Private sector life insurance firm Shriram Life Insurance Company Ltd has posted 37.7 per cent growth in gross premium at Rs 1,020 crore during the year 2015-16, as against Rs 741 crore registered during 2014-15.
The new business premium has increased 37.9 per cent at Rs 706 crore during 2015-16, as against Rs 512 crore registered during 2014-15. Renewals were of Rs 314 crore during 2015-16, as against Rs 230 crore during 2014-15, an increase of 36.5 per cent.
Manoj Kumar Jain, managing director of Shriram Life said that the company is expecting 25-30 per cent on all business parameters during the FY17.
He said that crossing Rs 1,000 crore in gross premium is a big milestone for the company."We sold close to 2.67 lakh retail policies which ranks us among top seven private life insurers in the country," he added.
For the financial year ending March 2016, Shriram Life has covered more than 1.4 crore lives including 60 Lakhs lives of Telenor subscribers.
The company has also expanded its reach from 200 branches to current 530 branches through the expansion it started three years back, making it a pan India company. The company will continue to expand into Tier III or IV cities of North, East and West India by adding more than 75 Branches in the current financial year.
The company also announced Rs 20 per 1000 SA (sum assured) for policy term less than 10 years and Rs 30 per 1000 SA for policy term greater than 10 years.