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Change in name of insurance JV to help boost business

Special Correspondent

IDBI Fortis renamed as IDBI Federal Life


No change in shareholding pattern of the firm

It had issued 2 lakh policies as on June 30, 2010


KOCHI: The recent change in the name of IDBI Fortis Life Insurance Company Ltd., a joint venture floated by IDBI Bank, Federal Bank and Fortis Insurance International, to IDBI Federal Life Insurance Company Ltd., is expected to help boost the company's operations in Kerala. Federal Bank has a very strong presence in South India, particularly in its home State, Kerala.

With its brand name coming into the title of the insurance company, Federal Bank expects to grow its insurance business at a much faster pace in the State, its officials said.

There is no change in the shareholding pattern of the company. IDBI Bank holds 48 per cent stake in the joint venture company, while Federal Bank and Ageas hold 26 per cent each.

The change in the name of the joint venture is consequent on the Belgium-based Fortis Insurance International's decision in April to globally change its name to Ageas.

The three partners of the insurance company have invested nearly Rs.450 crore in their ratio of shareholding. Started in 2008, the company has been registering a path of growth.

As on June 30, 2010, it had issued over 2 lakh policies with a sum assured of over Rs.9,160 crore.

Flagship product

Wealthsurance, the flagship product of IDBI Federal Life Insurance, is a combination that aims to provide people with protected growth. IDBI Federal Life Insurance recently launched Healthsurance Hospitalisation and Surgical Plan, with a host of benefits.

Among the company's products are Microsurance, for affordable life insurance cover to groups, and Termsurance Grameen Suraksha, a low-cost life insurance plan for rural markets, the officials said.

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