Mumbai: IDBI Fortis Life Insurance is one of India’s fastest growing new private life insurance companies having started operations in March 2008, leading with their innovative product ‘WealthsuranceTM’.

As on March 31st 2010, the company has collected more than 900 Cr in premiums (including 570 Cr of premiums collected in the FY 2009-10) with over 1,83,000 policies and over Rs 7,850 Cr in Sum Assured. IDBI Fortis Life Insurance already has a strong distribution network of over 1380 branches through their partner banks and intends to strengthen their distribution force further by aiming for 15000 distributors/agents this fiscal. At present, the company has 40 branches and plans to increase the branch network to 55 within this fiscal.

“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.

“WealthsuranceTM, 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, WealthsuranceTM is a one-stop solution to a customer’s wealth building plans. WealthsuranceTM 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 WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.” Mr. Rao added.

IDBI Fortis has recently launched Healthsurance Hospitalisation and Surgical PlanTM a power packed plan with a host of benefits that help you manage the extra financial burden that comes with hospitalisation. The company also recently launched IncomesuranceTM Endowment & Money Back Plan which is a first of its kind combination product of endowment and money back that gives the customers unmatched transparency and competitive interest rates in relation to the changing market conditions. HealthsuranceTM & IncomesuranceTM are new additions to their stable of other innovative products like HomesuranceTM a protective cover for home loans, BondsuranceTM, for guaranteed returns with life insurance cover, RetiresuranceTM for a comfortable life after retirement with lifelong pension and TermsuranceTM Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. IDBI Fortis Life Insurance also offers MicrosuranceTM for affordable life insurance cover to groups and TermsuranceTM Grameen Suraksha, a low cost life insurance plan for rural markets.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance, said, “Thrissur ranks as the seventh best city in India to reside. Thrissur is a major financial and commercial hub of Kerala and a leading shopping centre for silks and gold jewelry. Thrissur also ranks first in the number of domestic tourists in Kerala. Apart from being the cultural nerve centre of Kerala, it is also a major academic hub and is home to several educational institutions. It’s a perfect blend of a business oriented and lifestyle centric market. So we at IDBI Fortis Life Insurance, see a major opportunity in Thrissur not only to expand our business through our distributor base but also to harness the alliances opportunities in the region. IDBI Fortis, one of the fastest growing life insurance companies in the country, will also create employment as well as self-employment opportunities for staff and distributors respectively.”