IDBI Federal Life Insurance

IDBI Federal Life Insurance
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.

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Awards

See also

References

External links