India-based Reliance Life Insurance is planning to launch 25 insurance policies within the next three months, designed in compliance with the Insurance Regulatory Development Authority's (IRDA's) new guidelines.
Reliance Life CEO Anup Rau was quoted by Business Standard as saying, "It will be a gradual process and will be phased out. But we will launch all of the 25 products in the fourth quarter."
The private life insurer said that IRDA has approved its new products, which will be introduced across India through its nationwide distribution and agent network.
"We will largely focus on traditional plans and continue to provide simple and need-based solutions to customers," Rau told the news agency.
"Traditional plans will contribute 80 per cent while the unit-linked plans will contribute around 20 per cent to the top-line in the new product environment."
In order to provide policies for all segments, the life insurer is also considering submitting more products with IRDA in the next few months.
The new guidelines, which will be effective from 1 January 2014, have divided life insurance products into three broad categories, such as traditional insurance plans, variable insurance plans and unit-linked insurance plans.