| The company's outgoing managing director and CEO, R Krishnamurthy "" he retires by this month-end "" said: " We expect 50 per cent of our premium to come from the bancassurance channel with the introduction of unit-linked plans." |
| The life insurance company had earlier predicted 75 per cent of its premium income to come from the bancassurance channel by end of the fifth year of operations. |
| SBI Life has clocked a premium income of Rs 133 crore for the 10 month period ended January 2004. It expects to close the fiscal with a premium income of Rs 180 crore, against Rs 72.5 crore achieved last fiscal. |
| "Of total premium collection, bancassurance today accounts for 50 per cent, amounting to Rs 54.25 crore," said Krishnamurthy. |
| With the introduction of unit-linked plans and other complex products, he felt that agents would be required to better explain the products. |
| Meantime, S Krishnamurthy, deputy managing director at State Bank of India, will takeover as the managing director and CEO of SBI Life as on March 1. He was earlier the chief general manager of SBI's Chennai circle. |
| The MD & CEO-designate is confident that SBI Life will become the number one in terms of premium collections once the bancassurance model is extended to 6,000 SBI branches in the next three years. |
| "Bancassurance will be the main plank for our sales as SBI associate banks scale up their activity," said S Krishnamurthy. |
| SBI Life today ranks number in terms of the number of lives covered among private insurers at 11.65 lakh. SBI Life will increase its agency force from the present 3,800 agents to 5,000 by March 2005. |
| The life insurance company is also looking at moving towards institutional sales through corporate agencies. |
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