HDFC Standard Life is aiming for a 10-15 per cent growth in new business premium in the current financial year, a top company official said.

?The private sector life insurers did not perform well in the first-half but there will be growth in the second. I expect a growth of 10-15 per cent in fresh premium collection of private players and our growth will be in line with the industry,? HDFC Standard Life Insurance?s Principal Officer and Executive Director, Paresh Parasnis, told reporters in Mumbai on Monday.

HDFC Standard Life mopped up Rs 2,552-crore as fresh premium in FY 09, he said.

The total premium collection was also likely to clock a growth of around 10-15 per cent in FY 10, he said, adding that the total premium during the previous fiscal stood at Rs 5,565-crore.

The company?s bancassurance tie-up with Bank of Baroda ended recently as the bank has ventured into the life insurance business through a joint venture with Andhra Bank and UK-based Legal and General.

The company also lost a bancassurance partner, Union Bank, last year which started life insurance company- Star Union Dai-ichi with Bank of India and the Japan-based Dai-ichi Mutual Life Insurance.

?The bancassurance channel contributes 47 per cent to the new business premium collection. We expect it to be around 40 per cent in the current fiscal,? Parasnis said.

?We will make up the loss of these partners (BoB and Union Bank) through other partners,? he said.

The other bancassurance partners of the company are Indian Bank, Saraswat Bank and HDFC Bank.

The company is also looking for new potential partners for its bancassurance channel.

HDFC Standard?s assets under management till date is Rs 16,000-crore.

The company which is planning to launch an IPO in the next fiscal, is awaiting the passing of the Insurance Amendment Bill in Parliament and the IPO guidelines for insurance companies on which regulators, IRDA and SEBI, are working.

The company today launched two products under the ?Super? series — HDFC YoungStar Super and HDFC Pension Super.

?Three more products in the series will be launched by end-December,? Parasnis said.

The new products to be launched would be Endowment Super and Limited Underwriting Product which includes endowment plan and children plan.