[sbinews] SBI Life premium up 233% (Business Standard)

  • From: Rajendra Pai <rspai9@xxxxxxxxx>
  • To: sbinews@xxxxxxxxxxxxx
  • Date: Wed, 7 Apr 2004 20:07:54 -0700 (PDT)

SBI Life premium up 233% 
(Business Standard)
Our Banking Bureau / Mumbai April 08,2004 
SBI Life Insurance has booked a 233 per cent rise in
gross premium income at Rs 200 crore in the financial
year ended March 31, 2004, compared with Rs 60 crore
registered in the previous fiscal.  
S Krishnamurthy, managing director and chief executive
officer of SBI Life, said the insurance company plans
to introduce four new products, including one
targetted at the non-resident Indian community, over
the next few months.  
During the last fiscal, the life insurance arm of
State Bank of India (SBI) has covered 13 lakh lives,
and more than two lakh individual policies were
issued. ?So far, the company has covered 75,000 home
loan borrowers,? said Krishnamurthy.  
Krishnamurthy was addressing the media at a function
where SBI Life and Union Bank of India signed an
agreement to offer group life insurance to the
latter?s home loan customers.  
Union Bank of India, despite being a corporate agent
of HDFC Standard Life, has tied up with SBI Life. V
Leeladhar, chairman and managing director, Union Bank
of India, said: ?We have studied various schemes
offered by different companies and finally decided to
tie up with SBI Life as it provides a wide range of
products. Also, their claims settlement process is
Leeladhar said the bank expects to cover around 8,000
home loan customers under the new scheme in the
financial year 2004-05.  
?Through this product, we will able to reduce the
incidence of non-performing assets. We can also
increase fee-based income and retain customers.?  
Union Bank of India?s home loan book grew 20 per cent
to Rs 1,800 crore in the financial year ended March
31, 2004. Leeladhar said the company?s home loan
portfolio was rising 20-21 per cent every year.  
Under the new scheme unveiled by Union Bank of India
and SBI Life, 5-20-year home loans would be covered,
and the size of the cover would be Rs 50,000 to Rs 50
lakh. The premium would be set based on the loan
amount, tenure and age of the borrower.  
SBI Life already has such offerings for home loan
customers of United Bank of India, some private home
finance firms, SBI and its seven subsidiaries.  
Krishnamurthy said, ?The company is in talks with some
other banks also for such products.? ?On an average
about 50-60 per cent customers from SBI opt for this
kind of scheme and we are getting 10-12,000
applications per month,? he added.  

Web Address: http://rspai.tripod.com

Do you Yahoo!?
Yahoo! Small Business $15K Web Design Giveaway 
Mailing list (sbinews@xxxxxxxxxxxxx) related information:

News/articles about SBI and Banking related matters published  in the print 
media, Internet etc will be circulated through this Mailing List. 

The messages in this list will help in improving awareness of SBI and its 
activities vis-a-vis the happenings in the Banking industry. This should be of 
help to all staff members of SBI, particularly those who are preparing for 
promotional written tests/interviews/group discussions. Subscription to this 
Mailing List is simple and FREE. Please check the procedure below. Please share 
this information with other colleagues/branches that could be interested in 
subscribing to this Mailing List. 

The messages circulated here should not be deemed to have the official 
endorsement of the SBI or any of its employees. The correct factual position 
may be ascertained from official sources. 

To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx 
with the word 'subscribe' without the quotes in the subject of the email 

To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx 
with the word  'unsubscribe' without the quotes in the subject of the email 

Archives (old messages) are available for viewing at:
Click on the month-year at the lower left corner to view messages posted during 
that month. 

This is an announcements/newsletter type mailing list i.e. only the Moderator/s 
can post messages to the list. 

This mailing list is maintained and moderated by Sri. R.S.Pai, currently 
working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai. 
Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities 

Other related posts:

  • » [sbinews] SBI Life premium up 233% (Business Standard)