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Shriram Life Insurance has launched seven new products — four market-linked and three traditional.
The traditional plans include limited premium payment, discount on advance premiums and sum assured rebates, with four riders such as accident benefit, family income and critical illness cover riders.
The four modified ULIP plans carry different fund options to meet the risk profile of customers, Manoj Jain, CEO of the company, told media persons here.
“The new products are more customer-friendly giving better value proposition in terms of higher surrender values and better death benefits,” he added.
The firm, part of the Shriram Group, has so far covered 2.2 million lives with a total new business premium of Rs 2,385 crore, with the average ticket size being Rs 11,000.
In response to a question, Jain said three-four new products were currently in the pipeline with the IRDA for approval. With the launch of new products the total number of products being currently offered by the company has gone up to 13.
The firm is expecting four to five per cent growth in the current fiscal on projections of higher premium collections in the fourth quarter. It is expanding its branch network of 250 by another 50, mostly in the northern and southern regions.
amitmitra@thehindu.co.in
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