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Insurance Company
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IDBI Federal Life Insurance Company Ltd
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Plan Name
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IDBI Federal Retiresurance Pension Plan
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Plan Nature
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ULIP
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Plan Category
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Retirement Plan
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UIN No.
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135L008V02
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About Plan
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IDBI Fortis Retiresurance Pension Plan is an effective instrument that will help you achieve desired objective. It not only allows you to conveniently save for the golden years but also offers you a wide choice of investment options to grow and multiply your wealth. The Plan is extremely flexible and offers several choices so as to suit your savings habit and investment risk references. This plan is an ideal investment partner in ensuring a happy retirement.
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Minimum Entry Age
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18years
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Maximum Entry Age
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70years
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Minimum Policy Term
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5years
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Maximum Policy Term
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75years
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Benefits
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| Particulars | Description |
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Death Benefits
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In the event of death of the Insured Person on or before thevesting date,the nominee will get the fund value held inthe various funds on the acceptance of the death claim and the policy will terminate.The nominee can also opt to use the fund value to purchase anannuity from the options available with us or any other annuity provider. The nominee may also choose to receive part as lump sum and utilise part to purchase an annuity.
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Additional Benefits
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Guaranteed Loyalty additions to boost your retirement savings. At the end of specific policy years to reward you for long-term investments. The guaranteed loyalty would be a certain percentage of units.
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Partial Withdrawal Benefit
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You can make partial withdrawals before the vesting age, after completion of first three years. No withdrawals are permitted in the first three years. The minimum partial withdrawal amount will be Rs. 10000. after withdrawals the minimum balance should be the higher of the first year annual premium, and Top-up premiums paid in the past three years.
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Vesting Benefit
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On the vesting date, you have the options to receive up to one third of the fund value, in lump sum and utilise the balance amount to purchase an annuity from IDBI Fortis. OR to utilise the entire fund value, to purchase an annuityfrom IDBI Fortis or any other annuity provider.
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Surrender Benefit
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You can surrender your policy before vesting after completion first three years. The surrender value will be the Fund Value iess the surrender charges.
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Tax Benefits
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| Section | Description |
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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SEC 10 (10) A (3)
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Under Section 10 (10) A (iii), any payment received by way of commutation of pension plans is exempt from tax.
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Your investment style and need for particular investment options may change over time. You may also want to take advantage of favourable market conditions. To give you complete flexibility to modify your Plan as per changing needs, IDBI Fortis RetiresuranceTM Pension Plan allows you to:1 Switch among investment options or change your future premium allocations, as many times as you require, free of cost.2 Get liquidity through partial withdrawals and surrender. 3 Choose your vesting date (date when you want to start your retirement benefits) any time between ages 40 and 75.4 You also have the flexibility to prepone or postpone your vesting date.
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IDBI Fortis RetiresuranceTM Pension Plan boosts your funds through Guaranteed Loyalty Additions at the end of specific terms to reward you for making long-term investments. The loyalty additions help you to grow your wealth faster.
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The IDBI Fortis RetiresuranceTM Pension Plan allows you to choose the amount, frequency of payment and payment term for your Plan. It also has the flexibility of reducing the premiums or adding additional top-up premiums when you desire, so that you can contribute in a flexible way that suits your savings habit.
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Choose from a range of investment options to match your investment style and grow your retirement corpus. We offer:1 Investment options for equity-linked returns, which seek to invest in listed stocks and aim to generate high returns with high risks.2 Investment options for stability and security, which aim to offer stable returns with low risks.
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There are times when you may be unable to meet your premium commitments, especially during long premium payment tenures. For support in times such as these, and appreciating the benefits of keeping your policy active, we offer a unique facility of reducing your premiums.You have the flexibility to reduce future annual premiums after completion of the first policy year. The reduced annual regular premium in the second and third years must be at least 75% of the premium for the first year, and not less than Rs 10,000. The premium reduction can be effected only at the beginning of a policy year. To avail the facility of premium reduction, you have to inform us in writing at least 15 days prior to the beginning of the policy year for which premiums are to be reduced. However, you should know that reducing your premiums may lower your returns. Hence, we recommend that you should avoid the use of premium reduction facility.
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Over and above the regular premiums, you can pay top-up premiums whenever you want, and any number of times. Top-up premiums help you to increase your retirement savings and grow wealth faster.
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In the event of death of the Insured Person on or before the vesting date, we will pay the nominee the fund value held in the various funds on the acceptance of the death claim and the policy will terminate. The nominee can also opt to use the fund value to purchase an annuity from the options available with us or any other annuity provider. The nominee may also choose to receive part as lump sum and utilise part to purchase an annuity.
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IDBI Fortis RetiresuranceTM Pension Plan allows you to build wealth over the long term. At the same time, we recognize that you might have an emergency need for funds before the maturity of the Plan. We offer liquidity with(a) Partial Withdrawals(b) Surrender.
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You can access your funds in case you need them before the vesting age by making partial withdrawals, subject to the following restrictions:1 No withdrawals are permitted in the first three years.2 After three years, you can make withdrawals as follows: You can make withdrawals whenever you need and as many times as you desire. Each partial withdrawal should be for a minimum of Rs 10,000.When you withdraw, you must always leave as minimum balance the higher of:1 The first year annual premium, and2 Top-up premiums paid in the past three years.While there are no charges for partial withdrawals, you are requested to check applicability of taxes on the amountwithdrawn from your tax advisor.
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When you wish to terminate your RetiresuranceTM Pension Plan before vesting, you can surrender your Plan. The surrender value is the fund value less the surrender charge. The surrender charge is a percentage of the fund value according to the following table:
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Guaranteed Loyalty Additions to boost your retirement savingsIDBI Fortis Retiresurance Pension Plan boosts your funds through Guaranteed Loyalty Additions at the end of specific policy years to reward you for long-term investments. Loyalty units will be a percentage of the average fund value in the last 36 months preceding the loyalty unit allocation date and will be paid provided all premiums are paid up-to-date and the policy has not yet reached maturity. In case you have invested in multiple funds, the guaranteed loyalty additions will be added to each fund in the same proportion as the fund value in each fund bears to the total fund value.
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Bond Fund - Pension
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Equity Growth Fund - Pension
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Guaranteed Return Fund 13380714 - Pension
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Guaranteed Return Fund 20001219 - Pension
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Income Fund - Pension
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Liquid Fund - Pension
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Midcap Fund
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Midcap Fund - Pension
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Nifty Index Fund - Pension
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Particulars
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Range
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Bond Fund - Pension
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Fixed Income Investment including Cash & Money market
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0% - 100%
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Equity Growth Fund - Pension
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Fixed Income Investment including Cash & Money Market
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0% - 50%
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Equities & Equity-linked instruments
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50% - 100%
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Guaranteed Return Fund 13380714 - Pension
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Fixed Income
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0% - 100%
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Guaranteed Return Fund 20001219 - Pension
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Fixed Income Investments
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0% - 100%
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Income Fund - Pension
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Fixed Income Investment including Cash & Money market
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0% - 100%
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Liquid Fund - Pension
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Money market, Cash & Shrt-term debt
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0% - 100%
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Midcap Fund
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Fixed Income Investments Including Cash and Money Market
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0% - 50%
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Mid Cap Stocks
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50% - 100%
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Large Cap Stocks
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0% - 50%
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Midcap Fund - Pension
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Fixed Income (Cash & Money Market)
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0% - 50%
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Mid Cap Stocks
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50% - 100%
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Large Cap Stocks
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0% - 50%
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Nifty Index Fund - Pension
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Fixed Income Investment including Cash & Money Market
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0% - 20%
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Equities & Equity-linked instruments
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80% - 100%
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Bond Fund - Pension
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18-Jun-13
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14.0539
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Equity Growth Fund - Pension
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18-Jun-13
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20.8112
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Guaranteed Return Fund 13380714 - Pension
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18-Jun-13
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12.8044
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Guaranteed Return Fund 20001219 - Pension
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18-Jun-13
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12.8629
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Income Fund - Pension
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18-Jun-13
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13.4995
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Liquid Fund - Pension
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18-Jun-13
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13.241
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Midcap Fund
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18-Jun-13
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10.4389
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Midcap Fund - Pension
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18-Jun-13
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10.1368
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Nifty Index Fund - Pension
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18-Jun-13
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17.7194
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Bond Fund - Pension
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Equity Growth Fund - Pension
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Guaranteed Return Fund 13380714 - Pension
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Guaranteed Return Fund 20001219 - Pension
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Income Fund - Pension
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Liquid Fund - Pension
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Midcap Fund
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Midcap Fund - Pension
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Nifty Index Fund - Pension
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12-Aug-09
11:41
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IDBI Fortis clears claims of next of kin if any policyholder died of swine flu
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27-Apr-09
20:16
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IDBI Fortis Life launched 'Retiresurance Pension Plan'
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17-Mar-09
16:23
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Rs 2.5 bn in insurance venture : IDBI Fortis Life
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10-Feb-09
10:25
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IDBI Fortis launches Homesurance Protection Plan
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30-Jan-09
13:50
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40 out of 45 are ULIPs which are filed by insurer in last one week : IRDA
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24-Jan-09
11:25
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IDBI Fortis sponsoring India-Sri Lanka cricket series
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26-Dec-08
11:25
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IDBI Fortis Life Insurance launches Bondsurance
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18-Dec-08
09:48
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IDBI Fortis LifeÆs new product
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11-Oct-08
11:25
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IDBI Fortis Opens 100 Branches Across Country
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30-Sep-08
03:54
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IDBI Fortis opens six branches in AP
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29-Sep-08
12:20
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IDBI's new Branch in Pune
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22-Aug-08
08:10
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IDBI Fortis Life Insurance opens branch in Vijaywada
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20-Aug-08
13:45
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IDBI Fortis Life Insurance opens First branch in Delhi
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