Reliance Life Insurance crosses 6 million policy mark

New Delhi, July 9 (IANS) Reliance Life Insurance, a part of Reliance Anil Dhirubhai Ambani Group, Friday said it has crossed the six million policy-milestone in less than five years, and hopes to achieve an overall premium of Rs.20,000 crore in the next two years.

”We clocked over 2.3 million policies in a single year(2009-10), the highest by the company in any one year. We hope to achieve an overall premium of Rs.20,000 crore and more than double our assets under management to over Rs.30,000 crore in the next two fiscal’, said Malay Ghosh, president of Reliance Life Insurance.

Currently, Reliance Life Insurance, which is a part of Reliance Capital, has assets under management of Rs.13, 677 crore and a market share of 10.2 percent amongst private life insurers (as on March 31, 2010).

The company is targeting a 10 percent overall market share in the next three years and plans to focus on the health insurance sector as well.

‘Health insurance sector offers sizeable growth opportunity. We are strengthening our health insurance portfolio with innovative products that include total reimbursable health expenses, individual and family floater on both group and individual product platforms,’ said Ghosh.

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