Business News
SBI Life to reduce premium rates on term plans by December 2017
Rates for the term products, including ''Smart shield' and 'Salral shield' reduced
SBI Life is all set to reduce premium rates on its term plans by December 2017, as it aims to expand the profitability in the increasingly competitive insurance market, said Arjit Basu, MD and CEO of SBI Life, on the sidelines of the inauguration of its new regional office here.
“We have done our profitability calculations and based on that we have decided to reduce the premium rates for the term products, including ”Smart shield’ and ‘Salral shield’. How much the rate would be reduced is yet to be finalised,” he said.
Mr. Basu said that the announcement of reducing the rates of premium for term products of SBI Life would be done before or by the end of December 2017.
The Chandigarh region – which includes States of Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir besides the Union Territory Chandigarh, has reported a growth of 65.8% in its rated individual new business premium, that stood at Rs. 248.4 crores in year till date for financial year September 2017-18 against Rs. 149.9 crores during the same period in the last financial year of 2016-17.
Mr. Basu added that Chandigarh is one of the prime centres of SBI Life and through its newly launched regional office, the aim is to strengthen the functioning of business operations, enhance customer services as well as showcase their qualitative need- based offerings to existing and potential customers in the region.
“Overall, SBI Life has been performing very well, thereby strengthening its market share and other performance parameters with an overall 48.1% growth in our rated individual new business premium for year till date September financial year 2017-18 as compared with the same period last year,” said Mr. Basu.
