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Our Correspondent

Madurai, Sept. 6

SBI Life Insurance is on an expansion blaze in Tamil Nadu. Its Agency Channel has plans to strengthen its operations in Nagercoil, Salem, Erode, Vellore and Pondicherry aimed at making deeper inroads to harness the potential in the State, according to Sr. Vice-President- Retail And Corporate Agency, Mr Rajiv Gupta. He said a target of over Rs 1,000 crore of total premium has been set for FY 06-07 and Tamil Nadu, which already had five branches, is expected to contribute over 20 per cent to the total business during this year.

The Madurai branch is expected to contribute Rs 40 crore premium income, he said her recently. Further, he said the company recorded a net profit of Rs.2.02 crore during FY 05-06. While the total premium stood at Rs 1,075 crore, the new premium generated was Rs 828 crore.

A total of 9 per cent return was declared to its policyholders on Lifelong Pension Schemes in addition to the guaranteed return of 4 percent per annum for all policies in-force as on March 31.

More Stories on : Life Insurance | Strategy | Tamil Nadu

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