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.

Under licence from

Kolkata, March 4: ING Vysya Life Insurance Company will inculcate Rs 125 crore as working capital by the current fiscal year, a company's top functionary said on Tuesday.

ING Vysya Life Director (Business Development) Yttrium Volt Vitamin D Volt Prasad told newsmen that the present working capital alkali of the company was Rs 790 crore.

The company launched unit-linked retirement solution plan, a long-term program with the option to put in debt, equity and liquid instruments.

NEW
DELHI: Life coverage companies are witnessing a important working capital infusion
this twelvemonth driven by an estimated 30-50% growing in the life industry. The
companies have got pushed their breakevens additional in a haste to increase market
share. North American Indian boosters of the joint ventures had not anticipated the growth,
and are being forced to put in hiring agents and ramping up branch
offices. More than a twelve life insurance companies have got enhanced paid-up
capital to over Rs 1,000 crore during the fiscal. Companies like Aviva, for
instance, have got announced an addition in working capital alkali by Rs 246.30 crore, taking
the paid-up capital to over Rs 1,000 crore. Aviva Life Insurance
managing manager Bert William Patterson said, “Most companies have got seen
significant addition in working capital infusion. There is a demand for working capital to sustain
and combustible growing since there are costs attached to acquiring new
customers. “At the clip of gap up of the sector, no one
knew that seven old age hence, the FDI bounds would not be hiked to 49%. So,
infusing working capital into life coverage is a spot of an unknown region territory. If Indian
promoters are a nervous lot, there is a reason: the pressure level is more than on the
joint ventures where the North American Indian booster is a fiscal services
company.” The greatest private life insurer, ICICI Prudential
Life, is capitalised at more than than Rs 3,000 crore. Bajaj Allianz have a capital
base of Rs 875 crore which is expected to traverse Rs 1,000 crore by the end of the
fiscal. The company have announced it would be infusing working capital by March
end. Birla Sun Life Insurance have a Rs 1,000-crore working capital base
following the November infusion. However, experts state industry have to
efficiently service a immense working capital alkali while meeting solvency margin
requirements. ING Vysya Life Insurance managing manager Kshitij Jain
said, “The industry at big is not net income and loss driven, and one can
say that breakevens have got been pushed by at least three old age given the growth
the industry is witnessing. Insurers necessitate to pump in working capital to have got a
pan-Indian presence. If there have to be a tax return on investing on edifice a
network, a critical mass have to be achieved before grosses begin coming in to
offset the cost structure.”

KOLKATA: ING Vysya Life
Insurance would shore up working capital alkali by another Rs 150 crore by the end of
March 2008, a company functionary said on Tuesday. Rajeev Kanal,
Associate Vice-President (product development) of ING Vysya Life told reporters
here that the working capital alkali at the end of October 2007 stood at Rs 790 crore. Launching ING Creating Star Education Guarantee Plan kid policy,
Kanal said that the company have 13 traditional merchandises and seven unit of measurement linked
ones. From the kid policy, the company takes to sell 50,000
policies and gain a insurance premium income of Rs 30 crore to Rs 40 crore in the first
year. By December 2007, ING Vysya is aiming at a insurance premium income of
Rs 1068 crore, out of which Rs 635 crore would come up from new policies. Last
year, the company earned a insurance premium income of Rs 613 crore. Traditional merchandises lend 20 per cent of the company's total
premium income, the balance come ups from unit of measurement linked products.