SBI Life Insurance targets Rs 1 Lakh Cr in assets & managament

: SBI Life Insurance aims to achieve a growth of Rs one lakh crore in its assets and management business towards the end of this year or early next year, a top company official said.
"Our assets and management (business) has grown nicely, though it has not yet achieved its target of Rs one lakh crore. It is around Rs 95,000 crore. Towards the end of this year or early next year, we would like to achieve the target of Rs one lakh crore - that will be a big landmark," company Executive Director Sanjeev Pujari said here.
He stated this at the launch of SBI Life - Smart Bachat, a traditional, participating, limited premium payment term, endowment plan designed to keep the obligation of paying premium over a long term at bay.

Pujari, who also spoke to reporters, said the company has been the market leader for the last two years as far as new business is concerned and it has grown around 53 per cent till December this year.
On individual business front,the company has grown around 30 per cent as of December and over the last two years the market share has increased amongst the private companies, Pujari said.
To a query, he said demonetisation has not affected the company, but on the contrary done good business in November and December.

On Smart Bachat, Pujari said the plan aims tosafeguard the future of one's family while enabling one toinvest for financial goals.

"SBI Life Smart - Bachat gives flexibility to customers to choose the term for which they wish to pay the premium.This endowment plan not only safeguards your family from any uncertain eventuality, but also helps you save for your future," Pujari said.
The plan offers two options, Endowment option and Endowment option with in-built AD and TPD Benefit, he said.
Under the second option, future premium will be waived off in case of an unfortunate event of Accidental Total and Permanent Disability, he added.
"This plan gives you the freedom to choose premium payment term of 5,7,10 or 15 years based on your convenience and policy term of 10 to 25 years based on your insurance needs," Pujari said.

On maturity, Basic Sum Assured plus Vested Simple Reversionary Bonuses and Terminal Bonus, if any, will be payable, he said.
In case of death, higher of Basic Sum Assured or 10 times Annualised Premium, along with Vested Simple Reversionary Bonuses and Terminal Bonus, if any, will be payable subject to a minimum death benefit of 105 per cent of all premiums paid, Pujari said.