Shriram Life eyes 20% growth in FY18
Shriram Life Insurance Company, a part of Shriram Group, on Thursday said it had targeted 20 per cent growth in premium collection during the current financial year.
Hyderabad: Shriram Life Insurance Company, a part of Shriram Group, on Thursday said it had targeted 20 per cent growth in premium collection during the current financial year.
The insurer launched a new policy for children education. "We closed last financial year with a total premium collection of Rs 1,200 crore, clocking a year-on-year growth of 20 per cent. We will maintain similar growth levels this fiscal too,” Casparus Kromhout, Managing Director and CEO, Shriram Life Insurance Company Ltd.
According to him, the insurer has two per cent share in the country’s life insurance business while it enjoys seven per cent share in two Telugu states. “Shriram Life stands at 16th place among life insurance companies in the country, but is in top 10 when it comes to number of policies as it focuses on rural areas where the ticket size is less,” he said.
The company which plans to launch five new policies over next year has introduced "Shriram Life Genius Assured Benefit Plan" to help in financing the education needs of the child, in the market.
The payouts under this product are designed in such a way that they benefit the child at the time of maturity for funding education or other such goals. Unlike other children insurance policies where child’s life is insured, the policy covers the life of parent or proposer, he explained. The company expects this product to generate significant volumes, he added.