Bangalore-headquartered private life insurer ING Vysya Life Insurance would launch three-four single premium products in the next quarter by March 2011.
Launching the ING Market Shield, its new unit-linked insurance plan (Ulip) here, Rahul Agarwal, chief distribution officer of ING Life, said, “We would launch another single premium product under Prospering Life and the rest will be available by March.”
He said they expected sales to pick up in the next quarter. “It would go up to 60-70 per cent of the current portfolio.” ING is targeting premium collections of Rs 2,000 crore by March 2011.
The new product ING Market Shield would benefit policy holders from the market upswings and secures the investment of customers from losses. For a premium paying period of five years, the minimum annual premium payable is Rs 48,000 and for 10 years or the entire policy term, the minimum annual premium payable is Rs 36,000.
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The company expects its business in Andhra Pradesh to grow 5-7 per cent during this fiscal as compared with the last fiscal, on the back on new products.
“Up to the end of October, we achieved only 2 per cent growth due to regulatory problems. But, we are confident of attaining 5-7 per cent growth by the year end,” U Krishna Ved, executive vice president, ING Life, told mediapersons here.
During the current year up to October, the company collected over Rs 75 crore premium, up 2 per cent as against last year. For the whole last year, premium collections stood at Rs 120 crore, he added. “ We are anticipating good premium collections over the next three months on the back of Market Shied,” he stated.
During the current year, ING Life opened 10 branches in the state.