IDBI Federal Life Insurance formally launched its branch at Jamshedpur today. The branch is located at Third floor, GDR Siddha, AN Road, Bishtupur, Jamshedpur.
IDBI Federal Life Insurance is one of India’s fastest growing new private life insurance companies having started operations in March 2008, leading with their new and innovative product ‘IDBI Federal Wealthsurance® DreamBuilder Insurance Plan’.
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, 2011, the company has issued over 3.09 lakh policies with over Rs 17,435 Cr in Sum Assured. IDBI Federal Life Insurance already has a strong distribution network of over 1,635 branches through their partner banks and 61 branches of their own.
“Everyone wants to create wealth, but wealth creation does not happen by chance. It needs a Plan. Wealthsurance® DreamBuilder Insurance Plan, our flagship product, offers such a plan, which is very flexible and can be customized to an individual’s needs. The beauty of the Plan is that you can be insured not only against risk of death but against 17 major diseases, hospitalization, 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.
“Wealthsurance® DreamBuilder Insurance Plan”, 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 optional 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 optional benefit is the Hospital Cash Benefit in which daily cash benefit up to a maximum of Rs. 5,000 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 other than 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.
Apart from Wealthsurance®, IDBI Federal Life Insurance Co Ltd has launched several innovative plans like Homesurance®,Bondsurance™,Microsurance®,Termsurance®,Incomesurance®,Retiresurance®,Lifesurance®, Loansurance® and Healthsurance.
Mr. Hans Loozekoot, Chief Financial Officer - IDBI Federal Life Insurance, said: “Jamshedpur is the largest conglomeration in the state of Jharkhand and is a major industrial centre of East India. Jamshedpur known as the "Steel City”, is also one of the cleanest, richest and fastest growing cities in India. So, at IDBI Federal Life Insurance, we see a major opportunity in Jamshedpur 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 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, 2011, the company has issued over 3.09 lakh policies with over Rs 17,435 Cr in Sum Assured.
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 883 branches and 1481 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)
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 752 branches and 825 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.
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand and has subsidiaries in France, Germany, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the second largest player in private car insurance and the over 50’s market. It employs more than 13,000 people and has annual inflows of almost EUR 18 billion.