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| Edited By: Manoj Dharra |Source: DNA |Updated: Mar 19, 2018, 06:23 AM IST
As stock markets are close to their peaks, how are inflows into your Ulips?
Ulip products are doing well. They had registered a growth of over 10% since March 2014. Ulips now constitute 45-46% of our total portfolio as of December 2014. SBI Life has around Rs 68,000 crore under management, and Ulips have a significant portion of it. The investment team is proud as it has consistently outperformed the Sensex in terms of returns.
The Insurance Regulatory Development Authority (Irda) has come up with Section 45 saying life insurance companies cannot deny claim. So how would you safeguard your company from fake and early claims?
There are concerns about the Section. If the Section continues to exist, then changes need to made in the systems of the company.
How do you see your operational efficiency versus others major market players?
Persistency is 73%, much higher than the industry, while mis-selling was at 0.68% of total number of policies versus competitors at 2-3%.
Customer satisfaction is top priority for any business, and for an insurance company it is claim settlement. Is your claim settlement ratio lower or higher?
SBI Life's claim settlement is on par with private players and with number of policy sold was higher at 850,000 policies as of January 2015, nearly 200,000 policies are higher than the peers.
How is SBI Life's growth in new premium receipts?
SBI Life has grown 11-12% in terms of new premium receipts in the first nine months of this fiscal, company's renewal premiums have grown 33%. The company will end fiscal 2015 with 22-25% growth.
What are your expectations from the Union Budget?
The 'Make in India' initiative launched by prime minister Narendra Modi is expected to drive growth by creating greater job opportunities, especially in the manufacturing sector. I expect the annual budget would offer certain concessions to the domestic insurance sector that would eventually boost economic growth. India's insurance industry is worth Rs 13-14 lakh crore and has exceptional growth opportunities considering the poor penetration levels.
