Reliance Nippon Life Insurance eyes over 1 lakh policies in UP in FY17

Reliance Nippon Life Insurance (RNLI), a part of Anil Ambani-led Reliance Capital, on Monday said it plans to expand reach in Uttar Pradesh, which the company sees as an important market.

"UP accounts for nearly 15 per cent of RNLI's total business and plays an important role in the overall business performance of the company. We plan to expand our footprint, and the contribution from UP in the overall business portfolio, going forward," said Manoranjan Sahoo, Chief Agency Officer, Reliance Nippon Life Insurance.

"We have a range of new and innovative products to offer and will offer them with special emphasis on covering smaller regions where penetration is low," Sahoo told reporters here.

Elaborating on the plan, the CAO said that RNLI plans to double the policies sold in the state, from existing about 60 thousand to over 1 lakh by March 2017.

The company registered a steady growth in its business performance within the state with New Business Premium recording a growth of 13per cent.

Total Premium was up by 12per cent and Renewal Premium growing by 12 per cent during the last fiscal, he said.

The prime focus for RNLI has been in selling traditional products, that accounts for over 80 per cent of company's overall portfolio, and plans to maintain this ratio in the state.