ING Vysya aims at Rs 1939 crore premium in 2010-11

ING Vysya Life Insurance Company Ltd has set a pan-India premium collection target of Rs 1939 crore in the current financial year. The insurance company also aims to come out with a couple of new products in the first quarter of 2011-12.

Addressing media persons here, R Vishnu Kumar, director (sales), ING Vysya Life Insurance Company Ltd said, “We have recorded an overall premium collection of Rs 1109 crore by the end of December 2010 and have recorded a marginal growth of 1.76 per cent so far in this fiscal at a time when the insurance industry in the country has witnessed a negative growth. The company is targeting a premium collection of Rs 1939 crore by the end of March this year.”

The agency channels have the highest share of ING Life's premium collection at 68 per cent followed by ING Vysya Bank at 20 per cent and alternate channels like brokers and corporate agents account for 12 per cent.

ING Life on Wednesday, rolled out a traditional insurance product in the city- ING Ace with features like high guaranteed additions, limited premium payment and tax benefit under Section 80 C of the Income Tax Act.

The new plan comes in two variants- ING Ace Pension and ING Ace Life. The pension variant offers the customers a guaranteed addition of 8.75 per cent throughout the 10-year term of the policy. The life version of ING Life offers 7.75 per cent or 7 per cent per annum guaranteed additions depending on the premium paid.

"I am delighted to launch both variants of ING Ace which we believe will appeal to a lot of our customers looking for tax saving solutions apart from attractive additions. ING Ace offers high guaranteed additions, tax benefits under Section 80 C and is available with low commitment from their side as they need to pay only three annual premiums”, Kumar said at the launch of the product.

The pension variant of ING Ace is designed for people in the age group of 35-60 years who are looking at building their corpus for post retirement.