Shriram Life eyes 20% growth

The new business premium of Rs 228 cr was collected by SLIC till October this year as compared to Rs 197 cr in the last financial year

Shriram Life Insurance Company Limited (SLIC), one of the recent entrants into the life insurance business, is eying a 20 per cent growth in business this year even though the life insurance sector as a whole is facing a negative growth.

Apart from a captive customer base of the group that helped in cross-selling of the insurance products and good growth in new business premium, the fast expansion of the company’s branch network — 270 of them in the last 18 months — further gave impetus to beat the  industry trend, said Manoj Kumar Jain, CEO and whole time director of the company, on Monday.

SLIC collected new business premium of Rs 228 crore till October as compared with Rs 197 crore in the last financial year while the industry showed a negative growth of 14 per cent during the same period, according to him. The company has collected a total business premium of around Rs 340 crore so far as compared with Rs 290 crore last year.

SLIC currently offers 12-14 products. It today launched ‘Shriram Life Assured Income Plan’ that provides protection as well as fixed income and flexible premium terms. The company expects to collect Rs 8-10 crore premium from the sale of the new product. It plans to launch two more products in the next 30 days, according to Manoj Kumar.