Winning Bizness Desk

Mumbai. India's most successful businessman Mukesh Ambani is now preparing to enter the insurance sector and soon he will be seen selling life and health insurance to the country. Mukesh Ambani can have a big hand in fulfilling the target of Insurance for All by the year 2047. According to reports, Mukesh Ambani is fully ready to enter the insurance business in India through Jio Financial Services. Reports have further stated that the company has started recruitment and IRDA is expected to be approached for the license soon.

Life as well as in non-life insurance business

According to the sources, the company has already hired X-PSU Resources. Some big names of ICICI Group are also expected to join the company. The company will enter into the life as well as non-life insurance business. The curtain will be removed from the roadmap in the upcoming AGM of the company. Analysts believe that technology will play a big role in Tier II and Tier III cities and the government is also expected to come up with the Insurance Amendment Act. In view of Jio's entry into the insurance business, companies like LIC can also change their strategy.

IPO of Jio and Retail may follow in 12 months

If experts are to be believed, Reliance can also bring the IPO of Reliance Jio and Reliance Retail in the coming 12 months. Before that, Reliance Jio can also launch its own 5G phone soon. Brokerage company CLSA expects Reliance Jio to start offering its own portable 5G device (Jio AirFiber) to add wireless broadband, and launch its own affordable 5G smartphone as it looks to monetize its pan-India standalone 5G launch by 2023.