From correspondents in Delhi, India, 07:46 PM IST

IDBI Fortis Life Insurance Co Ltd today kick-started their expansion drive in the North with the inauguration of its first branch in the North at Gurgaon, the rapidly growing commercial hub. Strategically located at the busy Sector-14, the branch will cater to the growing need for financial products and services. The company plans to open 100 branches across the country covering all major centres, including 28 more in the North.

IDBI Fortis Life Insurance is a recently launched joint-venture of IDBI Bank Ltd., India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant. The Fortis Group is headquartered in Belgium and the Netherlands.

Speaking to media on the event of the launch, Mr Marc Schiltz, First Secretary (Trade & Investments), Royal Embassy of Belgium, said: ‘Fortis’ is a financial powerhouse in Europe and IDBI Fortis Life Insurance marks their entry in India. Like in Belgium, Fortis seems deeply committed to its relationship with India and this is evident in the innovative products that they have launched here. Wealthsurance is one such product that helps consumers create wealth with protection. With growing uncertainties, Wealthsurance is truly the new mantra for investing.’

Mr G.V. Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance, said: “WealthsuranceTM is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. The plan has a multitude of investment options, tailor-made to suit the changing Indian consumer today,”

WealthsuranceTM is a first of its kind combination of comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one-stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one product.

Mr Filip Coremans, CFO, IDBI Fortis Life Insurance, said: “It is exciting for Fortis to be in one of the fastest growing insurance markets in the world. The focus is now to expand our tied agency network to cater to this huge country with so many different languages and dialects, in addition to our wide bancassurance networks with IDBI Bank and Federal Bank.”

Mr Murali Iyer, National Head – Agency and Alliances, IDBI Fortis Life Insurance, said: ”Gurgaon is one of the fastest growing cities in India with a multitude of job opportunities and an enterprising populace. This, coupled with the increasing disposable incomes, offers a tremendous potential here for services and products that we offer.’

Source: Press Release Distribution via India PRwire