IDBI Fortis Life Insurance today launched a plan which would 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... Ensuring comfortable retirement income," IDBI Fortis Life Insurance Chief Executive Officer and Managing Director Nageswara Rao told reporters here.
Under the plan, a customer can get his income as a lump 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 per cent growth in the total premium collection.
"In the first six months, there was a 74 per cent growth in the total premium collection which is a good indication (of things to come)," Rao said.
The company registered a growth of 27 per cent in the new business premium during H1 FY10, 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 assets under management of the firm is at Rs 1,000 crore, Rao said.
IDBI Fortis Life is joint venture of IDBI Bank, Federal Bank and Fortis Insurance.
In the JV IDBI Bank has a majority stake of 48 per cent while Federal Bank and Fortis own 26 per cent each.
