Shriram Life Insurance Company (SLIC) reported a net profit of Rs75 crore for the first half of FY23 on Wednesday.
The figures reflect the insurer’s goal of emphasising technological adoption and rural penetration. SLIC, which is jointly marketed by Shriram Group and Sanlam, provides financial protection to vulnerable sectors of society with 423 branches spread throughout 23 states. It offers life insurance with an average ticket size of approximately Rs.19,000, which is among the lowest in the private insurance industry.
Commenting on the company’s performance Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Our strategy to blend technology adoption with rural penetration has breathed new life into our commitment to cover India’s economically vulnerable segments. We are now able to reach more customers across a bigger geography, provide value through relevant products, and efficient customer service processes like claims settlement within 12 hours even for remotest locations.”
During the first half, SLIC launched two new products:
Shriram Life Early Cash Plan – A non-linked, participating plan that combines life insurance protection with a cash incentive of at least 3.5 per cent of the Sum Assured, payable throughout the policy term beginning with the first policy anniversary, and other appealing features.
Shriram Life Premier Assured Benefit – A non-linked, non-participating insurance plan aimed at life-stage planning for those aged 30 to 50 years. With this plan, policyholders can fulfill their recurring demands and attain their primary financial goals in life.
(Sourced from official communication)