04-04-2017, 11:36 AM
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 the leading private sector private banks in India and Ageas, a multinational insurance giant based in Europe. IDBI Federal distributes its products through a multi-channel network composed of Insurance Agents, Insurance Banks (IDBI Bank, Federal Bank) and Insurance Directors.
In 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance firm Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from the Indian Insurance Regulatory and Development Authority (IRDAI) in December 2007. IDBI Fortis Life Insurance Co. Ltd. officially commenced operations in March 2008. In August 2008, the company raised The premium of over Rs.100 Crore in a record time of five months, thus becoming the fastest growing private life insurance company.
India-Sri Lanka ODI series which took place in October 2009, found a title sponsor in the IDBI Fortis major insurance. The AUM of the company crossed the Rs. 1,000 crores for the first time in March 2010. In August 2010, the company was renamed IDBI Federal Life Insurance Company. In 2012-13, she declared her maiden winnings in record 5 years, thus being one of the fastest to do so in the industry. Again Rs. 80 crore profits for the 2013-2014 financial year and has maintained its profitable track record there.
In 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance firm Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from the Indian Insurance Regulatory and Development Authority (IRDAI) in December 2007. IDBI Fortis Life Insurance Co. Ltd. officially commenced operations in March 2008. In August 2008, the company raised The premium of over Rs.100 Crore in a record time of five months, thus becoming the fastest growing private life insurance company.
India-Sri Lanka ODI series which took place in October 2009, found a title sponsor in the IDBI Fortis major insurance. The AUM of the company crossed the Rs. 1,000 crores for the first time in March 2010. In August 2010, the company was renamed IDBI Federal Life Insurance Company. In 2012-13, she declared her maiden winnings in record 5 years, thus being one of the fastest to do so in the industry. Again Rs. 80 crore profits for the 2013-2014 financial year and has maintained its profitable track record there.
