In order to expand the existing portfolio and enter into new business line,...
Mrs. Akhila Srinivasan, Managing Director – Shriram Life Insurance, positively stated that the new business premium of the company for the year ending March 2014 is expected to be Rs. 545 crores i.e 29% increase in business as compared to Rs. 421 crores for the previous year. She also added that total premium income for the year ending March 2014 is expected to be Rs. 795 crores as against Rs. 618 crores i.e 28.6% increase. The company had sold around 1.54 lakh policies as at end of March 2013.
Shriram Life Insurance which is a joint venture between Shriram Group and South African based insurance service provider Sanlam and having well-built existence in South India, is looking to spread out its business across the country.
Justifying the above, she also revealed the Company’s plan of filing with market regulator Insurance Regulatory and Development Authority (IRDA) 14 new products during the year and out of those 4 products will be filed during the 1st quarter of the current financial year.