Industrial Development Bank of India (IDBI) Federal Life Insurance, a joint venture of the government-backed IDBI, the commercial Federal Bank of India, and Belgian insurer Ageas, has launched four individual and three group insurance plans in India. The individual plans provide insurance coverage for income, wealth, life and savings. The group plans include a term coverage plan, a microinsurance plan and a debt-insurance plan. According to Vaghnesh Shahane, the CEO of IDBI Federal Life Insurance, the offerings focus on customers’ desire for “financial security, savings and growth of investment” [1][2]. Details such as coverage level and pricing of the plans or the purpose of the microinsurance plan are not available.
As of December 2013, IDBI Federal Life Insurance has issued approximately 550,000 policies covering 558,000 people, with a sum assured of about INR 321 billion (USD 5.35 billion) [3].
By Benjamin Krupp, Research Associate
About Industrial Development Bank of India Limited (IDBI)
The Industrial Development Bank of India (IDBI) is a public-sector bank based in Mumbai, India. It offers financial solutions to its clients in the retail and corporate banking arenas. As of March 2014, IDBI reported total assets of INR 3.3 trillion (USD 54.8 billion)
About Federal Bank
Federal Bank is a private commercial bank in India that has branches nationwide and is headquartered in the state of Kerala. Federal Bank was founded in 1945. As of 2013, Federal Bank reported total assets of INR 710 billion (USD 11.8 billion), return on assets of 1.35 percent and return on equity of 14.1 percent.
Sources and Additional Resources
[1] The Economic Times: IDBI Federal Life Insurance Launches Seven New Plans
[2] IDBI Federal: IDBI Federal Launches 7 New Plans
[3] IDBI Federal: Company Profile
MicroCapital, Marh 31, 2014: Commercial banks in India Seek to Expand Microlending: Housing Development Finance Corporation, Indusind Bank, Industrial Development bank of India (IDBI)
MicroCapital, January 30, 2014: Industrial Development Bank of India (IDBI) Introduces Kiosk Banking in 3 Rural Indian Villages
MicroCapital, September 6, 2010: Corporation Bank of India and United India Insurance Company Limited Sign Memorandum of Understanding Regarding Marketing and Distribution of Microinsurance Products
MicroCapital Universe Profile: Industrial Development Bank of India Limited (IDBI)
MicroCapital Universe Profile: Federal Bank
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