Reliance Life plans to dual market share in Three years

Reliance Life Insurance Company (RLIC) plans to twice its market share in the entire life insurance business to 10(%) per cent from the present 5.5(%) per cent in the next 3 years, RLIC President and Executive Director Malay Ghosh said here on 10th July.
“We hope to get an overall premium of Rs 20,000 crore and more than double our assets under management to cross over 30,000 crore in the next 2 years,” said Ghosh. After SBI life and ICICI Prudential, it claims to be the third biggest life insurance company in the private division.
He also announced they have crossed the 6 million policies highlight in less than 5 years. “The company has issued over 2.3 million policies in the last fiscal year, which is the biggest new business adding by the company in any year,” Ghosh said.
He said. “Our rural presence added considerably to this milestone,”
Apart from a healthy combine of unit-linked and traditional products, RLIC plans to focus on developing health insurance segments in the country.
RLIC has an assets under management of Rs 13,677 crore and a marketplace share of 10.2(%) per cent among private players. The company operates during a strong sharing network of 1,247 branches with 195,000 agents.
RLIC has a business premium of Rs 6,605 crore. Catering to individual and corporate needs. It is a part of the Reliance Dhirubhai Ambani Group.
There are 23 life insurance companies in the country, after the insurance sector was liberalised a decade ago.