IN a bid to complete its product portfolio, IDBI Fortis Life Insurance plans to

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launch traditional products soon. The company also plans to get into group insurance business by

early next year.

GV Nageswara Rao, managing director and chief executive officer of IDBI Fortis Life Insurance, said: “Our aim is to cater to a full spectrum of needs of customers. We will be launching a traditional plan and a single-premium plan. I cannot give the details about the plan now as we are yet to get the regulatory approval.”

IDBI Fortis Life Insurance said the focus of the company this year will be on strengthening its distribution network. The company is looking at increasing the number of branches from present 33 to 100 across the country. The company is also revamping its distribution network and planning to get into direct marketing to sell its products.

However, the company does not plan to infuse any additional capital to support its expansion plans this year. At present, the company capitalised at Rs 450 crore.

IDBI Fortis Life now sells its products through its bancassurance partners IDBI Bank and Federal Bank and an agency force.

The company is looking at increasing its market share and despite the slump, it hasn’t revised its collection target for

the year.

“Due to the economic slowdown, sales of many life insurance companies have been affected. But we are sure to do better than last year. Our products have been designed in such a way that they will work in all market conditions,” Rao said.

IDBI Fortis Life began operations in March 2008 and collected new business premium of Rs 3.16 crore by March 31, 2009.

The company is a joint venture between IDBI, Federal Bank and Europe’s Fortis, with IDBI holding 48 per cent share while Federal Bank and Fortis has 26 per cent stake.