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SBI Life To Increase Insurance Premiums

Considering a 50% increase in its Insurance Premium income this fiscal

SBI Life Insurance (SBI Life) is considering a 50% increase in its Insurance Premium income this fiscal – reported in Business Standard.

U S Roy, managing director and CEO, said: “During last year, though the target was INR70 billion, SBI Life was able to achieve only about INR53.8 billion. This year plans were on to increase it by 53 to 55%.”

He further expressed that steps had also been taken to hike the total premium income, announcing a venture with the Muthoot Group. The total premium income collection last year was INR70 billion and this year it was likely to cross INR100 to INR110 billion mark.

In the state of Kerala, India, SBI Life did over INR3 billion insurance premium collection last year, and this year the aim is to double it. SBI Life’s products would be distributed and serviced through all the branches of Muthoot Finance.