Chennai, March 14 (IANS): Mumbai based Reliance Life Insurance Company Limited wanted to close this fiscal with a new business premium of around Rs.1,800 crore and target for the next fiscal would be around Rs.2,000 crore, a top company official has said.

"We will be closing this year with a new business premium of around Rs.1,800 crore. Next fiscal, the new business premium target is around Rs.2,000 crore," Anup Rau, chief executive officer in Mumbai, told IANS Thursday.

He said the aim was to log double-digit growth next fiscal.

Citing the revised regulations and new products, Rau said there would be short-term pain.

According to Rau the company's is building its distribution model like that of the Life Insurance Corporation of India mostly individual agents based.

He said the company's focus is on growth with quality business.

Rau said verification calls are made to policy holders soon after they sign up to know whether they understood the product features and signed in after that.

He said the company is all geared up to meet the sales surge this month as bulk of the life insurance policies are bought in March to avail income tax benefits.