IDBI Fortis Life Insurance began its operations with a big bang by collecting 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. As a part of their aggressive 100-branch plan, IDBI Fortis Life Insurance Co. Ltd. formally launched on September 27th their branch at Vizag, a major port and one of the rapidly developing cities in India. The branch is located at Daba Gardens in Vizag.

The company has launched operations in March this year, leading with their innovative product ‘Wealthsurance’. The company plans to have 6 branches in the state and 24 branches in the southern region in total.

“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 Mr 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, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.

“WealthsuranceTM is a unique combination that 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. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them”, Mr Rao added.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance Co Ltd said, “Vizag, the port city on the East coast of India, has a harmonious blend of the magical past and the bustling present. It is understood that Vizag port handles the maximum cargo in the country and promises to become one of Asia’s major ports by 21st century, all this makes the city more attractive in terms of economic development.”

He also added that “We at IDBI Fortis see a major opportunity in AP not only to expand our business but to harness the state’s talent pool. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities for staff and advisors respectively.”

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