Financial Daily from THE HINDU group of publications
Saturday, May 18, 2002
Financial Daily from THE HINDU group of publications Saturday, May 18, 2002 |
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Money & Banking
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Life Insurance Birla Sun Life targets 90,000 policies this year Our Bureau
MUMBAI, May 17 BIRLA Sun Life Insurance has targeted a sale of around 90,000 policies in the current year with corresponding annualised premium of more than Rs 215 crore. The company which started operations on March 19, 2001, has earned a premium income of Rs 36 crore and sold nearly 20,000 policies covering more than 33,000 lives across individual and group life business. Birla Sun Life is currently capitalised at a level of Rs 150 crore and has completed new business with total sum assured of Rs 1,600 crore. Average premium per policy stood at more than Rs 15,000 per policy and an average sum assured was around Rs 4,00,000 per policy. "The company's main focus is on investment linked insurance products and believes in maximising investment returns for the policy holders. Eighty eight per cent of its premium income has been achieved from the sales of unit-linked products,'' said Mr Nani Javeri, CEO, Birla Sun Life. The company has achieved its rural and social sector obligations of seven per cent of the individual life policies and 7,650 lives respectively. It has also tied up for bancassurance with Deutsche Bank and Citibank and is talking to several other nationalised and old private sector banks for similar arrangements.
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