The Hindu Business Line : Birla Sun Life targeting Rs 1,000-cr premium income

BRAND AMBASSADOR: Former cricketer Kapil Dev who is now a Brand Ambassador for Birla Sun Life Insurance, and Mr S.K. Mitra, Director, Financial Services, Aditya Birla Group & currently in charge of BSLI, in Mumbai on Monday. - Shashi Ashiwal

Mumbai , Nov 20

Birla Sun Life Insurance has set a target of Rs 1,000 crore in new business premium by the fiscal-end. The company received Rs 600 crore in new business premium last year.

The insurance company hoped to accelerate the growth in premium, which currently stands at 60 per cent, Mr S.K. Mitra, Director, Financial Services, Aditya Birla Group, said

Birla Sun Life plans to tap the high-income groups in rural areas, he said.

The company will double its agency force from the current 30,000 in the next two months, Mr Mitra said.

The group life insurance business currently contributes 20 per cent of the premium. The contribution of this business to the total portfolio has reduced, said Mr Mitra: "Initially group life business was driving the company's portfolio but the market is now competitive and price sensitive."

The company announced that the former cricketer Kapil Dev would be their brand ambassador.

Kapil Dev has a two-year contract and will be involved in product marketing and promotional activities.

Mr Mitra said the company's annual marketing budget was between Rs 15 crore and Rs 20 crore.