Mumbai, June 05: SBI Life Insurance Company Ltd has posted a 391.55 per cent rise in premium income at Rs 72.75 crore for the year ended march 31, 2003, compared to Rs 14.8 crore recorded in the previous year. "The company issued 22,400 individual policies (3,700 policies in fy-02) and 220 group policies in the period under review", SBI Life managing director and chief executive officer R Krishnamurthy told reporters here today.
The total sum assured by the company has crossed Rs 4,000 crore while the total number of lives covered have exceeded five lakh, he said.
In the group life business, SBI Life has emerged a leader with a 30 per cent market share of the aggregate premium income of Rs 35 crore that the private sector players generated, he claimed.
The company sold 4,000 pension policies in the month of March alone, the MD said.
Krishnamurthy said the company settled eight individual and 210 group claims aggregating rs 5.5 lakh and Rs 2.4 crore respectively.
Referring to launch of "SBI Life Swadhan" and SBI lifelong pensions-group kisan credit card (KCC) holders scheme", he said the former was a term insurance policy that offered the benefit of a refund of premium facility.
Under the KCC insurance product, farmers would have the option of earmarking a regular amount for their old age requirement in addition to enjoying life insurance cover till the age of 60, he added. Bureau Report