SBI Life to set up at least 500 dedicated Insurance Points

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.