SBI Life business touches Rs 9 crore

SBI Life Insurance Company Limited, Visakhapatnam region, comprising the five districts of West and East Godavari, Visakhapatnam, Vizianagaram and Srikakulam, has recorded a business of Rs 9 crore between July 2004 and March 31, 2005.

K Satyanarayana, coordinator for Visakhapatnam region told Business Standard that SBI Life has fixed a target of Rs 15 crore business for the ongoing fiscal 2005-06. "In fact, our performance is more than what we had expected in the first year of its launch," he said.

SBI Life as on March 31, 2005, recorded 22,928 policy holders against a total premium of nearly Rs 9 crore. Among the group products, the housing loan-cum- insurance beneficiaries included 4,947 against a premium amount of Rs 6.92 crore while the insurance premium of 14,743 account holders accounted for Rs 5.52 lakh.

The premium of tractor and car loanees numbering 94 was to the order of Rs 7.35 lakh. Among the individual products, Sudarshan plan recorded a premium of Rs 33 lakh against 733 policy holders.

Satyanarayana said that East Godavari district topped among the five districts with Srikakulam district occupying the second place in its contribution to the total premium amount. A special scheme called 'Bank Life' for the benefit of bank employees will be launched in July 2005, he informed.

SBI Life launched 13 attractive plans for different sections of people covering farmers, students, pensioners, employees, business groups and a variety of other target groups.

The insurance schemes include Sudarshan, Setubandhan, Life long pensions, Shakti for self- help groups, Tractor credit and insurance scheme, Swadhan scheme with life cover and premium refund guarantee, money back plan and a scheme for scholars.