ING Vysya targets Rs 2,000 cr in insurance sector in 2008

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Bangalore, Jan 24 (UNI) ING Vysya Life, part of the ING Group, the world's largest financial service provider, aims to net Rs 2,000 crore in the insurance sector during 2008, Company Director T K Uthappa said today.

Talking to UNI here, he said that in 2007, the company had collected Rs 937 crore, including Rs 630 crore towards first premium, and this was expected to be more than doubled in 2008 as the products have been well received by the public. During the current fiscal, the first premium was expected to touch Rs 1,300 crore.

To a question, he said Unit Linked policies were gaining popularity, but the company wanted to popularise traditional insurance policies.

Earlier, Mr Uthappa announced the launch of 'Guaranteed Growth ULIP', the 24th product of the company.

He said the uniqueness of the new scheme was that it assured five per cent guaranteed income after maturity. It offered a choice of policy term of ten years or 15 years, besides premium paying choice between single premium and a limited premium paying term of two or three years. On maturity, the higher of the Fund Value or Guaranteed Benefit would be paid. The policy also allowed two partial withdrawals on completion of five policy years.

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