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IDBI Fortis Life launches new incomesurance product

Wednesday, 18 November 2009 - 9:28pm IST | Place: Mumbai | Agency: PTI
IDBI Fortis Life Insurance today launched 'Incomesurance Endowment and Money Back' plan which declares in advance an additional guaranteed income on every premium paid.

IDBI Fortis Life Insurance today launched 'Incomesurance Endowment and Money Back' plan which declares in advance an additional guaranteed income on every premium paid.


"Incomesurance is designed to give a guaranteed income to our customers for their child's education, planning for daughter's marriage, providing financial security and ensuring comfortable retirement income," IDBI Fortis Life Insurance managing director and CEO, Nageswara Rao, told reporters here.


Under the plan, a customer can get his income as a lump sum endowment or as an annual money back.


The plan provides death benefits and besides the premium is eligible for tax deduction.


During the first-half, IDBI Fortis Life, which started its operations in March 2008, registered a 74% growth in the total premium collection.


"In the first six months, there was a 74% growth in the total premium collection which is a good indication (of things to come)," Rao said.


The company registered a growth of 27% in the new business premium during H1 FY 10, he said.


The company has 35 branches across the country and plans to increase it to 55 by the March-end, Rao said.


"We will be adding another 20 branches in the current fiscal," he said.The assets under management of the company is Rs1,000-crore, Rao said.


The expense ratio of the company stood at 38% last year and it is now aiming to reduce it.


"Last year, our expense management ratio was 38% and we want to bring it down to 10% in the next 6-7 years," Rao said.


IDBI Fortis Life is joint venture of IDBI Bank, Federal Bank and Fortis Insurance.


In the company, IDBI Bank has a majority stake of 48% while Federal Bank and Fortis own 26% each.


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