IDBI Federal Life Insurance
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| Joint Venture | |
| Industry | Life insurance |
| Founded | March 2008[1] |
| Headquarters | Headquarters in Mumbai, India |
Key people | Vighnesh Shahane, CEO & Whole Time Director |
| Products | Life insurance |
Number of employees | 1,941 employees on-roll; over 10,000 agents |
| Website | Official Website |
IDBI Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection and retirement solutions to individual and corporate customers.
IDBI Federal Life Insurance Co Ltd is a three way joint-venture of IDBI Bank, India’s premier development and commercial bank; Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.
Through a nationwide network of over 2,000 branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country. IDBI Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers.
History
In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) in December 2007.[2]
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the 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.[3]
India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance major IDBI Fortis. The company’s AUM crossed the Rs. 1,000 crore mark for the first time in March 2010.[4]
In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. The organisation has always taken the road less travelled. In 2012-13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in the industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained its profitable trajectory from thereon.[5]
Products
IDBI Federal offers a suite of products that addresses various life-stage needs of the customers. The trademarked names of the products help define the benefit and the value they bring to the customer.
- Termsurance offers financial protection to the family of the life insured in case of the unfortunate event of the death of the life insured.
- Lifesurance offers an array of participating endowment plans, designed to provide long-term savings along with life cover.
- Wealthsurance enables the life insured to build wealth while providing the protection of life cover.
- Homesurance provides insurance cover equal to the outstanding balance of the life insured’s home loan, thus ensuring that the life insured’s family always enjoys living in their dream home.
- Incomesurance provides guaranteed regular income along with a life cover.
- Bondsurance offers, along with life cover, guaranteed return against a one-time premium payment.
- Loansurance is a cost-effective insurance plan that covers the life insured’s outstanding debt.
- Childsurance offers solutions to ensure funding the life insured’s child’s future needs like higher education, marriage, vocational training, etc.
- Healthsurance ensures that the life insured never lack the funds to obtain quality treatment in case of medical emergencies.
- Retiresurance offers plans that help the life insured build a corpus that lasts throughout his retired life to make them the best years of his life.
- Microsurance has been designed to provide effective insurance services for low-income groups and promote financial inclusion for the community.
Awards
- IDBI Federal was recognized as the ‘Best Insurance Company in the Private Sector’ for the year 2013 -2014 at the Lokmat Banking, Financial Services & Insurance Awards[7]
- IDBI Federal’s Corporate Annual event, Corporate Brochure and In-house magazine received one silver each at the Global Public Relations Council of India Conclave 2015.
- IDBI Federal's thematic Annual Report for FY 2013-14 was conferred with the Corporate Collateral Gold Award at the Global Public Relations Council of India Conclave 2015.
- IDBI Federal's thematic Annual Report for FY 2012-13 was conferred with the Corporate Collateral Award of Appreciation at the Global Public Relations Council of India Conclave 2014.
- IDBI Federal was conferred with a special recognition at the Public Relations Council of India Awards 2014 for their PR efforts towards their maiden profits story.
- IDBI Federal was recognised as the ‘Best Life Insurance Company’ in the private sector at the IPE Banking, Financial services and Insurance Awards 2013.
- IDBI Fortis won a bronze Dragon at 'PMAA 2009'
See also
- IDBI Bank
- IDBI Intech Ltd.
References
- ↑ "IDBI-Fortis Insurance is born". DNA (newspaper). 2006-07-26.
- ↑ "IDBI, Fed Bank, Fortis ink pact for risk foray". Business Standard.
- ↑ "IDBI Fortis collects Rs. 100 crore premium". The Hindu. Retrieved 10 September 2008.
- ↑ "IDBI Fortis to sponsor India-SL series". IBN Live. Retrieved 23 Jan 2009.
- ↑ "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.
- ↑ "List of Products/Riders". IRDAI.
- ↑ "LOKMAT - BANKING FINANCIAL SERVICES & INSURANCE AWARDS 2014". Lokmat.
External links
- IDBI Federal Life Insurance - Official Website
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