ING Vysya Life Insurance Company Ltd is betting big on the Unit Linked Policies (ULIPs). The company, which has nearly 14 ULIPs out of total 20 products, will be launching three more products before the fiscal-end. The company, which has a major presence in southern India, will be entering the northern and western regions in a big way during 2008, said TK Uthapa, director (sales, Tidel Agency).
Speaking to FE, Uthappa said, “A major chunk of the business comes from ULIPs. As compared to traditional policies, ULIPs have become attractive among investors and we continue to focus on ULIPs.” The company will be launching 3 ULIPs, he added.
After consolidating its position in the southern region, the company is looking to spread its wings to the northern and western regions. “We plan to have 300 branches in 150 locations in these regions during 2008, and will further spread to the eastern region,” he said. In order to meet growing business needs, the company will be infusing Rs 150 crore into the capital in the first quarter of 2008, he added.
