ING Vysya Life insurance to infuse fresh capital of Rs 625 cr

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ING Vysya Life Insurance on Friday said that it will infuse Rs 625 crore of capital this year in a bid to maintain solvency ratio as well as to fund its expansion projects.

"We will pump in Rs 125 crore within this month and rest of the money will be put into during next fiscal. The money, which would be raised through shareholders, will be spent on maintaining solvency ratio in view of growing business and funding expansion projects," ING Vysya Life Insurance Regional Vice President Rajiv Panwar said in Chandigarh.

The company, at present, has paid up capital of Rs 790 crore which would be raised to Rs 1,415 crore post expansion.

The company has proposed to open 90 new offices in the country and has plans to double the strength of insurance advisors to one lakh from 51,000 at present, he said, who was here to announce new retirement plans. It has presently 363 offices in the country.