Private life insurance company HDFC Life expects a significant growth in sales through alternate channels. Currently bancassurance accounts for a little over 70 per cent of its total sales.
Alternate channels for sale of insurance products include agent network, direct as well as online sales.
“Our sales through alternative channels have grown from 5-6 per cent last year to over 12 per cent this year. We expect it to grow further in the next two-three years,” Sanjay Tripathy, Executive Vice-President, Marketing, Product and Direct Channels of HDFC Life, said here on Wednesday.
He was in Kolkata to launch the company’s two market-linked pension plans and one immediate annuity plan.
According to Tripathy, the company’s share of online sales is expected to grow to 10 per cent over the next three years from the current 3 per cent. Nearly nine out of its 30-odd products are currently sold online, he said.
While the two pension plans — Pension Super Plus and Single Premium Pension Super — are designed to “build a sizable corpus for post retirement income, the “traditional annuity” plan will ensure a steady income flow after retirement, Tripathy said.
He pointed out that introduction of these products was timely as life expectancy increased to an average of 70 years.
“We expect about 5-10 per cent of our total business to come from these three plans during the January-March quarter this fiscal,” Tripathy said.