equity 0.77 - - - - - -
Fund
IndiaFirst EBP Cash Fund 0.00 - - - - - -
IndiaFirst Sustainable 0.05 - - - - - -
Equity Fund

Discontinued Policy Fund which is treated as a part of Unit Linked Funds is not mentioned in the above table

324 IndiaFirst Life Insurance Company Limited

(Currency: In Thousands of Indian Rupees unless otherwise stated)

13. Directors Responsibility Statement

The Directors make the following statements in terms of section 134(3)(c) of the Companies Act, 2013 to the best of the
Director’s knowledge and belief that:

• in the preparation of the annual accounts for the year ended March 31, 2023 the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any;

• that such accounting policies as mentioned in the financial statements have been selected and applied consistently and
made judgement and estimates that are reasonable and prudent so as to give true and fair view of the states of affairs
of the company as at March 31, 2023 and of the profit and loss of the company for the year ended on that day;
• that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with
the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
• that the Annual Financial Statements have been prepared on a going concern basis;

• that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate
and operating effectively;

• the management has ensured that an internal audit system commensurate with the size and nature of the business
exists and is operating effectively;

• the management have laid down internal financial controls to be followed by the Company and that such internal financial
controls are adequate and were operating effectively.

14. Payment Made to Parties in Which Directors are Interested

The details of the parties with whom the Company has had transactions for the year ended March 31, 2023 are given below:

Sr No. Name of the Director Entity in which Director Interested As Current Year (`) Previous Year
is interested (`)
1 Sanjiv Chadha Bank of Baroda MD & CEO 2,248,338 1,709,279
2 Sanjiv Chadha BOB Capital Market Ltd Nominee Director & Chairman 1,867 3,993
3 Joydeep Dutta Roy Bank of Baroda Executive Director 2,248,338 1,709,279

For and on behalf of board of directors

IndiaFirst Life Insurance Company Limited

Sanjiv Chadha Joydeep Duttaroy K.S. Gopalakrishnan R.M. Vishakha

Chairman Director Director Managing Director
DIN: 08368448 DIN: 08055872 DIN:06567403 & Chief Executive Officer
DIN: 07108012

Kedar Patki Bhavna Verma Aniket Karandikar

Chief Financial Officer Appointed Actuary Company Secretary

Place : Mumbai
Date : May 09, 2023

Annual Report 2022-23 325

Disclaimers:
IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th &
13th floor, North Tower, Building 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East),
Mumbai – 400 063. Toll free No – 18002098700. Email id: customer.first@indiafirstlife.com, Website:
www.indiafirstlife.com. Fax No.: +912268570600. Trade logo displayed above belongs to our promoter M/s Bank of
Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License. Purchase of any Insurance product by Bank’s
Customer is purely voluntary, and is not linked to availment of any other facility from the Bank.