The Hindu Business Line : SBI Life targets premium income of over Rs 600 cr

SBI Life Insurance is targeting a premium income of over Rs 600 crore by the end of this fiscal, a projection buoyed by the company's plans to tap new customer segments.

SBI Life, which has clocked a premium of about Rs 373 crore so far this year, proposes to leverage its tie-ups with various banks, especially State Bank of India and its associates, to further its plans.

In fact, bancassurance is expected to remain its main delivery channel in the coming days.

Mr S. Murlidharan, Chief Marketing Officer at SBI Life, said that a good part of the company's premium income may well originate from new businesses.

As for bancassurance, the company already has over 5,000 branches of the SBI group working for it. This, it is felt, will remain the most significant way of reaching out to customers. State Bank of Hyderabad and State Bank of Travancore are among the more active players when it comes to selling insurance products, he added.

The company today launched `Horizon' in the eastern market. This is its first unit-linked insurance plan (ULIP), featuring what has been named as the `automatic asset allocation'.

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