Reliance Life Insurance introduces Life Plaza

Reliance Life Insurance Company (RLIC) introduced a distribution channel – Life Plaza – aimed at creating awareness about life insurance and said it plans to set up about 200 branches across the country by the end of the current financial year.

“The main objective of our new distribution format is to generate greater awareness about life insurance in and around different locations where these Life Plazas will operate and create a pull for life insurance products,” Malay Ghosh, President and Executive Director, Reliance Life Insurance, said.

RLIC targets to hire about 1,000 people under this new distribution format within this fiscal and would focus on Tier II, Tier III and Tier IV cities for recruitment and setting up of Life Plazas, he said. Read more

Insurance cos get tax evasion summons

The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and  commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs 300 crore.

Official sources said that firms, including Birla Sun Life Insurance, ICICI Prudential, HDFC Life Insurance, MetLife Insurance and Reliance  Life Insurance Company among others have been issued summons by Directorate General of Central Excise Intelligence (DGCEI), an  intelligence arm under the finance ministry. Read more