Chandigarh, Feb 9: SBI Life Insurance has sold around 72 lakh policies till December of the current financial year and recorded 101 per cent growth by collecting total premium of Rs 2748.28 crore.
Stating this here today SBI Life Insurance MD and CEO U S Roy said that by the end of this financial year the company expects to sell over one crore policies as against around 62 policies sold last year. He said that in the total premium collection during this period, the share of SBI Life's North-1 region, which includes Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir, was Rs 323 crore as compared to Rs 96 crore during the corresponding period last year.
This records a growth of over 200 per cent in total business premium collection, he added.
"The company has set an ambitious target of over Rs 500 crore of total premium collection from the region during the current financial year and expects to grow by more than 100 per cent in the next financial year," Mr Rao said.
"Punjab is one of the priority markets for us, with potential to become the top region, with vast affluent rural population and high density of families having NRI members. Punjab has prominently contributed to our company's growth and we are confident about the continued positive performance by the region." In North 1 region, SBI Life distributes its products through its 15 full-service branches, and over 1500 State Bank Group branches spread across the state, he said.
"SBI's access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion," Mr Rao said.
SBI Life products are available across 14,500 plus State Bank Group branches, which are supplemented by over 187 full-service branches of SBI life, Additionally, the products are available through more than 34,000 Insurance Advisors.