Calcutta, Oct. 30: Metlife India Insurance will pump in Rs 50-75 crore next year to increase its equity base from the current Rs 110 crore.
Speaking to The Telegraph, managing director Venkatesh Mysore said, “Our business plan sees an infusion of Rs 450 crore in the next four years time with our growth in business. The plan also envisages achieving of a break-even by the end of the seventh year.”
The Bangalore-based Metlife India Insurance—a joint venture between Metlife International Holding Inc, Jammu & Kashmir Bank, M. Pallonji & Co Private Limited and other private investors—started operations in January this year.
Mysore said in the first six months of its operations, the company has been able to sell 7,000 policies with a sum assured of Rs 175 crore. The company has 700 financial advisors within its fold and will add another 300 by the end of the current fiscal.
Metlife plans to launch individual and group pension products next year, introducing group insurance products in the second quarter of the next financial year.
However, the company is not upbeat about coming up with the unit-linked products. “Indian market is still not ready for unit linked products. We hope that within next two years time the market will be ready for such a product,” Mysore said.
Metlife India today rolled out a slew of products while launching their operations in Mumbai. It is already present in Bangalore, Chennai, Hyderabad, Calcutta and Kochi.
The company now offers 12 products, and four riders (the accidental death benefit rider, the waiver of premium rider, the critical illness rider and the term rider) are obtainable to permit customisation, thus offering more than 300 potential options to a customer.