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Pune:
SBI Life has said that it will, by the end of this fiscal,
have a total of at least 500 Insurance Points — dedicated
insurance counters at SBI and its associated banks' branches
to cater to the insurance needs of its customers.
The
bank also announced it will pay a reversionary bonus of
3.25-per cent bonus of the sum assured to all its customers
who have availed of its Scholar and Sudarshan products
before 31 March 2003.
SBI
Life managing director and CEO R Krishnamurthy says the
company will tap SBI's 13,000-plus bank network to triple
its premium from the insurance sold through the bank network
this fiscal. "Thirty-five per cent of the premium
collected by SBI Life will this year come from bancassurance
as against the 12 per cent it contributed last year."
"With
over 66,000 bank branches in India and a population which
has implicit trust in the working of banks, selling insurance
through the banking network has huge potential in India
and we intend to use our 13,000-strong network to aggressively
grow the business," he adds.
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