Exide Life Insurance to launch two plans

Exide Life Insurance Company Limited is planning to launch two new insurance products in the July quarter, according Kshitij Jain, managing director and chief executive officer.

One of them will be anticipated endowment plan. In this, a part of the sum assured is paid at certain intervals during the term of the policy. The balance of the sum assured together with the accrued bonus will be paid at maturity. In the event of death at any time before the maturity date, full sum assured is payable without any deduction of installments paid earlier.

The other plan will be a term insurance plan which will offer a high cover of Rs one crore and above. This is targeted at the affluent, he said.

The company is focused on providing long term protection, savings and investment solutions to its customers.

Jain said Telangana and Andhra Pradesh accounted for 15% of the total business. It has 39 offices in these two states and has about 8,000 agents. It also sells policies through partnerships with banks, corporates and direct selling. It is also focusing on digital channel as most of the customers are using mobile to interact with the company, he said. It has 2.3 lakh customers in these two States.

For the financial year 2016-17, it earned a profit of Rs 112 crore, up 27%over the last financial year. The new business premium was Rs 863 crore, recording a growth of 36% from last year. Its total premium income was up 18% over last year to Rs 2,409 crore.

The company has Rs 11,015 crore assets under management, up 16% over last year. It serves more than 1.5 million customers.