| Paresh Parasnis, GM of HDFC Standard Life Insurance in Calcutta on Friday. Picture by Kishor Roy Chowdhury
Calcutta, Aug. 22: HDFC Standard Life Insurance has decided to put in fresh equity of Rs 80 crore in the current financial year.
The present capital base of the company is Rs 218 crore. HDFC holds 74 per cent stake in the company, while the remaining 26 per cent is owned by Standard Life Assurance Company of UK.
The company’s fund-infusion plan is based on the growth it aims to achieve in the current financial year. A premium income target of Rs 300 crore has been set for 2003-04, more than two times the Rs 132 crore it earned on that count last year.
Paresh Parasnis, general manager (distribution) of the company, said, “We currently have group term insurance and group gratuity products. We will come up with superannuation products in 2004. We would like to consolidate our position in the group segment of the insurance and pension markets.”
HDFC Standard Life Insurance will come up with unit-linked products in the current financial year, which are equity-linked.
The group gratuity schemes aimed at companies offer an employer and a gratuity scheme trustee a flexible and cost-effective way to fund his gratuity liability.
The company has achieved a premium income of Rs 37 crore in April-June 2003. It sold 47,000 new policies.
The sum assured for the policy-holders has touched Rs 5,800 crore till June 30, 2003.