MUMBAI:
Reliance Life Insurance is planning to inculcate Rs 1,500 crore as working capital over the
next three old age to fund its growth concern in the life coverage segment. The
business programs also envisage the company extending its subdivision and agents
network. According to Reliance Life Insurance chief executive officer Phosphorus Nandagopal, the
company is looking at infusing Rs 1,500 crore to its existent alkali of Rs 900
crore. The gait of working capital extract would depend on the gait of its business
growth, he told newspersons on Wednesday at a merchandise launch of the company. Reliance Life Insurance, a relatively late entrant to the life
insurance concern after the sector was opened up earlier in the decade, saw its
premium income turn by 165% to Rs 930 crore until September this year, Mr
Nandagopal said. This is almost the same growing it achieved in the whole of last
year. The company is expected to stop the twelvemonth clocking a growing of
over 200%, according to senior Reliance Life Insurance officials. The company,
which is portion of the Anil Dhirubai Ambani group, programs to increase its current
agent strength from 1,40,000 to 2,00,000 by December. Besides, its branch
network is expected to increase to 740 from 600 subdivisions now. The company is
also exploring a raid into wellness insurance. The majority of the
company’s income is from unit-linked coverage plans, with traditional
products accounting for just about 10% of the business. The company’s
recent merchandise â€" Reliance Child unafraid program â€" is a multi-premium
product with an in-built release installation in the event of the decease of the
proposed insurer.