Shriram Life Insurance Company Ltd has launched three plans here on Friday.
The products are a guaranteed wealth preserver that combines investment with life cover, an easy life cover plan and a traditional employee benefit plan.
Speaking after the formal launch of the products, Manoj Kumar Jain, CEO, Shriram Life said his company was growing at 26 per cent between April 2014 and Jan 2015 as against 19th pc in the private life insurance industry.
Last year, it registered Rs 600 crore of renewal and new business premium and is hoping to close the current financial year with about Rs 250 crore. ``Most of the growth is due to the distribution expansion we have done last year,’’ Jain said.
Last year, Shriram Life opened 235 new branches. With a total of 414 branches now, it plans to add 40 new branches during the next financial year.
The company was optimistic about business in the current month in view of the tax saving season, he added.
STAKE HIKE
As has been indicated earlier, its joint venture partner, South African financial services group Sanlam, was ready to increase stake in Shriram Life Insurance from 26 per cent to 49 per cent.
``But we are well capitalised with a solvency ratio of 5.8 against mandatory 1.5 prescribed by the insurance regulator,’’ Jain said.