Exide Life Insurance Company Limited has unveiled its plans to launch two new insurance products in the July quarter.
The news was confirmed by Kshitij Jain, Managing Director and Chief Executive Officer of Exide Life. One of them will be an anticipated Money Back (endowment) Plan and likely to be launched in the July-September quarter. The other, a Pure Protection Plan with sum assured of 1 crore, will be introduced in the third quarter of the fiscal, said Mr. Kshitij.
At present, the insurer offered 23 individual life insurance as well as group insurance plans, he added. In the endowment plan, during the term of the policy, a part of the sum assured is paid at certain intervals. The balance of the sum assured together with the accrued bonus will be paid at maturity. Before the maturity date, in the event of death, the full sum assured is payable without any deduction of installments paid earlier.
The other plan, Pure Protection will be a term insurance plan which will offer a high cover of Rs one crore and above. This is targeted at the affluent, said the CEO.
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.