Reliance Life Insurance Company, an arm of Reliance Capital, is working out ways to tap semi-urban and rural markets through new distribution channels. The two models, the company is at present working on to expand its distribution network, include appointment of young college passouts (women) and housewives on company rolls and engagement of trainee career agents, Malay Ghosh, president and executive director, Reliance Life Insurance, said.

Ghosh, who was here in connection with the launching of a new protection rider for existing policies and roll out of a new product – Reliance Life Insurance Guaranteed Money Back Plan – with strong protection riders, said, “We have already appointed career agents, mostly young people from the semi-urban and rural areas — on a pilot basis. They are given a certain stipend and appointed for a training period of nearly three years. They will help distribute our products in the semi-urban and rural locations.”

Ghosh, however, clarified that while experimenting with such new channels, the agency network will continue to be the frontrunner in distribution of its products.

Speaking about the new protection rider, Ghosh said, “Protection is the core benefit of an insurance policy, and our strategy is to further strengthen our product portfolio by offering a range of innovative and strong protection benefits to our customers at minimal cost. We will be stepping-up our efforts to offer more protection-centric benefits and products to our consumers going forward.”

The new protection rider will give the insured family 12 per cent of the sum assured, annually. In case of death of life assured, this benefit will be available for a minimum of 10 years or balance policy term, whichever is longer. This will be in addition to the life cover under the base policy.

The family income rider will be available across a range of Reliance Life Insurance Company policies including Reliance Life Insurance Guaranteed Money Back Plan, Reliance Cash-Flow Plan, Reliance Money Multiplier Plan, Reliance Endowment Plan and Reliance Life Insurance Classic Life Plan, he said.

ritwikmukherjee@mydigitalfc.com