“The premium income at Rs 36 crore, which includes single premium of Rs 10 crore, is higher than the targeted amount of Rs 15 crore,” HSLIC managing director and chief executive officer Deepak Satwalekar told newspersons here on Wednesday and added that the company has covered 44,311 lives.
In FY-03, the insurance venture targets to sell one lakh policies and to achieve a total sum assured of Rs 3,000 crore (Rs 1,500 crore each in individual and group businesses), he said.
Mr Satwalekar said individual life insurance and pension business has registered a sum assured of Rs 787 crore. HDFC personal pension plan introduced in February accounts for nearly 20 per cent of the policies issued during this period.
The group insurance businesss registered a sum assured of Rs 479 crore. The company also covered lives of 7,424 socially under-privileged individuals under its development insurance plan.
The HSLIC board has declared a reversionary bonus of eight per cent per annum and 4.25 per cent of the sum assured for its single and regular premium policies, respectively.
Keeping in line with fall in long term interest rates, the interim dividend has been scaled down to seven per cent (eight per cent earlier) for single premium policies and 3.75 per cent (4.25 per cent) in case of regular premium policies.
Mr Satwalekar said the founders’ bonus would vary with the term of the policy and the liability on this front was seen in the region of Rs 1.5 crore.