Shriram Life Insurance eyes 30% growth in FY23

Business


Shriram Life Insurance Company Ltd. said it was eyeing 30% growth in business in the current fiscal.

The company highlighted thatt it had settled a total of 53,800 claims, including group claims, in FY22 compared with 25,054 the previous year and 27,184 in FY20.

The amount settled against claims stood at ₹549 crore, said Casparus J.H. Kromhout, MD and CEO of Shriram Life Insurance.

He added that 91% of all non-early claims had been settled within 12 hours.

Detailing FY22 performance, he pointed out that the company had sourced 40% of its new business from the rural segment.

“We now want to scale our business faster and aiming for higher growth in the range of 30% for 2022-2023. We are also creating new business models and working on a lot of innovation,” Mr.Kromhout said.

He unveiled a new plan called Early Cash Plan, which combines life insurance protection with a cash bonus that is assured at a minimum 3.5% of sum assured, payable throughout the policy term, starting from first policy anniversary. There are two bonus options: the Early Cash Option ensures an annual income throughout the policy term as well as a lump sum at maturity. In the Super Growth Option, bonuses can be accumulated, resulting in a larger lump sum at maturity.

Shriram Life Insurance’s assets under management (AUM) stood at ₹7,683 crore, he said.



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