Reliance Nippon Life Insurance, the joint venture between Reliance Capital and Japan's Nippon Life Insurance, is eyeing tie ups with banks as part of its expansion plans, a top official said today.
"We are open to the idea of tying up with banks. IRDAI has granted approval to banks to tie-up with insurance companies. We are also planning to add 30,000 agents," the company's Chief Agency Officer Manoranjan Sahoo told reporters here.
Out of this, 4,000 agents would be added in Tamil Nadu in this financial year, he added.
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with insurance companies in three segments - life, non-life and standalone health.
Stating that the company was witnessing a gradual increase in persistency ratio from 53 per cent in FY13 to 60 per cent in FY16, Sahoo said, "For this (financial) year, we are looking at a further increase to 70 per cent."
The company had clocked total premium of Rs 3,754 crore last financial year and had sold 3.65 lakh policies, he said.
"We are looking at a double-digit growth this (financial) year. Right now, our focus is to increase agents and introduce more products", he said.
Sahoo and senior company officials were here to launch the company's new insurance plan 'Increasing Money Back Plan' which includes guaranteed money back benefits every three years and tax benefits to customers on premiums paid.
