SBI Life plans entry into health and micro-finance sectors

Mumbai, Apr 30 (UNI) SBI Life Insurance today said the company was planning to enter health and micro-finance sectors in the domestic market soon.

Speaking at the sidelines of a media conference, SBI Life Insurance MD and CEO U S Roy said the company plans to enter both the sectors as part of its ''constant expansion programmes''.

''The company will follow a cost-effective model to achieve the set goals. Around 14,500 State Bank branches and other channels will be utilised to maintain a balance and thus also achieve the aims,'' he said.

SBI Life Insurance, a joint venture (JV) between State Bank of India and French insurance firm Cardif SA, has bagged a 55 per cent growth to attain the target of covering 6.49 million lives in FY 06-07 as compared to 4.37 million lives in previous FY.

The total premium of the company has also skyrocketted to Rs 2,928.49 crore up by 172 percent in curresponding premium of Rs 1,075.32 crore last year, he added.

UNI