Reliance Nippon to rope in 30,000 new agents

Reliance Nippon Life Insurance on Friday said it plans to hire 30,000 new agents in the current financial year as part of its plans to further penetrate the insurance market to achieve double-digit growth in premium collection.

With the fresh hiring, the total agent count in the country will hit 1.30 lakh,said Manoranjan Sahoo, chief agency officer of Reliance Nippon Life Insurance on Friday, adding that the agents will be hired for its 800 branches across the country and the fresh recruitment would help the company achieve double-digit growth in fresh premium collection.

The company sold 3.60 lakh insurance policies while it collected fresh premium to the tune of Rs 914 crore in the last financial year, said Sahoo.

Sahoo saw a big potential in selling life insurance products because of less penetration. "The insurance sector witnessed around 12-15% growth in terms of premium collection last fiscal," he said.

"This year, our focus will be on renewal premium collection, launching traditional guaranteed plans and quality service to customers," he added.

Reliance Nippon Life Insurance on Friday launched its new product 'Increasing Money Back Plan', which is a non-linked, non-participating Life Insurance plan that provides periodic, guaranteed and incremental moneyback payouts along with a life cover for the entire policy term.

"Reliance Nippon Life's Increasing Money Back Plan is designed to help policyholders get a guaranteed income at regular interval and insured financial security for the family. The increasing guaranteed payout provides additional support to match increasing expenses and fulfil the goals for the family," said Sahoo.

The unique plan offers guaranteed increasing moneyback benefits to policyholders every three years from the commencement of the policy.

This new plan is available for customers in the age group 15-55 years with a minimum base sum assured of Rs 1,00,000 and minimum premium of Rs 18,000.

However, the policy term is fixed for 15 years in both cases.

In addition, the plan allows up to 80 per cent of Surrender Value as loan in the case of an emergency, ensuring liquidity in any eventuality.

In the unfortunate event of death of a policyholder during the policy term, the nominee will receive full death benefit, irrespective of survival benefits payout already received.

The death benefit amount payable will be highest of either 10 times of annualised premium, guaranteed sum assured on maturity or 105% of total premiums paid, he said.

Reliance Nippon Life Insurance is part of Reliance Capital.