Launches its branch at Pune
Collects premium of Rs 100 crore in record five months
National footprint to cover 100 branches
Presents a suite of investment options with guaranteed returns
Pune, September 26, 2008: IDBI Fortis Life Insurance began its operations with a big bang by collecting premium of over Rs 100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector. As a part of their aggressive 100-branch plan, IDBI Fortis Life Insurance Co. Ltd. today formally launched their branch at Pune, a educational hub and one of the rapidly developed city in Maharashtra. The branch is located at Erandwane in Pune.
The company has launched operations in March this year, leading with their innovative product ‘Wealthsurance’. The company plans to have 13 branches in Maharashtra out of the 30 branches in the western region in total.
“With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances” said Mr G. V. Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.
IDBI Fortis Life Insurance is a joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.
“WealthsuranceTM is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them”, Mr Rao added.
Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis said, “Pune is well known as the ‘Queen of Deccan’ due to its scenic beauty and rich natural resources. Besides, it is known on the world map because of its educational, research and development institutions. Pune is the most industrialized district in western Maharashtra and a famous IT hub in the country, all this makes the city more attractive in terms of economic development.”
He also added that “We at IDBI Fortis see a major opportunity in Maharashtra not only to expand our business but to harness the state’s talent pool. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities for staff and advisors respectively.”