PNB MetLife Binds Life Covers with Religare's Health Insurance Products
Updated On Dec 08, 2020
PNB MetLife India Insurance Co. Ltd., a life insurer, is all set to offer Religare health insurance products with its life insurance policy, as shared by PNB MetLife’s senior official.
He also shared that the life insurer is focused towards growth of about 18-20% in topline in the current fiscal and to almost double the branch network to around 2000 in the next 2 years.
The Chief Distribution Officer of PNB MetLife, Sameer Bansal shared, "We have tied up with Religare Health Insurance whereby we can offer health insurance along with our life insurance policy as one package. Initially the plan is to bundle the health insurance policy with our term insurance policy. We will launch the package policy this December."
He adds that the partnership will provide a chance to PNB MetLife’s distribution channel partners to earn extra. Life insurers cannot offer repayment for expenses or loss incurred, as is the case with health insurance, he shares.
Bansal says that they have pointed out 50 cities which require life insurance penetration to expand their branch network. They will expand their branch network from current 107 to 200 branches in 2 years, he shared.
The life insurer gets around 65% of its business from bancassurance partnerships and the rest from direct sales force and agents. Currently, it has bancassurance partnerships with Karnataka Bank, Punjab National Bank, and Jammu and Kashmir Bank. The company plans to take its renewal ratio from 78% to 81% in future. Bansal also shares that the company’s blended average premium per policy is around Rs. 40,000 to Rs. 45,000.
He states that as Tamil Nadu is responsible for 8% of entire life insurance premium in India, PNB MetLife is looking forward to focus more on the southern market. As of now, PNB MetLife gets nearly 3% of its premium from Tamil Nadu.
He shared that in last fiscal, the company closed at Rs. 4,000 Crore as total premium, which will log around 18-20% of business growth this year.