Giving a boost to its business expansion plans, IDBI Fortis Life Insurance has announced a capital infusion of Rs 250 cr from its shareholders as per their share holding pattern.
IDBI Fortis launched its operations in March 2008 with an initial capital of Rs 200 cr leading with their innovative product, WealthsuranceTM, which has been its flagship product helping it race to over Rs. 2000 Cr of Sum Assured with over Rs 250 Cr of First Year Annual Premiums and over 62,000 policies issued in record time. The company is targeting a network expansion drive to set up 100 branches across the country. In addition, IDBI Fortis also sells its products through the more than 1100 branches of its shareholder banks, IDBI and Federal Bank.
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. IDBI Bank owns 48% equity while Federal Bank and Fortis own 26% equity each. Visit www.idbifortis.com to know more.
IDBI Fortis has managed to launch an array of innovative products from its stable.
Its flagship product, WealthsuranceTM Foundation Plan is a unique combination that is termed as an Insured Wealth Plan that aims to provide people a growing wealth plan protected by the benefits of insurance. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, Wealthsurance is a one-stop solution to a customer’s wealth building plans. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds, Asset Allocator Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.
With the recent popularity for guaranteed return products, the company launched a unique product, BondsuranceTM that offers tax-free assured returns with life cover.
With the innovative HomesuranceTM Protection Plan, customers can now cover the changing liability that comes with a typical floating rate home loan, along with an optional cover where they can pay off the home loan even in the unfortunate event of any major disease or other unforeseen circumstances.
“The branch expansion drive is going on in full swing and we already have over 30 branches up and running in various states,” said Mr G.V. Nageswara Rao, MD and CEO, IDBI Fortis Life Insurance. “IDBI Fortis is committed to providing comprehensive investment and insurance solutions through innovative products, well-trained sales force and high standards of service.”
The fresh capital infusion will also help IDBI Fortis in meeting the solvency requirements and expanding operations due to increased sales besides launching new products and branches.
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