Reliance Life Insurance, one of the leading life insurance players in India, will invest Rs 1000-1200 crore in 2-3 years to expand its insurance business. It also plans to open 400 new branches, for which it has applied to Insurance Regulatory Development Authority (IRDA).
Speaking to Business Standard, chief executive officer, P Nandagopal said, “We have already invested Rs 650 crore in the insurance business and plan to infuse fresh capital of Rs 1000-1200 crore to expand our operations.”
The company has a distribution network of over 340 branch offices across India and intends to open 400 more branches. He said, “We have applied for licences from IRDA for opening 400 new branches across India. About 20 of these branches would be in Punjab and Haryana.”
The company today launched ‘Express Life’, an innovative and customer friendly service, targetting customers between 18 and 45 years of age. The customers would enjoy life insurance cover within three days of submitting the duly filled application form, mandatory documents and requisite premium cheques. “This is the first-of-its-kind initiative in the sector. It would offer life insurance cover almost instantly to customers, without the hassles of a long waiting period, follow-ups and medical check-ups”, he said.
This will redefine the way insurance is bought and sold in India, he said, adding that Reliance Life is the first life insurance player in the country to offer this novel life insurance scheme, with a cover of upto Rs 10 lakh.
The company is aiming to sell one million policies across the country in this financial year.
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