Birla Sun Life Insurance tragets 100 pc growth

By Staff
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Google Oneindia News

Patna, Jun 16: Birla Sun Life Insurance Company Limited, India's leading private life insurer, has targetted 100 per cent growth in business during the current financial year by doubling its annualised premium income to Rs 2,000 crores by March 2008. Announcing this, BSLICL Senior Vice-President (Sales) E.N.Goveia and its Chief Opearating Officer (COO) Mario Braganza here today said during the current fiscal a number of equity and debt related customer-friendly new products would hit the Indian market taking full advantage of the current upswing of the national economy and bullish trend in stock markets.

Speaking to newsmen after launching the company's latest 100 per cent equity related product 'Gold Plus Plan' in Bihar and Jharkhand regions, both Mr Goveia and Mr Braganza said in order to be present in all corners of the country and execute their all India expansion programme at least 200 more branches would be opened across the country taking the total number of branches to around 350 by March 31 next.

Highlighting the unique features of the new product, they said the 'Gold Plus Plan' was not only 'very simple and hassle free, but also ensures maximum return within a very short period' even as the minimum amount of annual premium remained Rs 10,000 for three years.

The plan having no upper limit of annual premium, also offers 100 per cent equity exposure through new fund option and promises maximum returns on limited period investments', they said.

Referring to the all India business growth of Birla Sun Life Insurance, Mr Goveia said last year their annualised premium income stood at Rs 953 crores recording a healthy 36 per cent increase from the previous year,while total revenue generated till Martch 31 this year was to the tune of Rs 1746 crores,up by a record 41 per cent from the corresponding period of last year.

During the period the total asset under management amounted to Rs 4100 crores, he said.

Asked about the company's growth prospect in Bihar-Jharkhand region, Birla Sun Life COO said till March this year the total first premium income of all the six branches together in both the states was to the tune of Rs 16.5 crores annually.

''This year we are confident of touching the Rs 30 crores mark by doubling our business here at par with the national target'', he said.

UNI

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