Formally launches its branch at Asansol
Private life insurer IDBI Federal Life Insurance Company today formally launched their Asansol branch with a bouquet of unique plans that cater to varied needs of customers at different times. The branch is located at Sneha Commercial Complex, 1st Floor, Above Medicare Image, Burnpur Road, Asansol.
Announcing the launch of the Asansol branch, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said: “We are extremely happy to be here to serve Asansol and surrounding coal mining and industrial hubs.”
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 Incomesurance Endowment & Money Back Plan’ that declares in advance an additional guaranteed income on every premium paid. As on August 31st, 2011, the company has issued over 3.16 lakh policies with over Rs 17,943 Cr in Sum Assured. The company has a strong distribution network of over 1,665 branches through their partner banks and 61 branches of their own.
“Incomesurance is designed to give a guaranteed income to our customers who can realize their dreams, like their child’s education, planning for daughter’s marriage, providing financial security to their loved ones, or for that matter ensuring a comfortable retirement income. The most unique feature of this plan is that the customer gets to know the increase in guaranteed income at the time of each premium payment. One does not have to wait till the maturity of the plan or declaration of bonus.” said Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance.
“IncomesuranceTM also provides a death benefit. Moreover, if one chooses Lump Sum Cover option, the company will pay a lump sum upon death. If one chooses Waiver of Premium option, all future premiums will be waived in the case of an unfortunate eventuality on the customer and the guaranteed income will continue, just as one had envisaged. This insurance benefit ensures that the customer’s goals will be achieved even if something unfortunate were to happen.” Mr. Rao added.
Apart from Incomesurance™, IDBI Federal Life Insurance Co Ltd has launched several innovative plans like Lifesurance®, Wealthsurance®, Homesurance®, Bondsurance™, Microsurance®, Termsurance®, Retiresurance®, Loansurance® and Healthsurance®.
Mr. Aneesh Khanna, Sr. Vice President & Head - Marketing & Product Management of IDBI Federal Life Insurance, said: “We are honored to be here to serve Asansol, which is well known for its coal mining and industrial development. We feel Asansol offers an excellent market for financial services like insurance. We see opportunities not only for our business but for creating employment as well as self-employment opportunities in terms of staff and advisors, 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 August 31st, 2011, the company has issued over 3.16 lakh policies with over Rs 17,943 Cr in Sum Assured.
Do visit www.idbifederal.com to know more
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 908 branches and 1492 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)
Please visit www.idbibank.com to know more.
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 757 branches and 832 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.
Please visit www.federalbank.co.in to know more
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, Turkey, 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.
Please visit www.ageas.com to know more