Reliance Life to launch nine new products by Jan-end

Private life insurer Reliance Life Insurance today said it plans to launch nine products, which are complied with the new product guidelines, by the end of this month.

"We had received approvals for 29 plans from the regulator, of which we have already launched 20 new and restructured products in compliance with new Insurance Regulatory and Development Authority (IRDA) guidelines. We will launch the rest nine products by the month-end," Reliance Life Insurance CEO Anup Rau said in a release issued here.

The products largely focus on traditional insurance plans with a view to promoting protection and long-term savings across the country, he added.

These plans, which include both individual and group insurance, will address the consumers' need of protection, savings and growth, retirement and health.

Last year, in February, IRDA had issued non-linked and linked life insurance products regulations to ensure that all products are consistent in design and are focused on meeting policy holders' expectations.

Rau further said the private insurance company is eyeing over Rs 4,000 crore premium income by March 31, 2014.

The company has recorded a growth in its new business premium at Rs 1,022 crore during the April-September period of 2013-14, compared to Rs 571 crore in the corresponding period of last year and collected over 2,000 crore premium income in the first half of the current financial year.

Reliance Life insurance posted an over four-fold surge in its net profit to Rs 136 crore in the second quarter of this fiscal from a net profit of Rs 31 crore in the July-September quarter of 2012-13.