The Hindu Business Line : Shriram Life sees Rs 140-cr maiden income

Shriram Life Insurance, a joint venture company between Shriram Group and Sanlam Group of South Africa, is set to achieve a premium collection of Rs 140 crore by January 2007 in its first year of operations.

The company, which had commenced its operations in January this year, has already collected a premium of Rs 105 crore as of November by insuring 70,000 lives during this period, Ms Akhila Srinivasan, Managing Director, Shriram Life Insurance, said at a press meet here on Tuesday.

"If we achieve the collection of Rs 140 crore, this will be the largest collection ever registered by a private insurance company in the country in the first year of operations," Ms Srinivasan said. The company had focussed on the southern and western markets in the first year and continue to focus on the same markets in the second year.

The company has set a target of Rs 300 crore next year and would be shortly venturing into general insurance business by April in association with the Sanlam Group. "We are also looking for a foreign partner to start mutual fund business by next year," she said.

She said that the company is planning to launch four products focussed in the area of social insurance, group insurance and unit linked products. There are also plans to launch micro insurance products in January next year for the marginalised section of the people. The product named Shriram Rural Development Project will be operational initially in Tamil Nadu, Karnataka, Andhra Pradesh, Bihar and Jharkand.

Mr Swaminathan, Executive Director said that the company presently offers eight life insurance products under its portfolio. It has presence across six states. It has over 65,000 strong agency force, in the three southern states.