Reliance Life launches new OTC policy
The Anil Dhirubhai Ambani group company also announced to invest Rs 1,000 crore to Rs 1,200 crore on expanding its life insurance business in the next two to three years.
CHANDIGARH: Reliance Life Insurance on Tuesday announced the launch of a new policy, Express Life, which the company claimed is the first ‘over-the-counter’ policy in the country. The Anil Dhirubhai Ambani group company also announced to invest Rs 1,000 crore to Rs 1,200 crore on expanding its life insurance business in the next two to three years.
The company is aiming to sell one million Express Life policies in this financial year. “In the country’s first retail policy initiative, customers will be offered policy document over-the-counter on completion of documentation,” Reliance Life Insurance CEO P Nandagopal said.
With this launch, Reliance Life Insurance has become the first life insurance player in the country to offer this novel insurance process to customers for a cover of up to Rs 10 lakh, the company said. “It is the first-of-its-kind initiative that would offer life insurance cover almost instantly to customers without the hassles of long waiting period, follow-ups and medical check-ups,” said Mr Nandagopal.
Customers between the age group of 18-45 years could avail the benefits of Express Life service, he said. Aiming to garner a market share of 10-12% in the next 2-3 years, the company has planned to spend somewhere between Rs 1,000-1,200 crore on expanding its operations, which will include hiring more agents and opening more offices. “We have 343 offices in the country and we have sought permission from Irda to open 400 offices more across India,” he said. The company, which has so far spent Rs 650 crore on its venture, has a workforce of 9,000 and over 1.10 lakh agents in the country.
The company is aiming to sell one million Express Life policies in this financial year. “In the country’s first retail policy initiative, customers will be offered policy document over-the-counter on completion of documentation,” Reliance Life Insurance CEO P Nandagopal said.
With this launch, Reliance Life Insurance has become the first life insurance player in the country to offer this novel insurance process to customers for a cover of up to Rs 10 lakh, the company said. “It is the first-of-its-kind initiative that would offer life insurance cover almost instantly to customers without the hassles of long waiting period, follow-ups and medical check-ups,” said Mr Nandagopal.
Customers between the age group of 18-45 years could avail the benefits of Express Life service, he said. Aiming to garner a market share of 10-12% in the next 2-3 years, the company has planned to spend somewhere between Rs 1,000-1,200 crore on expanding its operations, which will include hiring more agents and opening more offices. “We have 343 offices in the country and we have sought permission from Irda to open 400 offices more across India,” he said. The company, which has so far spent Rs 650 crore on its venture, has a workforce of 9,000 and over 1.10 lakh agents in the country.
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