One of the youngest players in the life insurance space, IndiaFirst Life Insurance, has set a target of mopping up Rs 1,200 crore from new premium this fiscal and has lined up a bouquet of products to help achieve this goal.

"We have one group savings product, one unique offering for high networth individuals and a pension plan in the pipeline for this fiscal. The pension plan will be launched when the regulatory guidelines are out," IndiaFirst managing director and chief executive P Nandagopal told PTI here.

The company's new business premium has reached Rs 150 crore till July, which was its target for the first quarter.

"We are already on track for achieving the Rs 1,200-crore new business premium target by the end of the fiscal," he said.

To achieve this, the private insurer is also planning to increase its agents to 5,000 from the present 500 in this fiscal.

IndiaFirst is also working on four more offerings, including two health products for FY13, he said.

The private insurer already has a dozen products, both under the traditional and unit-linked portfolios.

"Our recent foray into health insurance had tremendous response and we have already sold 5,000 plans," Nandagopal said, adding he was expecting selling 30,000 IndiaFirst Money Back Health Insurance Plan by the end of FY12.