IDBI Federal Life announced that the company is expecting a 70% growth in the total premium income in the current fiscal.
The company is a joint venture between IDBI Bank, India’s development and commercial bank, Federal Bank, one of India’s private sector banks and the Europe’s Ageas. IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.
IDBI Federal Life only started operations in 2008 and has issued over lakh 2.60 lakh policies as on December 31, 2010 with over Rs 13, 647 crore in Sum Assured. Their current capital base stands at Rs 450 crore.
G Nageshwara Rao, CEO, IDBI Federal Life, said that in 2009-10, their total premium income grew by 70% and they are expecting a similar growth in the current fiscal as well.
Amidst a host of Pension plans available, IDBI Federal recently launched Retiresurance Guaranteed Pension Plan which is designed to help customers secure their lifestyle requirements post retirement. Each installment premium paid has a guaranteed maturity value which is payable on the vesting date.
The company will also be launching 3 more products in the health, child and retirement category, next fiscal.
