IDBI Federal Life Insurance
 |
|
| Joint Venture | |
| Industry | Life insurance |
| Founded | March 2008 |
| Headquarters | Headquarters in Mumbai, India |
|
Key people
|
Vighnesh Shahane, CEO & Whole Time Director |
| Products | Life insurance |
|
Number of employees
|
1,941 employees on-roll; over 10,000 agents |
| Website | Official Website |
IDBI Federal Life Insurance Co Ltd is a three way joint-venture of IDBI Bank, an Indian development and commercial bank; Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.
IDBI Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers.
In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) in December 2007.
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the premium of over Rs.100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector.
India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance major IDBI Fortis. The company’s AUM crossed the Rs. 1,000 crore mark for the first time in March 2010.
In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. In 2012-13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in the industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained its profitable trajectory from thereon.
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