ING Vysya Life Insurance Co Ltd plans to infuse Rs 125 crore by this month, as it tries to match business growth with capital.
The paid up capital of the company, at present, is Rs 790 crore and is expected to touch Rs 915 crore by end of this fiscal. “We will be ending at Rs 915 crore by March,” said YVDV Prasad, director (business development) of the company.
ING Vysya Life Insurance is promoted by the Netherlands-based ING Group (26%), Exide Industries Ltd (50%), Ambuja Cements Ltd (14.87%) and Enam Group (9.13%).
The company, with a basket of 25 insurance products, is aiming at a new premium income of Rs 1,100 crore by December 2008 as against Rs 584.63 crore collected in 2007. The total premium collection in 2007 was Rs 953.78 crore, an increase of 55% over the previous year.
Apart from its earlier traditional retirement plan, Best Years, the company recently launched ING Golden Life, a unit-linked retirement solution, offering benefits like
loyalty units and life stage investment prgramme, where the customer has the choice of investing 60% or 100% of the fund in equity.
ING Vysya Life Insurance offers 25 products, including 10 unit-linked policies, to more than 5.5 lakh customers across the country. “We are trying to cover all the four segments– protection, savings, investment and retirement,” Prasad said.
According to him, the retirement segment in the overall insurance market is growing and has a share of 28% at present. While premium collected in the segment was about Rs 21,000 crore in 2006-07, 99% of that is contributed by unit-linked pension plans.