Reliance Nippon life Insurance, the joint venture between Reliance Capital and Japan’s Nippon life Insurance, is eyeing tie ups with banks as part of its expansion plans, a top official said on Friday.
“We are open to the idea of tying up with banks. IRDAI has granted approval to banks to tie-up with insurance companies. We are also planning to add 30,000 agents,” the company’s Chief Agency Officer Manoranjan Sahoo told reporters here. Out of this, 4,000 agents would be added in Tamil Nadu in this financial year, he added.
The IRDAI has allowed banks to tie up with insurance companies in 3 segments life, non–life and standalone health. Stating that the company was witnessing a gradual increase in persistency ratio from 53 per cent in FY13 to 60 per cent in FY16, Sahoo said, “For this (financial) year, we are looking at a further increase to 70 per cent.”