IDBI Federal aiming at 70 pct growth in premium

New Delhi: IDBI Federal Life Insurance said it is aiming at a 70 per cent growth in total premium collections during the current fiscal.

Established in March, 2008, IDBI Federal Life had recorded a total business premium of Rs 400 crore in the 2009-10 financial year.

"Our premium income during the April-August period grew by 70 per cent to Rs 251 crore. We are hoping to close the fiscal with a similar growth in premium income," IDBI Federal MD and CEO G V Nageswara Rao said.

The company also plans to come with one new product in both the ULIP and traditional segment by the end of the fiscal.

"We will focus on retirement and child products under the category of ULIP and traditional products, for which we would be filing to the regulator, IRDA," Rao said.

IDBI Federal is a joint venture of IDBI Bank, Federal Bank and European Insurance firm Ageas .