About UsDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48percent equity while Federal Bank and Fortis own 26Percent equity each. At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. In only its first year of operations, as on March 31st 2009, the company collected more than 328 Cr in premiums – highest first year collection in the history of Indian life insurance industry, through over 87000 policies and over Rs 2825 Cr in Sum Assured.
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 700 branches and more than 1180 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 660 branches and 690 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Fortis is an international insurance group composed of AG Insurance, the overall market leader in life and non-life insurance in Belgium, distributing its insurance products through the network of BNP Paribas Fortis Bank and independent insurance brokers, and Fortis Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. |
Happenings / News / Press CoverageIDBI Fortis reaches the city of Mauryas
Launches its branch at Patna
• National footprint to cover 100 branches
• Presents a suite of innovative products for different needs
PATNA, JANUARY 29, 2010: IDBI Fortis Life Insurance, which began its operations with a big bang by collecting premium of over Rs 316 crore in its first year of operations, today formally launched their branch at Patna, as part of its aggressive 100-branch plan across the country. The branch is located at Near Dakbungalow Chowk, Fraser Road, Patna.
IDBI Fortis Life Insurance, one of the fastest growing new life insurance companies in the country’s private sector, has launched operations in March 2008, leading with their innovative product ‘Wealthsurance’. The company plans to expand in Bihar and Jharkhand in the near future.
With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances, said Mr G V Nageswara Rao, MD and CEO, IDBI Fortis Life Insurance.
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.
Wealthsurance™, our flagship product, is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, Wealthsurance is a one-stop solution to a customer’s wealth building plans. Wealthsurance™ offers investment choices such as Monthly Guaranteed Interest Fund, Guaranteed Return Funds, Dynamic Guaranteed Funds, Equity Growth Fund, Nifty Index Fund, Midcap Fund, Bond Fund, Income Fund, Liquid Fund and Asset Allocator Options. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of Wealthsurance™ ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them. Mr. Rao added.
IDBI Fortis recently launched Incomesurance™ Endowment & Money Back Plan which is a first of its kind combination product of endowment and money back which gives the customers unmatched transparency and competitive interest rates in relation to the changing market. Incomesurance™ is a new addition to their stable of innovative products like Homesurance™ to create a protective cover for your home loan, Bondsurance™, for guaranteed returns with life insurance cover, Retiresurance® for a comfortable life after retirement with lifelong pension and Termsurance™ Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. It also offers Microsurance™ for affordable life insurance cover to groups and Termsurance™ Grameen Suraksha, a low cost life insurance plan for rural markets.
Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance said: Patna has magnificently combined the rich heritage and culture of the past with modernity and has emerged as an important centre for tourism and commerce in the entire Eastern region. Patna being the capital of Bihar has experienced a good pace in terms of economic development and infrastructure which augurs well for financial services.
He also added that We, at IDBI Fortis Life Insurance, see a major
Aim / Vision / MissionOur Vision
To be the leading provider of wealth management, protection and retirement solutions that meets the needs of our customers and adds value to their lives.
Our Mission
To continually strive to enhance customer experience through innovative product offerings, dedicated relationship management and superior service delivery while striving to interact with our customers in the most convenient and cost effective manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission.
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 | Fact Sheet | | | Year of Establishment | : | 2008 | | Legal Status of Firm | : | Limited Liability/Corporation (Listed Company) | | Nature of Business | : | Service Provider | | Number of Employees | : | more than 1000 People | | Turnover | : | More than US$ 100 Million (or > Rs. 400 Crore Approx.) | | Major Markets | : | Indian Subcontinent, East Europe and North Europe |
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Contact Details| | Company Name:
| I D B I Fortis Company Limited | | Contact Person: | Mr. Abhijeet Powdwal | | Telephone: | +(91)-(22)-24908109 / 24908110
| | Mobile / Cell Phone: | +(91)-9324691966 | | Fax No: | +(91)-(22)-24941016 | | Address: | 1st Floor, Tradeview, Oasis Complex, Kamala City, P.B. Marg, Lower Parel (W), Mumbai, Maharashtra - 400 013 (India) |
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