ING Life eyes Rs 2,000 cr premia

Bangalore-headquartered private life insurer ING Vysya Life Insurance is hopeful of achieving a premium collection target of Rs 2,000 crore by end of this fiscal.

“We aim to have a premium collection target of Rs 2,000 crore by March, 2011 despite the difficult environment created on the back of policy uncertainties,” T K Uthappa, Director sales of ING Life Insurance said here on the sidelines of launching a new ULIP product here.

He, however, said there would be a 5 per cent fall in the premium collection in the current fiscal as compared to previous year.

Of the collection of Rs 2,000 crore, Rs 736 crore will come from policy renewals and rest is expected to come from new premiums.

“We expect to add around 375,000 customers and may come up with three more new products by the end of this fiscal,” he said.

Talking of the new ULIP product, he said ING Market Shield would provide a higher of the guaranteed net asset value (NAV) or present NAV applicable for all benefits like partial withdrawals, death benefit, surrender benefits and maturity benefit.

He also said the company was expecting a 5 per cent to 7 per cent share in its overall portfolio of products from this particular ULIP.

Uthappa, however, said the company would be able to post a sound growth on the back of lesser reliance on ULIP products.

“As 63 per cent of our overall portfolio is made of traditional products, the present policy changes will not have much impact on our growth,” he said.

Recently, Insurance Regulatory and Development Authority (IRDA) has made sweeping changes in the regulatory regime governing ULIPs. The regulator has also come up with new guidelines for universal life products (ULPs).

About launching of new ULPs, Uthappa said that the company had no plans to launch any new ULP by the end of this fiscal.

“Presently, we do have a ULP in pension segment.

We will watch how the new ULP market is going to pan out in future before launching new products in this category,” he said.