ING Vysya Life expects 100% growth in premium

ING Vysya Life Insurance is expecting over 100 per cent growth in premium collection in Andhra Pradesh during the current fiscal, as against about 57 per cent last year, said Madhav Kumar Rachapudi, regional vice-president (Andhra Pradesh). The company on Wednesday launched two new insurance products "� ING Term life and ING Termlife Plus "� in Andhra at Visakhapatnam.

Last year, the company sold 43,000 policies and collected a premium of Rs 91 crore in the state. It aims to sell 80,000 policies with a premium collection of Rs 200 crore this year, he added.

The company has decided to increase its branch network and insurance advisers significantly to boost its business. "At present, we have 56 branches and 11,500 insurance advisers across the state. Our plan is to add 10 branches and 500-600 insurance advisers."

This apart, ING Vysya would focus on rural areas to improve business. Of the 56 branches, 40 are located in tier-II and tier-III cities and account for 60 per cent of the company's total business, he said.