ING Vysya Life Insurance to launch three four single premium products by March 2011
ING Vysya Life Insurance would launch three-four single premium products in the next quarter by March 2011.
Launching the ING Market Shield, its new unit-linked insurance plan (Ulip) here, Rahul Agarwal, chief distribution officer of ING Life, said, “We would launch another single premium product under Prospering Life and the rest will be available by March.”
He said they expected sales to pick up in the next quarter. “It would go up to 60-70 per cent of the current portfolio.” ING is targeting premium collections of Rs 2,000 crore by March 2011.
The new product ING Market Shield would benefit policy holders from the market upswings and secures the investment of customers from losses. For a premium paying period of five years, the minimum annual premium payable is Rs 48,000 and for 10 years or the entire policy term, the minimum annual premium payable is Rs 36,000.
The company expects its business in Andhra Pradesh to grow 5-7 per cent during this fiscal as compared with the last fiscal, on the back on new products.