ING Vysya eyes to become Rs 2,000 cr firm by Dec-end

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New Delhi, Jan 24 (UNI) ING Vysya Life Insurance Company Ltd today said it targets to become a Rs 2,000 crore firm with a total customer base of 11.5 lakh by December-end.

''We aim to reach about 11.5 lakh customer base and target to become a Rs 2,000 crore company by the end of this calender year,'' company Managing Director-cum-CEO Kshitij Jain told reporters at the launch of its product here.

The Bangalore-based company also plans to infuse capital of about Rs 100 crore in this quarter.

''We have already invested about Rs 750 crore in our business and will further infuse about Rs 100 crore in January-March this year,'' Mr Jain said.

The company, which had started operation in the country in 2001, plans aggressive expansion in Central and Northern parts of the country, he said.

Mr Jain said it will increase the firm's market share of 1.2 per cent to three per cent by 2010.

The company today launched a unit-linked product -- ING Guaranteed Growth Plan -- that offers five per cent guaranteed return on premium invested with a potential of investing in equity markets.

''The product meets the customer's need of reaping the benefit of market-linked return, without having to suffer the pitfall of its volatility,'' Mr Jain said.

The plan, available in 10 years or 15 years, offers a premium payment option of a single and a limited premium paying term of two or three years.

On policy maturity, the higher of fund value or guaranteed benefit will be paid, Mr Jain explained.

In case of death, the sum assured or guaranteed benefit or the fund value, whichever is higher will be paid.

The policy also allows two partial withdrawals on completion of five-year of the policy.

''The 40 per cent of the funds will be invested in equities, while the balance in debt securities investment,'' Mr Jain said.

ING Vysya Life, a part of Dutch financial services provider ING Group, has operations in 246 cities in the country presently with 276 branch locations.

UNI MP SBA KKP1740

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