IDBI Fortis opens its branch

Pune, September 28: As a part of its aggressive 100-branch plan, IDBI Fortis Life Insurance Co Ltd on Friday formally opened its branch in the city. The branch is located at Erandwane.

The company has launched operations in March this year, leading with its innovative product Wealthsurance. It has already collected premium over Rs 100 crore in five months. The company plans to have 13 branches in the State, out of the 30 branches in the western region in total, stated a release.

"With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances," said G V Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.

IDBI Fortis Life Insurance is a joint-venture of IDBI, India's premier development and commercial bank, Federal Bank, a leading private sector bank and Fortis, Europe's banking and insurance giant.

Wealthsurance aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds. "The powerful insurance benefits of WealthsuranceTM ensure that a customer's wealth plan is not affected by unforeseen events that may strike them," Rao added.

Murali Iyer, national head, Agency & Alliances, IDBI Fortis, said, "Pune is the most industrialised district in western Maharashtra and a famous IT hub in the country, all this makes the city more attractive in terms of economic development. We at IDBI Fortis see a major opportunity in Maharashtra not only to expand our business but to harness the state's talent pool."

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