ING Life to infuse Rs 1,147 cr; to offer 2 products each quarter

Private insurer ING Life India is planning to infuse Rs 1,147 crore capital into the business taking the total amount to Rs 2,374 crore by March 2011, a top company executive today said.

"We have already infused Rs 1,227 crore into the business and will add another Rs 1,147 crore by March 2011," ING Life Insurance Director - Sales, Agency and Alternate Channel - told R Vishnu Kumar PTI on the sidelines of a function here.

The Bangalore-headquartered company, which is a part of ING Group, has also set a target of collecting total Rs 1,939 crore of premium by end of this fiscal, he said.

"Till now the total premium collection is Rs 839 crore and we have set a target to collect Rs 1,100 crore by March 2011," he said.

To achieve this target the private insurer, which began its insurance business in the country in 2001, is banking on its innovative products.

The company has three unit-linked products after the regulatory changes and two more, both in traditional and unit-linked space, on the pipeline by March next year, Kumar said.

"We have decided that we will launch two products, a mix of both traditional and ULIP, every quarter to provide variety of choice to our clients," he said.

The company, which has set a break even target on 2014, is bullish on this product and has already collected over Rs one crore premium on it in a single day, he said.

Presently the company has presence in over 220 cities across 254 locations with over 7,000 employees.

ING Life India is a joint venture between ING Insurance International (26 per cent), Exide Industries 50 per cent and other shareholders 24 per cent.