Peerless General Finance & Investment Co Ltd will launch three new products in collaboration with Iffco Tokio Marine General Insurance Ltd in the next couple of months.
The products will be launched as riders to existing products, free of cost. The ones in the pipeline are medical insurance policies, education benefit policies and money saving schemes.
"While these were designed by Iffco Tokio, the marketing part will be undertaken by Peerless," managing director S K Roy said.
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Peerless struck a deal with Iffco Tokio couple of months back wherein the former will market the latter's product. Peerless will launch its first scheme from Iffco Tokio's portfolio in December, followed by two other in January.
During the current fiscal, the company hopes to mop up Rs 625 crore of deposits against Rs 500 crore in the previous fiscal. Peerless has already achieved a deposit figure of Rs 310 crore in the first half of the current year. "We expect to register a 25 per cent year-on-year growth," Roy said.
Meanwhile, in a bid to achieve targets and increase its agent network, the company has increased its commission for December to February, by 0.5 per cent and 0.25 per cent. Incentives have also been declared on recruitment of new agents and achievement of targets.
"The new products are being launched with the aim to remain competitive and enhance its product portfolio to meet different customer requirement," explained officials from the company. "With a shift in the income level of all strata of people the company will also readjust its products previously targeted at a specific group of people."