Exide Life Insurance, formerly ING Vysya Life Insurance, expects to finalise a tie-up with a health insurance company to jointly launch a combo-product covering both life and health in the next two to three months.
“We are in talks with many health insurance firms. We will finalise a tie-up in which we will be the lead insurer, given our distribution strength. The product will offer life cover with a health wrap-up,” Kshitij Jain, Managing Director and CEO, said.
It is also expecting regulatory clearance for three new products in the current quarter. These three are part of the nine new products that the company looking to launch in the current fiscal.
“One of the three products focuses on the middle class, carrying a premium of between ₹6,000 and ₹12,000, while most of the current premiums in the industry are over ₹20,000 annually,” he told media persons here on Thursday.
The nine proposed new products include five traditional and one unit-linked products.”
The focus will continue to be on long-term protection and savings,” Jain said.
New brand The company, which re-christened itself two days ago after its majority shareholder, battery maker Exide, bought out the entire stakes of ING and other partners to get 100 per cent ownership last year, is currently promoting its new brand identity.
It is preparing a ₹10-crore media campaign that will be launched next month.
The company is targeting a growth of 10 per cent in its business this fiscal, betting big on its on-going re-branding exercise and an expected turnaround in the economy.
Last fiscal, its business nudged up five per cent to ₹1,830, mostly on the strength of its renewal premium. While its renewal premium grew 14 per cent to ₹1,263 crore, its new business premium slipped three per cent last fiscal.