Shriram Life targets premium to grow at 20 per cent this fiscal

HYDERABAD: Shriram Life Insurance Company expects 20 per cent growth in new premium collection during the current fiscal, a top official of the company said today.

"We did about Rs 1,200 premium collection during last year. Last year, our total premium growth was 20 per cent. We aim to keep that level or higher this year," Casparus Kromhout, Managing Director and CEO, Shriram Life Insurance Company Ltd said in a press conference.

The insurer today introduced "Shriram Life Genius Assured Benefit Plan" to help in financing the education needs of the child, in the market.

The payouts under this product are designed in such a way that they benefit the child at the time of maturity for funding education or other such goals. The death claim will be payable to the parent of the child in the unfortunate event of the death of the child, Kromhout said.

The company expects this product to generate significant volumes, he added.