Exide Life Insurance hopes to bounce back in the second half of 2020-21 with a 10-15 per cent growth in new business. A combination of new products along with rising awareness of insurance and a gradual opening up of the business will aid the growth.

According to data from IRDAI, the first-year premium collection of Exide Life Insurance for the period up to September 30, 2020, was down 29.93 per cent to Rs 268.07 crore from Rs 382.60 crore in the corresponding year-ago period.

“As far as new business is concerned I would be happy with a growth of 10-15 per cent compared with last year in the second half. We have countered the decline in the first six months in new business premium by being cautious in terms of managing cost. In the second half, we will be able to grow,” said Kshitij Jain, MD and CEO of Exide Life Insurance.

According to Jain, the first-year premium comprises different products and even as sale of investment oriented products have gone down, the amount of premium the industry has picked up from protection products have gone up. The average sum insured has also increased in the first six months signifying an increased awareness.

He gave three-fold reasons supporting the growth. “There is rising customer awareness as far as the need for protection is concerned. There is an overall increase in business with our branches opening up and our sales people engaging with customers. We are also coming out with compelling propositions at the end of this quarter and beginning of next quarter,” he said.

The company has launched a pension product to enter into a market it was not participating earlier. Also improved versions of its existing smart term plus policies will be coming up shortly, Jain said.