Anil Ambani-promoted Reliance Life Insurance Company is expecting to post profit in the current

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fiscal.

"We are expecting profit in the current year. But, we have accumulated losses of around Rs 2,900 crore and we think it will take at least five years to wipe it out," Reliance Life Executive Director and President Malay Ghosh said today.

He was speaking to reporters on the sidelines of launch of Reliance Life Insurance Guaranteed Money Back Plan.

He, however, did not divulge any business projection, but said renewal premium was grown by 10 per cent.

Ghosh said there are no plans to move ahead with IPO or any other fund raising following Nippon picking up 26 per cent stake for Rs 3,000 crore in the company.

A company official said that IPO is no longer technically possible as long as FDI in insurance is capped at 26 per cent.

Ghosh said the company is trying to offer complete solutions and is bringing innovation in offering riders.

"We are first in the industry to offer our customers riders at any time during the policy. We are also bringing some new riders looking at better risk appetite," he said.

Reliance Life, which introduced maturity benefit protection rider in the guaranteed money back policy, plans to offer the same in all the existing base products and is awaiting insurance regulator IRDA's approval.

The rider offers maturity benefit of a policy in case of death of the insured.

The company will introduce a new ULIP plan -- Reliance Classic 2 -- in a month. The policy is at present with the regulator for approval, he said, adding that Reliance will also introduce term policy over the Internet and will offer riders on that shortly.