SBI LIfe to generate revenue of Rs 2,500 cr during current fiscal

Mumbai, Jan 3 (UNI) SBI Life will likely earn a total revenue amounting to Rs 2,500 crore, coming from both first premiums and the renewal of premiums, by the end of the current financial year, thus registering a whopping growth of 174 per cent over last year's figure of Rs 1,075 crore.

Talking to the media on the sidelines of announcement of the launch of a new product Horizon II Pension Product, here today, company MD&CEO S Krishnamurthy said ''Out of it, a sum of Rs 800-900 crore is likely to come from the new product only by the March end''. He addeed that SBI Life expects to earn revenue of Rs 100 crore from the launch of the new product within a month of its launch.

Deputy CEO Pier-Paolo Dipaola said the new product, which is an extension of the existing Horizon Pension Product, has been adapted to Indian context. Lauding the efforts of the strong agency channel of the company, he said revenue amounting to Rs 620 crore was contributed by them alone during the current fiscal so far.

He informed that soon the facility of alerting the customers about the deadline for depositing the premium amount will be kickstarted. Also, the company has come up with an intra-net portal for calculation of premium. Once this facility becomes operational, even sales persons can be accessed by the customers whenever they need it.

Mr Krishnamurthy said 85 per cent of amount as collected by his company through its policies would be invested in infrastructure projects having their long gestation periods like corporate bonds, securities and others.

Though he welcomed the Centre's move to bring the Insurance Bill on the floor of Parliament during the forthcoming Budget session, he suggested for making IRDA (Insurance Regulatory Development Authority) Act liberal one to provide facility measures to the ever increasing insurance sector.

UNI