The Hindu Business Line : DLF Pramerica Life to step up presence, awareness

New Delhi, Nov. 25 DLF Pramerica Life Insurance Company Ltd (DPLI), a joint venture between realty major DLF and the US-based Prudential Financial, hopes to emerge as a full service player by end-2009, its Managing Director & CEO, Mr Kapil Mehta, has said. The joint venture started its business operations in September last.

“Our biggest constraint now is bandwidth. We still do not have complete portfolio of products to offer. By the end of next year, we will have a complete portfolio, a pan-India presence and increased brand awareness through a media campaign,” Mr Mehta told reporters here.

Plans are afoot to launch 2-3 unit linked insurance plan (ULIP) products in the next six months. The company already has a ULIP product. Also on the drawing board are standalone health and pension products, which are likely to hit the market sometime next year.

“We will increase capital to about Rs 1,000 crore over the next 4-5 years to fund business growth here,” he said, adding that the current global financial meltdown has not really affected the business plans of the company. “Plans are going on track,” Mr Mehta said. The joint venture life insurance company is currently capitalised at Rs 110 crore.

DPLI, which is headquartered at Gurgaon in Haryana, plans to expand its footprint by initially focusing on Tier-II cities in Punjab, Gujarat and Uttar Pradesh. “We are setting up offices in Ludhiana, Jalandhar, Amritsar and Chandigarh. We see bigger opportunities in Tier-II cities,” he said.

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