Now its Reliance Life turn to enter Rural Market
After performing exceptionally well in Insurance for the last 3 years in the urban market, ADA group is now planning to enter into Rural India through life insurance policies.
Reliance Life Insurance is looking at more than Rs.500 Cr business from Rural India in next three years. Seeing their current level of Rs. 10 Cr only from Rural India, the target looks a daunting task for Reliance Life.
According to Sam Ghosh, CEO of Reliance Capital, parent company for ADAG’s life insurance business, the ADA group is right on money to infuse more fresh equity of Rs. 300 Cr. in life insurance business from Rs. 2700 Cr to Rs. 3000 Cr.
To tap the huge untapped market of Rural India, Reliance is coming up with several group insurance products which would be bundled with Microfinance loans. There would be several group savings insurance policies which is going to
take the micro insurance market to the next level from simple group term products to savings linked products.
As per UNDP statistics of 2007, Micro-insurance market in India was of $2 billion which has increase to nearly $5 billion now. But there are certain factors which discourages insurance players to foray into Rural India. For instance, cost of distribution and operation cost is much higher in rural areas as compared to urban market and even the average premium size is only Rs. 65 which is quite low. Hence economies of scale, in terms of distribution network, could be the major factor which can bring down the costs.
The Reliance life is moving ahead by leveraging technology so as to reduce the transaction costs. The Company is in the process of several tie ups with Microfinance Institutions, NGOs, banks, Self Help Groups etc to reach Rural India.
The Company has launched several rural initiative in almost 10 states to create awareness about insurance products and looking at their strategic approach to tap Rural India, I believe that their long term plan of having Rs. 1000 Cr business from Rural India is not far away.
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Reliance Life Insurance is looking at more than Rs.500 Cr business from Rural India in next three years. Seeing their current level of Rs. 10 Cr only […….
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Reliance Life Insurance is looking at more than Rs.500 Cr business from Rural India in next three years. Seeing their current level of Rs. 10 Cr only […….
Why do we sing “Take Me Out to the Ball Game” when we are already there?
Reliance Life Insurance is looking at more than Rs.500 Cr business from Rural India in next three years. Seeing their current level of Rs. 10 Cr only […….
Как любопытно..
…
Hello,
I would like to know where am I going wrong. Looking forward to your immediate response.
У меня похожая ситуация. Приглашаю к обсуждению….
Reliance Life Insurance is looking at more than Rs.500 Cr business from Rural India in next three years. Seeing their current level of Rs. 10 Cr onl…
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Reliance Life Insurance is looking at more than Rs.500 Cr business from Rural India in next three years. Seeing their current level of Rs. 10 Cr only […….
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I can see the logic in your argument but I think you’ve painted your strokes
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