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IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Fortis Life
Insurance) is a joint venturebetween three financial companies
development and commercial bank, IDBI Bank, Indias
private sector bank, Federal Bankand European insurerAgeas
(formerly Fortis), which wasformed on March 2008.[3] In this
venture, IDBI Bank owns 48% equity while Federal Bank and
Ageas own 26% equity each.[4]
Contents
[hide]
y 1 Historyy 2 Technologyy 3 Productsy 4 Sponsorships, Awardsy 5
See alsoy 6 Referencesy 7 External links
[edit] History
y 2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance
major Fortis InsuranceInternational NV signed a MoU to start a life
insurance company
y 2008: IDBI Fortis Life Insurance Co. Ltd., which started its
operations in March 2008y 2008: IDBI Fortis opens its second branch
in Andhra Pradesh in Vijayawaday 2008: IDBI Fortis Life positive on
assured return productsy 2008: IDBI Fortis launches the Bondsurance
Plany 2009: IDBI Fortis announces Rs 250cr capital infusiony 2009:
Nimbus ropes in IDBI Fortis as title sponsor of IndiaSri Lanka
seriesy 2009: 'IDBI Fortis' Boss-Ka-Boss receives PRCI Awardy 2009:
IDBI Fortis launches Retiresurance Pension Plany 2009: IDBI Fortis
scores with Goalsurancey 2009: IDBI Fortis reaches the banks of
Hooglyy 2009: IDBI Fortis launches Incomesurance Immediate Annuityy
2009: IDBI Fortis Life Insurance uses an interactive application to
help users easily
calculate their taxesy 2009: IDBI Fortis reaches the City of
Eastern Lighty 2009: IDBI Fortis receives bronze Dragon at 'PMAA
2009'y 2009: IDBI Fortis Life Insurance introduces financial
inclusion plan in rural Orissay 2009: IDBI Fortis launches
Termsurance Protection Plany 2009: IDBI Fortis redefines endowment
& money back with Incomesurancey 2009: IDBI Fortis to open 65
more branches; raise headcount by 1,000y 2010: IDBI Fortis now
renamed as IDBI Federal Life Insurance Company[5]
[edit] Technology
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To monitor and manage its network equipment across 34 sites,
IDBI Fortis uses Tulip ProactiveManaged CE solution. The solution
includes device management, proactive troubleshooting and
notification support. With the implementation of the solution,
IDBI has reported improvement ofnetwork performance and
availability, with a faster, more effective change and
configuration
management.[6]
[edit] 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 Authority (IRDA). IDBIFortis 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 branchesacross the country.
[7]
[edit] Sponsorships, Awards
y IDBI Fortis Life Insurance Company was selected as the title
sponsor for the India-SriLanka 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 befollowed by the IDBI Fortis
Wealthsurance Twenty20.[8][9]
y Wealthsurance Made Easy (WME), a knowledge aid by IDBI Fortis
for its sales force,won The Bronze Dragon in the category forBest
Dealer/Sales Force activity at thePromotion Marketing Awards of
Asia (PMAA).
[10][11]
[edit] See also
IDBI Fortis Life Insurance
IDBI Fortis Life Insurance Co. Ltd is a joint venture of IDBI
Bank, Federal Bank (India) and Fortis
Insurance International. The Certificate of Registration has
been issued by the Insurance regulator IRDA
to this Insurance Company on 19th December 2007. According to
the agreement, IDBI will have a 48-per
cent stake in the venture, while Fortis and Federal Bank would
have 26-per cent stake each. While IDBI
and Federal Bank are major Indian banks, Fortis has the
expertise of bancasurance across global
markets. It is one of the best names in the insurance business
in Europe and has successful joint
ventures in various Asian countries. IDBI Fortis Life Insurance
has become 18th life insurer in India.
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Founded in 1956, IDBI Ltd. is Indias premier industrial
development bank. Today, it is amongst Indias
most famous commercial banks which provide a wide range of
innovative products and services. IDBI
Bank has around 490 branches and more than 600 ATMs all over
India. IDBI is a also a part of
development activities, as it has been instrumental in
sponsoring the development of key institutions
involved in Indias financial sector, such as, the Securities and
Exchange Board of India (SEBI), National
Stock Exchange of India Limited (NSE) and National Securities
Depository Ltd (NSDL).
Federal Bank is one of Indias leading private sector banks. It
has a wide spread network in India, but its
dominant presence can be seen in the state of Kerala. It has
around 550 branches and 450 ATMs spread
across the country. Federal Bank is one of the first large
Indian banks, having an entirely automated and
interconnected branch network. The Bank also provide a wide
range of services, such as, internet
banking, mobile banking, tele banking, any where banking, debit
cards, co-branded credit cards, onlinebill payment and call centre
facilities to offer complete banking convenience to its
customers.
Fortis is a European financial services provider which is
engaged in banking and insurance. It has its
presence in over 50 countries. Fortis offers a comprehensive
package of products and services in
collaboration with intermediaries and through other distribution
partners. Fortis is counted among the
20 largest financial institutions in Europe. IDBI Bank, Federal
Bank and Fortis Insurance International
with their expertise, now came together to provide the insurance
benefits to the customers in India.
Below are the few insurance policies which are provided by IDBI
Fortis Life Insurance Co. Ltd.
Homesurance
y Homesurance Protection Plany Homesurance Plan
Wealthsurance
Bondsurance
Group Microsurance
Contact Address
IDBI Fortis Life Insurance Co Ltd
1st Floor, Trade View
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