After doing the calculations to expand profitability, SBI Life is all set to reduce term insurance premiums by December 2017. Learn more about this recent initiative by SBI Life.
You will be happy to know that SBI Life is all geared up to reduce its term insurance premiums by December 2017. This life insurer is all set to expand its profitability to beat the competitors.
SBI Life has reviewed and conducted a profitability calculation on its performance. Based on this, the insurer has decided to drop down its term insurance premiums. It was further reported that, 'Smart Shield' and 'Salral Shield' term insurance plans too will be a part of the premium reduction. However, SBI Life is yet to decide the rate at which this premium reduction will take place.
The States of Haryana, Punjab, Jammu and Kashmir as well as Himachal Pradesh has supposedly reported a premium wise tremendous growth of 65.8%. The Chandigarh region is overall performing well, being the prime centre'.
It has also been reported that, SBI Life banks primarily on physical and digital expansion. This is mainly done to achieve a strong presence in the domestic market. With around 765 branches currently across the country, this insurer aims to extend its business by targeting 35 more new branches to inaugurate.
SBI Life marked a growth of 48.1% premium wise for the financial year 2017-18 in comparison to the previous year. The life insurer further added that this expansion is focused for enhancement of better customer service and to support the efficient functioning of business operations.
