IDBI Federal Life Insurance

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IDBI Federal Life Insurance
TypeJoint Venture
IndustryLife insurance
FoundedMarch 2008[1]
HeadquartersHeadquarters in Mumbai, India
Key people
Vighnesh Shahane, CEO & Whole Time Director
ProductsLife insurance
Number of employees
1,941 employees on-roll; over 10,000 agents
WebsiteOfficial Website

IDBI Federal Life Insurance Co Ltd. is a three way joint-venture of IDBI Bank, an Indian development and commercial bank; Federal Bank, one of India’s leading[peacock term] private sector banks and Ageas, a multinational insurance giant based out of Europe.

IDBI Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers.[2]

History[edit]

In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) in December 2007.[3]

IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the premium of over Rs.100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector.[4]

India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance major IDBI Fortis. The company’s AUM crossed the Rs. 1,000 crore mark for the first time in March 2010.[5]

In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. In 2012-13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in the industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained its profitable trajectory from thereon.[6]

See also[edit]

References[edit]

  1. ^ "IDBI-Fortis Insurance is born". DNA. 26 July 2006.
  2. ^ "IDBI Bank's insurance JV sale not that easy". The Economic Times. 14 December 2017.
  3. ^ "IDBI, Fed Bank, Fortis ink pact for risk foray". Business Standard.
  4. ^ "IDBI Fortis collects Rs. 100 crore premium". The Hindu. Retrieved 10 September. Check date values in: |access-date= (help)
  5. ^ "IDBI Fortis to sponsor India-SL series". IBN Live. Retrieved 23 January 2009.
  6. ^ "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.