SBI Life Insurance is looking at 100 per cent growth by March 31, 2007 reports Economic Times. The company also notched up a 78% growth in its total premium at Rs 1075 crore for the Financial Year 2005-O6 and is optimistic about a 150% jump in this, taking it to Rs 2,500 crore by end of FY 2007, S Krishnamurthy, Managing Director and CEO of SBI Life Insurance told reporters here
 
The new premium generated was Rs 828 crore, placing the company at number four positions among private life insurance players for the year, he said. SBI Life also increased its paid-up capital by Rs 75 crore to Rs 425 crore, thereby meeting its solvency margin requirements comfortably, Krishnamurthy said.

"The company's cost-effective model, productivity of the retail channel and deft handling of investment portfolio contributed to a great extent to the net profit", he said. On the company's expansion plans for Karnataka, he said SBI Life will be expanding its presence from Bangalore and Mangalore to Mysore, Belgaum, Hubli and Dharwad in two months.

The company would also increase its presence across India, from 58 branches in over 50 cities to 150 branches across 113 cities by the end of this fiscal and also increase its agent base from 8,000 to 20,000, he said.

SBI life, which has product solutions like Horizon and Unit Plus in its basket will be introducing revised versions of these next month, Krishnamurthy said. The company would also come out with unit linked superannuation products in two months, besides working on a unit-linked product for the High Networth Individuals (HNI) segment, he said.

SBI Life has declared a return of nine per cent to its policy holders on its Lifelong Pension Scheme, constituting a simple annual bonus of 5%, in addition to the guaranteed return of 4% per annum for all policies in force as on March 31, 2006.

The company declared reversionary bonuses, including a special one-time bonus on its participating policies including Sudarshan, Sanjeevan and Money Back. The bonuses declared were a percentage of the effective sum assured and not linked to the premium component, Krishnamurthy said. 

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