The Hindu Business Line : SBI Life to open more branches in eastern region

NEW BRANCHES: Mr S. Krishnamurthy, MD and CEO of SBI Life Insurance, with Mr M. N. Rao, Chief General Manager, at a press meet in Bhubaneswar on Tuesday. — Ashoke Chakrabarty

Bhubaneswar , Aug. 8

SBI Life Insurance, a subsidiary of State Bank of India, has set a target of achieving a business premium of Rs 2,500 crore in this fiscal by launching innovative products, opening more number of branches and increasing its sales force, the company's Managing Director, Mr S. Krishnamurthy, said here on Tuesday.

Addressing presspersons, he said the company is expanding its operations across the country. By the end of this fiscal, it plans to increase the number of its branches to 150 from the existing 60.

The company also plans to increase its agent base from 8,000 to 20,000 and extend its presence through over 10,000 branches of SBI, Mr Krishnamurthy said.

About the company's expansion in eastern India, he said three new branches would be opened in Orissa, four in West Bengal and five in Bihar this year.

In Orissa, SBI Life has three branches in Bhubaneswar, Cuttack and Rourkela and the three new branches will be opened at Berhampur, Balasore and Sambalpur shortly.

As regards launching of new products, Mr Krishnamurthy said the company would launch a unit-linked pension plan next month.

The company's `Dhana Bridhi' scheme will also be recast around that time, he added.

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