Reliance Life Insurance plans to open 20 branches in Punjab in the current fiscal. CEO of the company, P Nandgopal launching the new offering ‘Express Life’, claimed to be the offering is the fastest way of getting a life insurance cover. Talking to FE on the sidelines of the launch he said that the company had high expectations from Punjab, the state which has a vibrant economy. He said that each of the 19 districts of the state will have atleast one branch.
Nandgopal said that the insurance industry is a Rs 75,000 crore industry and there was room for the players in this market. He agreed that Reliance Life Insurance was a relatively new entrant in the market but added that it was ranged fifth among all the private sector insurance players.
He claimed that the growth of Reliance Life Insurance during August 2007 over August 2006 was 358% as against industry growth of about 30%. The company had seven per cent share of the life insurance market, he claimed. He said that in insurance penetration, India would beat China by 2010