The Hindu Business Line : Birla Sun Life to scale up distribution network

“The insurance industry is expected to grow at 50-60 per cent this year and we hope to grow faster than that,” said Mr Vikram Mehmi, President and CEO, Birla Sun Life Insurance.

The company opened 200 branches, of its existing 337 network in the past four months. “We plan to expand this to 800-1,000 branches. Our agency force will also correspondently grow from the current 25,000, if we employ 300 agents per new branch,” Mr Mehmi said.

The company’s assets under management stand at Rs 5,700 crore as on October 20, 2007.

New product

The company today launched “Saral Jeevan Plan”, a unit linked insurance plan, which is positioned as an over-the-counter product, for its simplified application process.

The product offers a 10, 15 and 20 year term with a cover that goes up to Rs 10 lakh. The customer can choose from eight investment fund option.

BSLI also offers a multiplier fund option, which invests predominantly in mid-cap stocks, with an option to invest 30 per cent in large cap stocks as well.

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