New Delhi, Oct. 16: ING Vysya Life Insurance is all set to enter eastern India by launching operations in Calcutta by the month end.
ING is also gearing up to launch its term product as soon as it receives the necessary approvals from the Insurance Regulatory Development Authority (IRDA). The insurer also plans to launch a pension policy by the year-end. Once it starts its Calcutta operations, ING Vysya Life Insurance will have established its presence in 10 cities including Delhi, Chennai, Mumbai, Bangalore, Hyderabad, Pune, Chandigarh, Ludhiana and Mysore.
Speaking to The Telegraph, Gautam Sharma, vice president, marketing, ING Vysya Life said, “Calcutta has a very insurance savvy, conservative and financially prudent customers. It is also very attuned to the concept of life insurance”.
“Although no specific sales target has been set till now, the fact that the average premium collected by ING is higher than most of the companies itself should be a good indicator,” Sharma added.
Sharma said the average premia in the case of Life Insurance Corporation is approximately Rs 2,500 and in case of other private life insurance companies it is around Rs 5,500. For ING, Sharma claimed, the average premia collection is as high as Rs 8,000.
The private life insurer started commercial operations in September last year. Although the company refused to divulge any financial details including the total number of policies sold, the premium earned and sum assured last year, Sharma added, “We have performed much better than our expectations.”
ING Vysya Life Insurance is a joint venture between ING Insurance, Vysya Bank and GMR Group. At present, the insurance company sells four policies and an equal number of riders. There are two whole-life policies—rewarding life plan and fulfilling life plan. The first is a pure whole-life product, while the latter is a whole-life product with a money back component.
The other two products are the reassuring life endowment plan and maximising life money back plan. The four riders offered by the company are term rider, accident rider, accident and disability rider and waiver of premium.