SBI Life outgoing managing director R Krishnamurthy said that the company has progressed well and number of lives it has covered has already crossed 11 lakh.
With the lowest expense ration, the company has its premium income divided equally between agency and bancassurance channels. Over 2,000 branches of State Bank of India (SBI) and 33 regional rural banks are selling the companys products. The company has already trained over 800 staffers of the SBI to sell insurance. According to Mr Krishnamurthy, after SBI starts implementing the core banking solutions, the scope for higher volume sales of insurance product will much higher as data mining can be made into use by the bank.
The insurance company has plan to sell its products in 7,000 branches in two years of time, said S Krishnamurthy, managing director designate, SBI Life.
SBI Life is also planning to launch two new products, an annuity plan Pension Tatkal where there will be a provision for bonus to the policy holders and a money-back policy where a policy holder can receive step up higher payment at regular intervals.
SBI Life has also increased the value of the sum assured of policies to Rs 5 lakh, which can be bought through SBIs branches without medical examination. Currently the insurance company has 15 brokers and 12 corporate agents selling its products. We plan to expand our intermediary channel which is the safest way to sell insurance business, said Mr S Krishnamurthy. In the bancassurance category, the company has mobilised total Rs 54.25 crore out of which Rs 38 crore is accrued out of the covers for home-loan and Rs eight crore from covering group account holders.