SBI Life to bring retail loans under one head

SBI Life Insurance will revamp its offerings in the credit life range by bringing all retail loans under one umbrella, said Pier-Paolo Dipaola, deputy chief executive officer of SBI Life, at an interactive session in Kolkata.

Speaking about its yet-to-be launched group credit protection product"" Dhanaraksah, Dipaola said the bank targeted the total premium income of Rs 500 crore from the product by the end of fiscal 2007-08.

Also, the group insurance scheme would integrate its current and newer products to broaden SBI Life's retail base.

This apart, SBI Life expected to double its premium income from the present Rs 3,000 crore to Rs 6,000 crore by the end of current fiscal.

With a view to get more retail customers, the company would also raise the limit of the non-medical cover from Rs 20 lakh to Rs 35 lakh in the future, said Dipaola.

However, SBI would continue to focus on individual products, including traditional ones like its endowment policy as it had a strong retail base in the segment, Dipaola said.

With around 67 per cent income from the unit linked investment plan, SBI Life expects a similar growth in the segment in the current fiscal.

"We are growing in all segments, and we expect a growth in our traditional products as well. Today we have a strong position in ULIP and we will maintain our growth in the segment," he said, adding, "We expect more revenues from our group income this fiscal. We would focus on one insurance product covering all retail products."

Last fiscal, the corporate group products accounted for 17 per cent of the total insurance business of the SBI.