Private insurer Edelweiss Tokio Life Insurance Company Ltd plans to double the number of its products to nearly 18 in 2012-13 and aims to enroll 10 lakh subscribers by 2015.
The company, a joint venture between financial services major Edelweiss Group and Japanese insurer Tokio Marine Holdings, has enrolled nearly 5,000 subscribers to its nine products launched since its inception in July 2011, said Mr Deepak Mittal, Chief Executive Officer, here on Tuesday.
He said Tokio has estimated that India will be the world’s largest insurance market by 2020. At present, an estimated 10-15 crore people buy insurance annually. The 80:20 ratio of traditional and ULIP-based insurance products is also expected to be reversed in the next few years as more people come into this market.
It was in this context that the joint venture decided to invest Rs 550 crore against the insurance regulator Insurance Regulatory and Development Authority's condition to permit only those private insurers who could invest at least Rs 100 crore to start the business.
Mr Mittal said the average age of insured people was 29 years whereas the largest group of insured people is in the 30-40 years of age.
Edelweiss Tokio has a presence in Maharashta, Gujarat, Goa, NCR and Punjab and will soon expand its presence in other states as well. So far, it has started 22 branches across India, including five in Gujarat.
In Gujarat, a major market for the life insurer, the number of Personal Finance Advisors will increase from the existing 250 to 3,000 by 2015. They will offer need-based life insurance solutions to one lakh people.