Ing Vysya Life Unveils Rural-Centric Plan

ING Vysya Life Insurance Company today unveiled 'Securing Life' rural endowment plan, a 10-year policy which offers rural customer guaranteed returns. The company has also decided to infuse fresh capital of Rs 90 crore by December.

At present, ING Vysya Life has an initial equity capital of Rs 110 crore and an authorised capital of Rs 200 crore. It has thus far introduced three products- reassuring life endowment plan, maximising life money back plan and fulfilling life anticipated whole life plan- since its entry into the life insurance business in September 2001.

Ton G M van der Star, managing director and chief executive officer, ING Vysya, said they were hopeful of selling more number of rural products than the Insurance Regulatory and Development Authority-stipulated limits because of 'distribution capabilities'. Vysya Bank's extensive network of 113 rural branches is expected to come in handy for their rural distribution.

He said the company would be able to sell 5,000 to 10,000 rural products by December, of the projected sales of 25,000 products.

Irda regulations stipulates life insurance players to sell around 5 per cent of their policies in rural areas and to increase it to 15 per cent by five years.

Meanwhile, the company formally launched its operations in Chennai. It is planning to increase their presence to 20 cities by December 2002. At present, ING Vysya has established its presence in three cities- Delhi, Mumbai and Bangalore, where it is headquartered.

ING Vysya is a joint venture between ING, The Vysya Bank and GMR Technologies and Industries Limited, where ING holds 26 per cent stake. Vysya bank holds 49 per cent, while GMR holds the balance.