SBI Life eyes domestic health and micro-finance sectors

Chennai, May 3 (UNI) SBI Life Insurance will enter into health and micro-finance sectors in the domestic market soon.

Speaking to the newspersons here today, SBI Life Insurance MD and CEO U S Roy said the company plans to enter both the sectors as part of its 'comprehensive 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 achieve the aims," he said.

Mr Roy claimed that the assets under the management have more than doubled to Rs 4,741 crore, SBI Life products were available at all the SBI branches, which was supplemented by 125 full service branches of SBI Life.

"Additionally, the products were available from more than 25,000 insurance advisors", he said SBI Life Insurance, a joint venture 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 financial year 2006-07 as compared to 4.37 million lives in previous fiscal.

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

UNI