SBI Life Insurance, a JV between State Bank of India and BNP Paribas Cardif S.A., is targeting to grow its new business premium (NBP) by 25 per cent in 2018-19. The growth will be driven by ULIP and pure protection products.Speaking to Business Standard after inaugurating company's new regional office in Chennai Sanjeev Nautiyal, managing director and CEO of the company, said that individual new business premium grew 30 per cent annually in Fiscal 2018 to touch Rs 84.1 billion as compared to Rs 64.7 billion and for Fiscal 2019, the target is to achieve Rs 105 billion.ULIP products accounted for 77 per cent in 2016-17 and currently it contributes around 73 per cent as the company is cautious approach to increase the contribution of pure protection products.Company says that in the pure protection profitability is good, though ticket size is small.The ULIP and protection, traditional policy with protection and a couple of other combinations would be among those.He said the company is ...
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