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IDBI Federal Life Insurance Co Ltd. is a three way joint-venture of IDBI Bank, an Indian development and commercial bank; Federal Bank, one of India’s leading[peacock term] private sector banks and Ageas,
a multinational insurance giant based out of Europe. In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India.
The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) (j.Arul jegadeesh one of the trainee in the idbi federal life insurance company in Madurai) in December 2007.
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the premium of over Rs.100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector.
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