IDBI Federal Life eyes 70% growth in total premium income

IDBI Federal Life Insurance today said it expects about 70% growth in its total premium income during the current fiscal.

"Last year (2009-10) our total premium income grew by 70%. We expect a similar growth in the current fiscal as well," IDBI Federal Life CEO G Nageshwara Rao said.

In the April-December period of the current fiscal, IDBI Federal has garnered a first year premium income of over Rs 300 crore, as per Irda data.

"Our new business premium grew by 37% and total business by 73% in the April-December period," Rao said.

Besides, IDBI Federal Life Insurance has launched its first guaranteed pension plan, Retiresurance, with both the benefits of guaranteed corpus with attractive annuities.

IDBI Federal Life is a joint venture between private sector banks IDBI, Federal and Europe's insurance giant Ageas.

While IDBI Bank holds 48%, Federal Bank and Ageas holds 26% each in the company.

Rao further said IDBI Life would be launching three more products next fiscal in the child, health and retirement category.

"We are looking to shift our focus to traditional products... Trying to bring in a 50:50 balance between the Ulip and traditional products in the basket," Rao added.

Last fiscal our product mix for traditional and Ulips was 80:20, he said.

Rao said, IDBI Life would be looking at infusing further capitals in the next fiscal. The company's capital base stands at Rs 450 crore at present.