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Our Bureau

Mumbai , Feb. 26

SBI Life Insurance expects to touch a sales target of Rs 180 crore by the end of the current fiscal, according to its outgoing Managing Director and CEO, Mr R. Krishnamurthy.

Until January 31, 2004, SBI Life Insurance, a joint venture between State Bank of India and Cardiff SA of France, had recorded revenues of Rs 133 crore. Of this, 50 per cent had come from its bank assurance business, he said.

The company has also obtained approval from the regulator for two products — an annuity plan and a unit-linked scheme. "For the first time, we are bringing bonus to annuity purchaser," Mr Krishnamurthy said, adding that pensioners will get bonus when they turn 81. At present, 2,154 branches are selling its policies. This number would be increased to 4,000 branches by March 2005 and 6,000 by March 2007.

SBI Life Insurance has trained some of the bank staff and given them a designation of Certified Insurance Facilitator. So far it has identified 840 people and trained 828 across 509 branches.

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