Sanjeevan Mops Up Rs 1.5 Cr In Premium

SBI Life Insurance Company, thanks to its parentage of State Bank of India (SBI), has mopped up Rs 1.5 crore from premiums for its single premium policy -- Sanjeevan -- with an aggregate sum assured of Rs 2.4 crore.

Ninety per cent of the proposals received for Sanjeevan, SBI Life's only risk product, came from SBI employees who have opted for the voluntary retirement scheme.

SBI Life's chief executive officer and managing director R Krishnamurthy said: "The minimum average premium received has been Rs 62,000 and the maximum has been Rs 2.5 lakh."

SBI Life has been able to mop up these amounts within three weeks of its launch without an agency force on the back of its relationship with SBI. Majority of the proposals came from Chennai and Calcutta, said Krishnamurthy.