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Private sector insurer Shriram Life Insurance eyes increasing its branch network across India by opening about 30 new branches in the country by the end of this fiscal. The network expansion is likely to boost the company's new business revenues by 30 per cent from about Rs 500 crore last fiscal to around Rs 650 crore this fiscal.
The company had sold over 1.9 lakh policies last year, which it expects to cross 2.5 lakh by the current fiscal.
"We cater to the bottom of the pyramid. And that's where we expect the maximum growth to come. We provide insurance to truck customers and gold loan customers. Our average premium is one of the lowest at Rs 12,000 per annum," said Manoj Kumar Jain, CEO & whole time director, Shriram Life Insurance Company Ltd.
In Gujarat, the company has tied up with SEWA Bank to offer Pradhan Mantri Jeevan Jyoti Yojana to cater to the rural population and provide them one of the cheapest life insurances. "In tie-up with SEWA Bank, we have sold more than 5,000 policies across Gujarat. The average premium for these customers is just Rs 360," he said adding that the company will open 4 more branches in Gujarat during this fiscal to increase its presence from the existing 28 branches in the state.
Till October, company's new business premium has increased to Rs 316 crore, up from Rs 228 crore in the same period last year.
Jain also mentioned that the company's recent partnership with telecom player, Telenor has helped the company increase its reach to the potential customers.
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