IDBI Fortis Life Insurance
Encyclopedia
IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Fortis Life Insurance) is a joint venture between three financial companies – development and commercial bank, IDBI Bank
, India
’s private sector bank, Federal Bank
and European insurer Ageas
(formerly Fortis
), which was formed on March 2008. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.
(IRDA). IDBI Fortis offers services through a nationwide network across the branches of IDBI Bank and Federal Bank in addition to a network of advisors and partners. IDBI Fortis has 35 branches across the country.
IDBI Bank
The IDBI Bank Limited is one of India's leading public sector banks and 4th largest Bank in overall ratings. RBI categorised IDBI as an "other public sector bank". It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
’s private sector bank, Federal Bank
Federal Bank
Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. As of March 31 2011 it has 743 branches spread across 24 states in India and 803 ATMs around the country.-History:In the year 1931, Travancore Federal Bank was inaugurated at...
and European insurer Ageas
Ageas
Ageas N.V./S.A. is a multinational insurance company headquartered in Brussels, Belgium and Utrecht, Netherlands. Ageas is Belgium's largest insurer and operates in 14 countries worldwide...
(formerly Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
), which was formed on March 2008. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.
History
- 2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company
- 2008: IDBI Fortis Life Insurance Co. Ltd., which started its operations in March 2008
- 2008: IDBI Fortis opens its second branch in Andhra Pradesh in Vijayawada
- 2008: IDBI Fortis Life positive on assured return products
- 2008: IDBI Fortis launches the Bondsurance Plan
- 2009: IDBI Fortis announces Rs 250cr capital infusion
- 2009: Nimbus ropes in IDBI Fortis as title sponsor of India–Sri Lanka series
- 2009: 'IDBI Fortis' Boss-Ka-Boss receives PRCI Award
- 2009: IDBI Fortis launches Retiresurance™ Pension Plan
- 2009: IDBI Fortis scores with Goalsurance™
- 2009: IDBI Fortis reaches the banks of Hoogly
- 2009: IDBI Fortis launches Incomesurance™ Immediate Annuity
- 2009: IDBI Fortis Life Insurance uses an interactive application to help users easily calculate their taxes
- 2009: IDBI Fortis reaches the City of Eastern Light
- 2009: IDBI Fortis receives bronze Dragon at 'PMAA 2009'
- 2009: IDBI Fortis Life Insurance introduces financial inclusion plan in rural Orissa
- 2009: IDBI Fortis launches Termsurance™ Protection Plan
- 2009: IDBI Fortis redefines endowment & money back with Incomesurance™
- 2009: IDBI Fortis to open 65 more branches; raise headcount by 1,000
- 2010: IDBI Fortis now renamed as IDBI Federal Life Insurance Company
Technology
To monitor and manage its network equipment across 34 sites, IDBI Fortis uses Tulip Proactive Managed CE solution. The solution includes device management, proactive troubleshooting and notification support. With the implementation of the solution, IDBI has reported improvement of network performance and availability, with a faster, more effective change and configuration management.Products
IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory and Development AuthorityInsurance Regulatory and Development Authority
The Insurance Regulatory and Development Authority is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements...
(IRDA). IDBI Fortis offers services through a nationwide network across the branches of IDBI Bank and Federal Bank in addition to a network of advisors and partners. IDBI Fortis has 35 branches across the country.
Sponsorships, Awards
- IDBI Fortis Life Insurance Company was selected as the title sponsor for the India-Sri Lanka Cricket Series 2009, consisting of five One-Day Internationals and a Twenty 20 match. The ODI series will be called the IDBI Fortis Wealthsurance Cup. This will be followed by the IDBI Fortis Wealthsurance Twenty20.
- ‘Wealthsurance Made Easy’ (WME), a knowledge aid by IDBI Fortis for its sales force, won The Bronze Dragon in the category for ‘Best Dealer/Sales Force activity’ at the Promotion Marketing Awards of Asia (PMAA).
External links
- IDBI Fortis Life Insurance - Official Website