ING Vysya Life Insurance Company Ltd is eyeing 25 per cent share from pension and retirement coverage premiums with the launch of 'ING Golden Life'-unit linked insurance program (ULIP)-based retirement plans.

Company anticipates around Rs2 75 crore of insurance premium from retirement programs in 2008. "Company is looking at Rs 1100 crore new concern income in the calendar twelvemonth 2008. Out of which insurance premium from retirement programs is expected to lend 25 per cent out of the total," said director-business development, YVDV Prasad, ING Vysya Life Insurance Company Ltd.

The company collected around Rs 40 crore from debt-based retirement program 'Best Year's' and managed to give 9.5 per cent tax return in the last year. It collected Rs953.75 crore insurance premium in calendar twelvemonth 2007.

"ULIP-based retirement programs represents 99 per cent of entire retirement insurance premium collected, and that's wherefore we decided to establish our first ULIP based retirement program -'ING Golden Life'," the manager said.

Retirement coverage insurance premium is expected to turn at over 100 per cent for the adjacent three to four years, as incursion degree is still very low, said Prasad. Premium aggregation from pension and retirement programs word forms 28 per cent of the sum coverage premium aggregations in the insurance industry and have grown at CAGR of 262 per cent in the last four years.

Total insurance premium aggregation from retirement program in 2007 stood at Rs 20,922 crore.

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