IDBI Federal Life Insurance: Difference between revisions

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'''IDBI Federal Life Insurance Co Ltd.''' [[joint-venture]] of  [[Federal Bank]], one of India’s leading{{peacock term|date=March 2017}} private sector banks and [[Ageas]], a multinational insurance giant based out of [[Europe]]. It’s renamed to AGEAS Federal Life insurance Company as IDBI Bank has sold its share to Ageas
'''IDBI Federal Life Insurance Co Ltd.''' [[joint-venture]] of  [[Federal Bank]], one of India’s oldest leading{{peacock term|date=March 2017}} private sector banks in India and [[Ageas]], a multinational insurance giant based out of [[Europe]]. It’s renamed to AGEAS Federal Life insurance Company as IDBI Bank has sold its share to Ageas.
 
Agead Federal distributes its products through a multi-channel network consisting of [[Insurance agent]]s, [[Bancassurance]] partners (IDBI Bank, Federal Bank) Direct channel, and [[Insurance Broker]]s.<ref>{{cite news|title=IDBI Bank's insurance JV sale not that easy|url=https://economictimes.indiatimes.com/markets/stocks/news/idbi-banks-insurance-jv-sale-not-that-easy/articleshow/62065805.cms?from=mdr|work=[[The Economic Times]]|date=14 December 2017}}</ref>
Agead Federal distributes its products through a multi-channel network consisting of [[Insurance agent]]s, [[Bancassurance]] partners (IDBI Bank, Federal Bank) Direct channel, and [[Insurance Broker]]s.<ref>{{cite news|title=IDBI Bank's insurance JV sale not that easy|url=https://economictimes.indiatimes.com/markets/stocks/news/idbi-banks-insurance-jv-sale-not-that-easy/articleshow/62065805.cms?from=mdr|work=[[The Economic Times]]|date=14 December 2017}}</ref>


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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.<ref>{{cite web|title=IDBI, Fed Bank, Fortis ink pact for risk foray|url=http://www.business-standard.com/article/finance/idbi-fed-bank-fortis-ink-pact-for-risk-foray-106071201086_1.html|publisher=Business Standard}}</ref>
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.<ref>{{cite web|title=IDBI, Fed Bank, Fortis ink pact for risk foray|url=http://www.business-standard.com/article/finance/idbi-fed-bank-fortis-ink-pact-for-risk-foray-106071201086_1.html|publisher=Business Standard}}</ref>


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]].<ref>{{cite web|title=IDBI Fortis collects Rs. 100 crore premium|url=http://www.thehindu.com/todays-paper/tp-business/idbi-fortis-collects-rs-100-crore-premium/article1335262.ece|work=The Hindu|access-date=10 September}}</ref>
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]].<ref>{{cite web|title=IDBI Fortis collects Rs. 100 crore premium|url=http://www.thehindu.com/todays-paper/tp-business/idbi-fortis-collects-rs-100-crore-premium/article1335262.ece|work=The Hindu|access-date=14 April 2015}}</ref>


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.<ref>{{cite web|title=IDBI Fortis to sponsor India-SL series|url=http://ibnlive.in.com/news/cricketnext/idbi-fortis-to-sponsor-indialanka-series/336611-78.html|archive-url=https://archive.today/20150414094447/http://ibnlive.in.com/news/cricketnext/idbi-fortis-to-sponsor-indialanka-series/336611-78.html|url-status=dead|archive-date=14 April 2015|publisher=IBN Live|access-date=23 Jan 2009}}</ref>
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.<ref>{{cite web|title=IDBI Fortis to sponsor India-SL series|url=http://ibnlive.in.com/news/cricketnext/idbi-fortis-to-sponsor-indialanka-series/336611-78.html|archive-url=https://archive.today/20150414094447/http://ibnlive.in.com/news/cricketnext/idbi-fortis-to-sponsor-indialanka-series/336611-78.html|url-status=dead|archive-date=14 April 2015|publisher=IBN Live|access-date=23 January 2009}}</ref>


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.<ref>{{cite web|title=IDBI Federal posts maiden profit in 5 years|url=http://www.business-standard.com/article/companies/idbi-federal-posts-maiden-profit-in-5-years-113060400793_1.html|publisher=Business Standard|access-date=4 June 2013}}</ref>
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.<ref>{{cite web|title=IDBI Federal posts maiden profit in 5 years|url=http://www.business-standard.com/article/companies/idbi-federal-posts-maiden-profit-in-5-years-113060400793_1.html|publisher=Business Standard|access-date=4 June 2013}}</ref>
== Key people ==
* Vighnesh Shahane as CEO and Director (Full time)
* Lalitha Bhatia as Chief Operating Officer (COO)<ref>{{Cite web|title=Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times|url=https://www.moneycontrol.com/news/business/economy/online-sales-contactless-underwriting-game-changer-for-insurance-sector-in-covid-times-6921971.html|access-date=2021-09-10|website=Moneycontrol|language=en}}</ref>


==See also==
==See also==

Latest revision as of 13:50, 24 May 2022

IDBI Federal Life Insurance
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. joint-venture of Federal Bank, one of India’s oldest leading[peacock term] private sector banks in India and Ageas, a multinational insurance giant based out of Europe. It’s renamed to AGEAS Federal Life insurance Company as IDBI Bank has sold its share to Ageas. Agead 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 | edit source]

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]

Key people[edit | edit source]

  • Vighnesh Shahane as CEO and Director (Full time)
  • Lalitha Bhatia as Chief Operating Officer (COO)[7]

See also[edit | edit source]

References[edit | edit source]

  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 14 April 2015.
  5. ↑ "IDBI Fortis to sponsor India-SL series". IBN Live. Retrieved 23 January 2009.{{cite web}}: CS1 maint: deprecated archival service (link)
  6. ↑ "IDBI Federal posts maiden profit in 5 years". Business Standard. Retrieved 4 June 2013.
  7. ↑ "Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times". Moneycontrol. Retrieved 10 September 2021.
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