IDBI Fortis Life launches incomesurance product


Mumbai: IDBI Fortis Life Insurance launched a plan which could provide an additional guaranteed income to the customers. "Incomesurance Endowment and Money Back is designed to give a guaranteed income to our customers for their child's education, planning for daughter's marriage etc. Ensuring comfortable retirement income," said Nageswara Rao, CEO and Managing Director of IDBI Fortis Life Insurance. Under the plan, a customer can get his income as a total sum endowment or as an annual money back. The plan provides death benefits. During the first-half of this fiscal, IDBI Fortis Life, which started its operations in March 2008, registered a 74 percent growth in the total premium collection. The company registered a growth of 27 percent in the new business premium during the first half of financial year 2010, he said. The company has 35 branches across the country and plans to increase it to 55 by the March-end, Rao said, adding, "We will add another 20 branches in the current fiscal". The asset under management (AUM) of the firm is at 1,000 crore. IDBI Fortis Life is joint venture of IDBI Bank, Federal Bank and Fortis Insurance.