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NT Bureau
Chennai, Jan 4;

        Currently managing a portfolio of whopping 6 million lives, SBI Life is set to maintain its leadership in group life coverage. So far this financial year, SBI Life has already covered more than 8 lakh group lives with an additional 2.5 lakh lives through individual policies.

        The company is now the fastest growing life insurance company, with new business premiums growing at 264 per cent (YTD) basis, from Rs 275 crore to Rs 1000 crore and total business premiums keeping pace, growing at 211 per cent from Rs 370 crore to Rs 1150 crore. A strong growth across all its channels namely Bancas-surance, Agency Channel and Group Corporate is the major attributing factor for SBI Life's exponential business growth.

        While sharing its aggressive plans, SBI Life also announced the infusion of additional fresh capital of Rs 75 crore to take its capital base upto its authorized share capital limit of Rs 500 crore. Speaking on the occasion, S Krishnamurthy, MD and CEO, SBI Life Insurance said, 'The additional capital has been injected to maintain stipulated solvency margins for the exponential new business growth and expanding branch network.'

        He added, 'This growth has come primarily on account of our multi-channel business model coupled with a balanced mix of savings and protection products.

        SBI Life currently has the largest and most robust Bancassurance network complimenting the most productive and active Insurance Advisor force of Agency Channel in the country.'

        SBI Life also unveiled the new Horizon II Pen-sion Product, a unit linked pension product aimed at offering greater retirement security to investors and retirees alike.