The joint venture between Vysya Bank and Dutch ING Group, ING Vysya Life Insurance Company is paving its path for the betterment of its customers.

The company will soon make a capital infusion of around Rs 125 crore to increase the capital base of the company, which will support the growth plan chalked out for the current fiscal.

Beside the plans to offer new product in the specialised annuity product space, the company is eyeing to accumulate new business premium of around Rs 1,100 crore by the end of current fiscal.

YVDV Prasad, director of business development, said, “We are targeting over 80% growth in business this calendar year.”

The company has also rolled out ‘ING Golden Life plan,’ which is a unit-linked retirement solution.

While explaining the Golden Life plan, Mr. Prasad stated, “We have a pension product on the traditional platform, but with increasing preference for unit-linked plans, we felt the need to come up with a retirement Ulip product. The primary clientele would be between the age group 28-45.”

The newly launched plan also offers key benefits of loyalty units and life stage investment programme that will help customers to manage their retirement according to risk profile.

“The initial expansion plan with 363 branches in 227 cities was done last year and we plan to consolidate business now,” Prasad added.

On the equity front, the capital infusion will boost total capital to Rs 1,380 crore by the coming year (2009) from the current Rs 790 crore.

At present, Exide holds 50% of the company, ING’s stake is 26%, whereas Gujarat Ambuja Cements and Enam Group hold the remaining stake.

The company is also doing robust efforts for increasing trade with other companies.