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Private insurance has great scope

The Government of India-run Life Insurance Corporation of India is targeting only around 8 per cent of the market in the country. The rest of the 92 per cent market is open for private insurance companies. This offers customers a wide choice as newly entering private insurance and investment companies are coming forward with a wide range of investment portfolios in the Indian market today.

In tune with this, private insurance companies can foresee a great growth in Mysore region as much of the potential remains untapped here, says Branch Manager Mr. Manju Kiran of Reliance, a leading private insurance company in the country.

Mr. Rajesh, Unit Manager of another private company, ICC Prudential’s adds that much of the potential is untapped in Mysore. There is a big rural market open here.

Endorsing the views of his colleagues, Sales Team Manager Mr. James Luis of yet another private company, Bajaj Allianz Life Insurance, says, private players in the market have come out with a wide range of investment plans to tap the huge market open for them. For example, Bajaj has come out with the ‘Jai Kisan’ product exclusively for the farming community with a minimum premium payment.

Mr. Kiran adds, “Generally we see more pre-budget investments ending on March 31 in tax savings schemes. Similar was the trend this time also. Investors expected that post-budget the stock market would see a correction. However, this time the market has proved wrong. It is still going up beyond expectations.”

Besides, the Indian economy is witnessing a good growth. Quality of life is improving at a faster pace. More and more foreign direct investments are flowing into the country. This will certainly create more job opportunities and investments.

Private insurance players, therefore, are finding the Mysore market rich with prospects, more so the rural parts of Mysore district, where they intend to make inroads with intensive campaigns. In the background of this, the three private insurance companies had organised a recruitment mela in last March, Bajaj Alliance, ICC Prudential Insurance and Reliance companies aiming to recruit financial advisers, unit managers and sales managers for 200 seats. Bajaj alone needed around 60 candidates.

Around 400 jobless attended the mela, District Employment Exchange Officer Mr. S.J. Hemachandra, who coordinated the mela, said.

While those with 10+3 or PUC were eligible for financial advisers’ posts, rest needed a degree. Even retired, ex-defence personnel, homemakers, and those from rural areas were eligible for the posts of financial advisers.

In the recruitment programmes conducted so far, over 250 people have been recruited for various posts. The 15 private general insurance branches in Mysore still need around 400 personnel. The selected will undergo a 20-day IRDA training in marketing skills.

At another recruitment programme on the same day, the Bangalore-based Rapid Force Security Management made selections for the posts of security guards. Selected candidates will be imparted training in first aid and fire fighting, its Mysore branch officer Mr. Jagadish said.

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