https://indianpedia.org/api.php?action=feedcontributions&feedformat=atom&user=157.46.87.226IndianPedia - User contributions [en]2026-07-30T21:03:37ZUser contributionsMediaWiki 1.45.4https://indianpedia.org/index.php?title=IDBI_Federal_Life_Insurance&diff=332202IDBI Federal Life Insurance2022-05-24T08:20:59Z<p>157.46.87.226: </p>
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<div>{{Use dmy dates|date=August 2018}}<br />
{{Use Indian English|date=August 2018}}<br />
{{Infobox company<br />
| name = IDBI Federal Life Insurance<br />
| logo = IDBI Federal Life Insurance.svg<br />
| type = [[Joint Venture]]<br />
| foundation = March 2008<ref name="autogenerated18">{{cite web |url=http://www.dnaindia.com/money/report_idbi-fortis-insurance-is-born_1041024 |title=IDBI-Fortis Insurance is born |date=2006-07-26 |publisher=[[DNA (newspaper)|DNA]]}}</ref><br />
| location = [[Headquarter]]s in [[Mumbai]], [[India]] <br />
| key_people = Vighnesh Shahane, CEO & Whole Time Director<br />
| industry = [[Life insurance]]<br />
| products = Life insurance<br />
| num_employees = 1,941 employees on-roll; over 10,000 agents<br />
| homepage = [http://www.idbifederal.com/Pages/home.aspx Official Website]<br />
}}<br />
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'''IDBI Federal Life Insurance Co Ltd.''' [[joint-venture]] of [[Federal Bank]], one of India’s oldest leading{{peacock term|date=March 2017}} private sector banks in India and [[Ageas]], a multinational insurance giant based out of [[Europe]]. It’s renamed to AGEAS Federal Life insurance Company as IDBI Bank has sold its share to Ageas.<br />
Agead Federal distributes its products through a multi-channel network consisting of [[Insurance agent]]s, [[Bancassurance]] partners (IDBI Bank, Federal Bank) Direct channel, and [[Insurance Broker]]s.<ref>{{cite news|title=IDBI Bank's insurance JV sale not that easy|url=https://economictimes.indiatimes.com/markets/stocks/news/idbi-banks-insurance-jv-sale-not-that-easy/articleshow/62065805.cms?from=mdr|work=[[The Economic Times]]|date=14 December 2017}}</ref><br />
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==History==<br />
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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.<ref>{{cite web|title=IDBI, Fed Bank, Fortis ink pact for risk foray|url=http://www.business-standard.com/article/finance/idbi-fed-bank-fortis-ink-pact-for-risk-foray-106071201086_1.html|publisher=Business Standard}}</ref><br />
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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]].<ref>{{cite web|title=IDBI Fortis collects Rs. 100 crore premium|url=http://www.thehindu.com/todays-paper/tp-business/idbi-fortis-collects-rs-100-crore-premium/article1335262.ece|work=The Hindu|access-date=14 April 2015}}</ref><br />
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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.<ref>{{cite web|title=IDBI Fortis to sponsor India-SL series|url=http://ibnlive.in.com/news/cricketnext/idbi-fortis-to-sponsor-indialanka-series/336611-78.html|archive-url=https://archive.today/20150414094447/http://ibnlive.in.com/news/cricketnext/idbi-fortis-to-sponsor-indialanka-series/336611-78.html|url-status=dead|archive-date=14 April 2015|publisher=IBN Live|access-date=23 January 2009}}</ref><br />
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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.<ref>{{cite web|title=IDBI Federal posts maiden profit in 5 years|url=http://www.business-standard.com/article/companies/idbi-federal-posts-maiden-profit-in-5-years-113060400793_1.html|publisher=Business Standard|access-date=4 June 2013}}</ref><br />
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== Key people ==<br />
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* Vighnesh Shahane as CEO and Director (Full time)<br />
* Lalitha Bhatia as Chief Operating Officer (COO)<ref>{{Cite web|title=Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times|url=https://www.moneycontrol.com/news/business/economy/online-sales-contactless-underwriting-game-changer-for-insurance-sector-in-covid-times-6921971.html|access-date=2021-09-10|website=Moneycontrol|language=en}}</ref><br />
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==See also==<br />
* [[IDBI Bank]]<br />
* [[IDBI Intech Ltd.]]<br />
* [[Federal Bank Ltd]]<br />
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==References==<br />
{{reflist}}<br />
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{{Insurance in India}}<br />
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{{DEFAULTSORT:Idbi Federal Life Insurance}}<br />
[[Category:Financial services companies based in Mumbai]]<br />
[[Category:Life insurance companies of India]]<br />
[[Category:Financial services companies established in 2008]]<br />
[[Category:2008 establishments in Maharashtra]]</div>157.46.87.226