IDBI Fortis Life Insurance Co. Ltd is a joint venture of IDBI Bank, Federal Bank (India) and Fortis Insurance International. The Certificate of Registration has been issued by the Insurance regulator IRDA to this Insurance Company on 19th December 2007. According to the agreement, IDBI will have a 48-per cent stake in the venture, while Fortis and Federal Bank would have 26-per cent stake each. While IDBI and Federal Bank are major Indian banks, Fortis has the expertise of bancasurance across global markets. It is one of the best names in the insurance business in Europe and has successful joint ventures in various Asian countries. IDBI Fortis Life Insurance has become 18th life insurer in India.
Founded in 1956, IDBI Ltd. is India’s premier industrial development bank. Today, it is amongst India’s most famous commercial banks which provide a wide range of innovative products and services. IDBI Bank has around 490 branches and more than 600 ATMs all over India. IDBI is a also a part of development activities, as it has been instrumental in sponsoring the development of key institutions involved in India’s financial sector, such as, the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd (NSDL).
Federal Bank is one of India’s leading private sector banks. It has a wide spread network in India, but its dominant presence can be seen in the state of Kerala. It has around 550 branches and 450 ATMs spread across the country. Federal Bank is one of the first large Indian banks, having an entirely automated and interconnected branch network. The Bank also provide a wide range of services, such as, internet banking, mobile banking, tele banking, any where banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer complete banking convenience to its customers.
Fortis is a European financial services provider which is engaged in banking and insurance. It has its presence in over 50 countries. Fortis offers a comprehensive package of products and services in collaboration with intermediaries and through other distribution partners. Fortis is counted among the 20 largest financial institutions in Europe. IDBI Bank, Federal Bank and Fortis Insurance International with their expertise, now came together to provide the insurance benefits to the customers in India. |
