The company has decided to focus the western region and will have presence in 54 new locations in Maharashtra alone in next three months.
Speaking to reporters, Reliance Capital Asset Management CEO Vikrant Gugnani on Tuesday said, "The newly launched Reliance SIP Insure is an exciting offer where people can enjoy insurance benefits along with mutual fund investments. We are targetting people from rural area and smaller towns who have money but do not know, how to invest."
The company is already servicing 66 locations, which are smaller towns across the country. "We have collected 90,000 new subscriptions within last three weeks. Interestingly, more than 70 per cent of these are meant for 5 years term or more," Gugnani added.
The company plans to have offices set up in 84 new locations in another 12 months while its products are expected to reach 150 new locations during the same period.
"As core banking facilities and direct debit or electronic clearance systems are getting popular in smaller towns, people are opting for systematic investment plans. This has made us think of smaller towns to penetrate our products," he added.
