Reliance Life Insurance, on Tuesday, announced the launch of a new policy ‘Express Life’, which the the company claimed is the first ‘over-the-counter’ policy in the country.
The company is aiming to sell one million ‘Express Life’ policies in this financial year. “In the country’s first retail policy initiative, customers will be offered policy document over-the-counter on completion of documentation,” Reliance Life Insurance Company CEO P Nandagopal said.
“It is the first of its kind initiative that would offer life insurance cover instantly without the hassles of long waiting period, follow-ups and medical check ups,” he said adding that customers between the age group of 18-45 years could avail the benefits of this policy.
Aiming to garner a market share of 10-12 per cent in next 2-3 years, the company has planned to spend between Rs 1,000-1,200 crore on expanding its operations, including hiring more agents and opening more offices.
