ING Vysya targets 2000 cr in insurance sector

Bangalore, Jan 24: ING Vysya Life, part of ING Group, the world's largest financial service provider, aims to collect Rs 2000 Crore in insurance sector during 2008, Company Director (Sales Tied Agency) 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 first premium and premiums, and this was expected to be more than double in 2008 and the products have been well received by the public. During the current fiscal the first premium was expected to touch Rs 1300 Crore with company aiming to come out with more new products.

Replying to a question, he said that Unit Linked policies gaining popularity, however, company wants to popularise traditional insurance policies.

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

He said that the uniquinece of the new scheme was it assures five per cent guaranteed income after maturity. It offers a choice of policy term of 10 years or 15 years and there is premium paying choice between single premium and a limited premium paying term of two or three years. On maturity, the higher of Fund Value or Guaranteed Benefit would be paid. The policy also allows two partial withdrawal on completion of five policy years.

UNI