Kochi: IDBI Fortis Life Insurance Company Ltd and the Thrissur-based Manappuram Finance have announced an alliance to provide wealth building and insurance products to customers in Kerala by signing a distribution agreement here.
Mr G.V. Nagaseswara Rao, MD and CEO of IDBI Fortis, said that the company’s aim is to partner with carefully chosen organisations that enjoy long-term relations with their customers based on trust and sound financial advice.
He said that the wealthassurance foundation plan is a first of its kind combination of comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure by making it a one-stop solution to a customer’s wealth building plans.
Investment options
Wealthassurance offers investment choices such as Guaranteed Return Funds, Equity Funds and Debt Funds ensuring that the customer would find all his investment requirements satisfied with the one powerful product.
The company had collected a first premium of Rs 35 crore since its launch in March this year and had sold around 10,000 policies, he added. Mr V.P. Nandakumar, CMD of Manappuram Group, said that the company’s customers are always looking to invest in innovative products with comprehensive benefits and this initiative would provide truly customised solutions for wealth creation and protection.
Mr M.Venugopalan, Chairman and CEO of Federal Bank, said that the bank is the promoter and bank assurance partner of IDBI and the alliance with Manappuram would further expand the reach of IDBI Fortis in Kerala.
Source: The Hindu Business Line
Thursday, June 26, 2008
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