Mumbai, May 08: HDFC Standard Life insurance company limited has reported a 260 per cent rise in the premium income at Rs 132 crore for 2002-03 compared to Rs 36 crore for 2001-02. The company extended life insurance cover to 1.5 lakh policy holders with cumulative sum assured crossing Rs 5,000 crore mark in FY-03, managing director and chief executive Deepak Satwalekar said in a release here today.
"The exceptional growth in business in the past twelve months has been driven by rising expectations of the consumer," he said.
"Looking at the growth trend, the joint venture partners - HDFC and Standard Life of UK - are likely to infuse additional capital this year", the company spokesperson said.
The current capital base is pegged at Rs 218 crore and any specific increase would be decided at the time of business review, he said.
The group insurance business grew significantly in the year covering 22,000 lives for a sum assured of over Rs 2,000 crores, the release said.
Bureau Report