As per its capital infusion plan, the Anil Dhirubhai Ambani (ADAG) promoted private sector life insurer, Reliance Life Insurance, will raise a sum of Rs 1,500 crore within the next couple of years. Also, the company was keen towards making its foray into the health insurance sector in near future.
Moreover, the company would appoint 60,000 agents by the end of the current fiscal year. Talking to reporters on the sidelines of the launch of secure child plan in Mumbai on Wednesday, company?s CEO, P Nandagopal, said, ?We will be adopting the equity raising to get the money?. On his company?s plan to launch health insurance product, Nandagopal said, ?We are serious towards it but we are yet to apply before insurance regulatory development authority (IRDA) about it?. The company was looking at the launch of its micro insurance product too, though in the form of a separate product, said he. The company, which enjoys fifth rank among the private sector life insurers in the country with its market share of 6.25% as on September 30, has already crossed the mark of Rs 930 crore on the front of collection new business premium so far during the current financial year. In fact it was the figure as achieved by the company during the entire fiscal year 2006-07. Nandagopal said that my company has already got 1,35,000 agents on its fold. He hoped said that the figure will go up at 2 lakh by March next year. The rate of growth of the company, which was 165% as of now, was likely to go up at 200% by the end of the current fiscal year.
Talking about the secure child plan, Nandagopal said that the plan offers the benefit of fixed income at a rate of 10% of the sum insured under the policy per annum payable to the child throughout his/her life in the event of total and permanent disability. The plan also offers an inbuilt waiver of premium benefit in the event of the death of the insured proposer (parent) that protects the future of the child by paying all the future premiums, so that the plan remains in full force. The company has donated Rs 5 lakh to Akanksha Foundation, for underprivileged children.