SBI Life to launch new health scheme by July, says Roy

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SBI Life Insurance is planning to launch a new health product by July-end, as it aims to collect a total premium of Rs 8,500 crore this fiscal.

Company’s managing director and CEO Uday Sankar Roy revealed this here on Saturday. “We are planning a health product called Critical Illness (CI),” he said.

Roy said SBI Life has already applied to the regulator for requisite permission, and the product was expected to have a large consumer base, as its features are unique. “Instead of paying the insurance claim to the hospitals, SBI Life will make payment to the policy holder.”

“The new product will be attractive,” he said, adding that the scheme will cover seven critical diseases like blood pressure, diabetes and cancer. This apart, the new product also had a feature of good health declaration in good faith.

Another factor that could add to the acceptability of the new product was less premium amount. However, there would be no refund clause of premium money.

Announcing expansion plans, Roy said SBI Life was planning to add 250 additional branches to the existing 180 branches across the country. Besides, another 40,000 financial advisers would be added to the manpower. “Opening of more branches and additional manpower will be completed by March 2009.”

SBI Life, which had generated Rs 4,792 crore during last fiscal, is targeting a premium collection of more than Rs 8,500 crore by end of March 2009. “Our’s is nearly 90% growth and SBI Life shares 5.2% in insurance business in the country,” he said. Announcing expansion plan of SBI Life insurance, Roy said that it was planning to add 250 additional branches to its existing 180 branches across the country. Besides, another 40,000 financial advisors would also be added to its manpower force.