ING Life eyes 60 per cent growth in renewal premium

ING Life Insurance is expecting a 60 per cent growth in renewal premiums during this fiscal.

To achieve this, the company is conducting policy revival campaigns apart from creating alternative facilities for collection of renewal premiums, B Ashwin, chief operating officer, ING Life Insurance, told mediapersons here recently.

Last fiscal, ING Life registered a growth of 65 per cent in renewal premium collections at Rs 753 crore compared with the preceding year. This year, it is targeting to collect around Rs 1,200 crore, he said.

The company is also tying up with several organisations like e-Seva centres in Andhra Pradesh and post offices in Karnataka.

 

“Of our total renewal premium collections, about 20 per cent is being generating for non branch locations. Our aim is to increase this to 25-30 per cent over the next 6-12 months,” the COO said.

During the current financial year, the company is looking at Rs 850 crore new premium as against Rs 700 crore last fiscal.