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The Tamil Nadu Co-operative State Agriculture and Rural Development Bank Ltd has signed on as a corporate agent for Shriram Life Insurance Company.
On the sidelines of the signing ceremony, Shriram Life's Managing Director, Ms Akhila Srinivasan, said the company would bring in Rs 25 crore more to raise its capital to Rs 175 crore. She said the recent regulations on unit-linked policies or ULIPs — which cap expenditure and raise lock-in period of investments — have affected the profitability of Shriram Life (as of other life insurers).
However, Shriram Life had even earlier said it would, this year and the next focus on expanding its market reach rather than making profits, and hence it will be able to adjust to the new regime easily. In 2010-11, the company expects first year premium of Rs 300 crore, Ms Srinivasan said.
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