Microinsurance India

LIC and Reliance to aggressively market Micro Insurance Schemes

LIC to triple micro insurance biz, eyes 42 lakh policy sales

Riding on the initial success of micro insurance scheme, state-run Life Insurance Corporation of India (LIC) is aiming to nearly triple its business by selling over 40 lakh policies in the current fiscal.

“We aim to sell about 42 lakh policies to the financially weaker section of society during the current fiscal against 15.4 lakh sold last fiscal,” LIC Zonal Manager (North) Vinay Kumar Sinha told PTI.lic micro insurance

Till August, LIC sold 4.16 lakh micro insurance policies while on the launch of Jeevan Mangal, the second micro insurance product, the largest life insurer sold over one lakh policies.

On the first day, Sinha said, LIC sold about 1.21 lakh schemes that has low ticket size and easy payment options. Rest of the article

Reliance Life aims Rs 1,000 cr premium from micro insurance in 5 yrs

Anil Ambani group firm Reliance Life Insurance is aiming to receive premium of around Rs 1,000 cr in the next five years from micro insurance space and is planning to introduce new products to cater to the savings needs of this segment.

Reliance Life Insurance Company (RLIC) is likely to get Rs 100 crore premium from micro insurance segment this year itself and plans to scale this to up to Rs 1,000 crore in the next five years’ time.

Elaborating on the new products the company is planning to introduce, Reliance Capital CEO Sam Ghosh said, “RLIC will be tapping this market with Group savings insurance policies and group term life.”Rest of the Article

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