Reliance Life targets 10% growth in FY14 premium income

India Infoline News Service | Mumbai |

In April 2013, the private insurer said it is planning to expand its base in pure health insurance space

Reliance Life Insurance, part of Anil Ambani-led Reliance Group's Reliance Capital, said it expects to achieve double-digit growth in its business by the current fiscal.

The private insurer expects to maintain a 10% growth in total premium income on the back of growth in regular premium policies and better policy renewals.

In December 2012, Reliance Life launched Career Agency, a distribution channel aimed at enhancing the company’s reach across the country. The sales format offers a fixed stipend structure to prospective advisors, looking at insurance as a long-term professional career, during the training period.

By keeping in touch with its existing policyholders and charting out a growth path for agents, the company aims to achieve double-digit business growth in FY13-14.

In April 2013, the private insurer said it is planning to expand its base in pure health insurance space. The private insurer is tapping the low customer penetration in health insurance segment.

At present, health insurance is mostly dominated by general insurers, but life insurers have also started offering health-focused products.

Currently, traditional life insurance products account for 80% of Reliance Life’s total product portfolio, while unit-linked insurance products account for the rest.



 

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