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SBI Life expects to maintain 39 per cent growth in FY17

SBI Life Insurance is expecting to maintain 39 per cent growth in the current financial year as against the industry average of 17 per cent, an official of the company said.

“We aim to maintain 39 per cent growth rate in the current financial year against the industry average of 17 per cent”, executive director of SBI Life Insurance M Anand said.

He said during April to December 2016 the first premium income was Rs 6,941 crore as compared to Rs 4,525 crore in the corresponding period previous fiscal.

Individual new premium income stood at Rs 4,095 crore during the period as against Rs 3,161 crore in the last fiscal.

Gross total premium was at Rs 13,622 crore, up from Rs 9,830 crore in the same period of previous financial year.

Anand said there was no impact on premium collection due to demonetisation despite an initial slowdown.

SBI Life launched ‘Smart Bachat’ endowment plan with limited premium payment term.

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