Shriram Life Insurance to foray into general insurance

Kochi, Nov 28 (UNI) Shriram Life Insurance, a joint venture between India's leading financial conglomerate Shriram Group and Sanlam Group of South Africa, plans to foray into general insurance and micro-finance by next year.

Speaking to reporters here, Managing Director Akhila Srinivasan said the company was planning to enter the general insurance market to cater the needs of the people by 2007. The company would also make its foray into the group insurance and micro-finance segment to provide insurance cover to the marginalised section of the society, she added.

She said micro-finance would be provided through Self-Help Groups (SHGs) in various villages.

The company was aiming to record a premium collection of Rs 140 crore in its first year of completion.

Ms Srinivasan said presently the collections had touched Rs 105 crore with 70,000 policies and was poised to reach 90,000 policies in this calendar year.

The company, established in 2006, was aiming to garner a collection of Rs 350 crore in the next fiscal, she added.

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