ING Vysya to up capital base by Rs 125 crore

ING Vysya plans to infuse fresh capital of Rs 125 crore this month to increase the capital base of the company from the current Rs 790 crore.

Rajiv Panwar, regional vice-president (North India), ING Vysya, said with the fresh capital infusion, the accumulated capital base would be Rs 915 crore, which would facilitate the company's expansion plans.

Panwar said the company plans to add 90 branches by the year-end, taking the total number of branches to 363. Also the number of advisors would be doubled from 51,000 at present.

ING Vysya would add an additional capital of Rs 500 crore in FY09. The company also hopes to increase the premium income to Rs 2100 crore in FY09 from Rs 955 crore recorded a year ago.

Announcing the launch of ING Golden Life, an unit linked retirement solution that would offer loyalty units along with LSIP, Panwar said the company's new ULIP product was likely to add 20-25 per cent more to the company's sales.

"With retirement insurance contributing around 28 per cent of the total insurance segment, ING Vysya is keen to tap the market and consolidate their position in the segment," Panwar added.

The Golden Life product would encourage customers in building a large retirement fund and realize their post retirement schemes and the target age for the product would be in the group of 28-45 years.

The LSIP would help customers to manage retirement funds according to their risk profile with customers having a choice between standard investment program where 60 per cent of the fund would be invested in equity and aggressive program where 100 per cent fund would be invested in equity.