IDBI Fortis Life Insurance Introduces Financial Inclusion Plan In Rural Orissa

Mumbai, India (PressExposure) September 01, 2009 -- IDBI Fortis Termsurance Grameen Suraksha is especially designed to make life insurance affordable for rural customers with options of four convenient premium slabs of Rs 50, Rs 100, Rs 150 and Rs 200 (inclusive of taxes) with corresponding sums assured of Rs 5,000, Rs 10,000, Rs 15,000 and Rs 20,000. IDBI Fortis in association with RRDC has already insured 3,440 rural individuals through Termsurance Grameen Suraksha.

IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India's premier development and commercial bank, Federal Bank, one of India's leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. Launched only last year, IDBI Fortis Life Insurance is one of the fastest growing life insurance companies in India. The company has created WealthsuranceTM, BondsuranceTM, HomesuranceTM, and RetiresuranceTM plans that have proved to be an instant hit with its customers. With Termsurance Grameen Suraksha, the company aims to fulfill the needs of certain sections of the society who find it hard to get access to financial tools like life insurance by customizing offerings that make life insurance affordable.

"Termsurance Grameen Surakasha can offer financial inclusion to a large number of rural consumers in Orissa that do not have access to extremely essential financial products like Life Insurance. Not only is this good for the families of the insured but it can also offer peace of mind to main bread earners of families who can be insured at very low rates with the help of RRDC" said Mr. Amish Tripathi, National Head - Marketing and Product Management, IDBI Fortis Life Insurance.

Mr. Deepak Kindo, secretary of RRDC, said: "We are happy to be associated with IDBI Fortis Life Insurance which is a premier company bringing out an affordable product like Termsurance Grameen Suraksha. It really helps in reaching out to sections which have till now been uncovered by the benefit of an insurance cover". Regional Rural Development Centre (RRDC) was established in 1992 as a development organization, registered under the Societies Registration Act 1960, with a strong rural focus. RRDC implements community projects in health and hygiene, forest protection, natural resource management, plus agriculture and livestock improvement. In order to empower large numbers of poor people through the creation of viable livelihoods, RRDC, launched its microfinance initiative, Sambandh, in 2006.

About Concept Public Relations

About RRDC
Regional Rural Development Centre (RRDC) was established in 1992 as a development organization, registered under the Societies Registration Act 1960, with a strong rural focus. RRDC implements community projects in health and hygiene, forest protection, natural resource management, plus agriculture and livestock improvement.
In order to empower large numbers of poor people through the creation of viable livelihoods, RRDC, launched its microfinance initiative, Sambandh, in 2006.
Sambandh
Sambandh is the microfinance branch of the Regional Rural Development Centre Sambandh serves over 4,000 clients, supporting the development and expansion of small businesses at the grass roots thereby improving the quality of life of poor entrepreneurs and their families.


About IDBI Fortis:
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. In just five months of inception, we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2009, the company had collected more than 328 Cr in premiums, through over 87000 policies and over Rs 2825 Cr in Sum Assured. Do visit http://www.idbifortis.com to know more.


About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 575 branches and more than 1000 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit http://www.idbibank.com to know more.


Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 625 branches and 650 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. The Bank operates on the core banking platform and is RTGS/ NEFT enabled through which it offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Please visit http://www.federalbank.co.in to know more.


Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit http://www.fortis.com to know more.

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Press Release Submitted On: September 01, 2009 at 8:23 am
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