New Delhi, Feb. 15
ING Vysya Life Insurance Co today said that its premium income for calendar 2004 rose 312 per cent to Rs 151 crore with new business on annualised premium increasing by 280 per cent to Rs 126 crore.
Announcing the results for the year here, Mr Frank Koster, Managing Director and Chief Executive Officer, ING Vysya Life, said that on the back of substantial growth of business, the company has hiked its paid-up capital by Rs 90 crore to Rs 290 crore.
The company's total income increased by 292 per cent to Rs 167 crore while the sum assured rose 215 per cent to Rs 2,804 crore.
Mr Koster said that the company hoped to increase its presence from the present 30 cities to 50 by December.
He said the company was targeting an income of over Rs 300 crore by end 2005.
On his expectations from the coming Budget, Mr Koster said he hoped the 80CCC benefits under the Income Tax Act for retirement plans would be raised from the current level of investment up to Rs 10,000 to Rs 50,000.
"This would help develop the pension market in India," he said.