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PressRelease: IDBI Federal Life Insurance Company
IDBI Federal nestles on the banks of the Krishna
Guntur, September 29, 2010

Formally launches its branch at Guntur

  • Presents a suite of innovative products catering to different needs

GUNTUR, SEPTEMBER 29, 2010: IDBI Federal Life Insurance formally launched its branch at Guntur today. The branch is located on the Second floor, West Krishna Plaza, Laxmi Puram, Guntur.

IDBI Federal Life Insurance is one of India’s fastest growing new private life insurance companies having started operations in March 2008. As on July 31st 2010, the company has issued over 2.13 lakh policies with over Rs 9,819 Cr in Sum Assured. IDBI Federal Life Insurance already has a strong distribution network of over 1430 branches through their partner banks.

“Everyone wants to create wealth, but wealth creation does not happen by chance or accident. It needs a Plan. Wealthsurance™ Milestone Plan, our flagship product, offers such a plan, which is very flexible and can be customised to an individual’s needs. The beauty of the Plan is that it can be insured not only against risk of death but against 17 major diseases, hospitalisation, disability, accidental injuries etc so that you can feel confident that your financial goals can be reached despite the surprises life may throw up.” said Mr G V Nageswara Rao, MD and CEO, IDBI Federal Life Insurance.

IDBI Federal 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 Ageas, a multinational insurance giant based out of Europe.

“WealthsuranceTM Milestone Plan”, our flagship product, is a unique combination that aims to help people reach their important goals in life with full confidence. The Plan not only allows its policyholder to invest according to their changing risk appetite; it also provides a host of insurance benefits to protect them against uncertainties, so that they don’t have to break their investment to meet sudden financial demands and their money can keep compounding. The insurance benefits offered by the Plan include Major Diseases Benefit in which lump-sum cash amount up to Rs. 20 lakhs is paid upon diagnosis of any of 17 specified major diseases. These include heart attack, coronary bypass surgery, cancer, stroke, paralysis, coma, brain tumor, renal failure, major organ transplant etc. Another benefit is Hospital Cash Benefit in which daily cash benefit up to a maximum of Rs. 5000 per day will be paid for each day of hospitalisation, irrespective of the amount actually spent. The claim process is simple since no bills have to be submitted but only proof of hospitalisation. Other benefits offered include accidental death and disablement benefit and waiver of all future premiums upon death or disablement. Mr. Rao added.

IDBI Federal has recently launched Loansurance® Group Life Plan where an institution gets to cover its borrowers, be it a loan taken by individuals or by a business entity, against default in the unfortunate case of death of the person who is responsible for loan repayment. The company also recently launched Healthsurance® Hospitalisation and Surgical Plan a power packed plan with a host of benefits that help you manage the extra financial burden that comes with hospitalisation. Loansurance® & Healthsurance® are new additions to their stable of other innovative products like IncomesuranceTM Endowment & Money Back Plan which is a first of its kind combination product of endowment and money back that gives the customers unmatched transparency and competitive interest rates in relation to the changing market conditions, Homesurance® a protective cover for home loans, BondsuranceTM, for guaranteed returns with life insurance cover and TermsuranceTM Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. IDBI Federal Life Insurance also offers MicrosuranceTM for affordable life insurance cover to groups and TermsuranceTM Grameen Suraksha, a low cost life insurance plan for rural markets.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Federal Life Insurance, said: “Guntur is known as a centre for business, industry, and agriculture in Andhra Pradesh. This region is also identified as a major transportation and textile hub in India. Additionally, the Guntur area economy has an agricultural component that is internationally known for its exports of chillies, cotton, and tobacco. So, at IDBI Federal Life Insurance, we see a major opportunity in Guntur not only to expand our business through our distributor base but also to harness the alliances opportunities in the region. IDBI Federal, one of the fastest growing life insurance companies in the country, will also create employment as well as self-employment opportunities for staff and distributors respectively.”

About IDBI Federal Life Insurance
IDBI Federal 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 Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on July 31st 2010, the company has issued over 2.13 lakh policies with over Rs 9,819 Cr in Sum Assured. Do visit to know more

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About the sponsors of IDBI Federal Life Insurance Co Ltd

IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 728 branches and 1254 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd)

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Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 710 branches and 755 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.

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