Mumbai, Sep 9: IDBI Fortis Life Insurance has collected premium of over Rs 100 crore within a period of five months, thus becoming the fastest growing new life insurance company in the private sector.
The Company has issued 25,428 policies with collected premium of Rs 105.3 crore and sum insured of Rs 827 crore as on August 31, 2008. Speaking to mediapersons here, IDBI Fortis managing director and chief executive officer G V Nageswara Rao said ''We are heading for another century as we embarked on an aggressive network expansion to open as many as 100 branches during the current fiscal and we have already completed setting up of over 30 branches.'' The company had begun operations in March this year, leading to their innovative product Wealthsurance, a combination of comprehensive investment choices, protected by powerful insurance options, with a reasonable charge structure.
Wealthsurance offers investment choices such as guaranteed return fund, capital guaranteed fund, monthly interest account, equity funds and debt funds, ensuring that the customer finds all investment requirements satisfied with one product.
Meanwhile, IDBI Fortis Chief Finance Officer Filip Coremans said, ''The focus is now to expand our tied agency network to cater to this huge country with so many different languages and dialects, in addition to our wide bancassurance networks with IDBI Bank and Federal Bank.''