Reliance Life To Spend Rs 2000cr On Expansion

Reliance Life Insurance Company will invest over Rs 2,000 crore to increase its reach and support an expansion programme over the next two years. The company also expects to earn new business premium worth Rs 3,000 crore during this financial year. We would like to achieve top rankings in the industry during this financial year. We are rapidly expanding all our channels of distribution, especially agencies, which have grown from 9000 to over 1,25,000. Our branch office network has increased from 118 offices last year to 340 now. We are planning to enter the rural and semi-urban markets, P. Nandagopal, CEO of Reliance Life Insurance said. Unlike other private insurers, who mostly depend on the bancassurance model to distribute policies, Reliance Life Insurance receives most of its premium income from agency distribution channels. The company is willing to introduce the bancassurance model but feels the agency distribution route is more cost-effective.