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Reliance Life Insurance Company will launch 25 products in line with the new regulatory norms introduced by the insurance regulator recently.
"These products will be launched over next three months," Anup Rau, Chief Executive Officer, Reliance Life Insurance, told newspersons here on Thursday.
"We will largely focus on traditional plans," he added.
The company is also planning to file more products in view of the new regulatory regime beginning from January 1, 2014.
Traditional plans
Traditional plans will contribute 80 per cent. while the unit-linked plans will contribute around 20 per cent to the topline in the new product environment, he said.
The company expects to close the current financial year with a total premium collection of Rs 4,000 crore and about Rs 380-crore net profit.
These numbers could be flat in view of the company's investments in distribution and the prevailing industry scenario, Rau said.
Agent-led distribution model
Reliance Life would continue to focus on an agent-led distrubution model. "We are not cutting costs here and believe that this is the best time to hire," he added.
It recently hired over 4,000 direct sales staff and is in the process of expanding its agent-base.
Bancassurance channel
After the completion of ongoing regulatory exercise to overhaul the bancassurance channel by RBI and IRDA, Reliance Life would also work on tapping it for growth.
The company has over 80,000 advisors and over 8,000 outlets across India and has achieved over 50 per cent growth in agent productivity as of September 30, 2013.
New business premium
The company's new business premium stood at Rs 1,022 crore during the April-September period of 2013-14 compared with Rs 571 crore in the corresponding period last year. It has over 10 million customers.
Reliance Life has topped the list among non-bank promoted private life insurers in total new business premium during the first half of 2013-14 and is now among the top five private life insurers in the country.
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