SBI Life Insurance has received less than 1,000 corona related claims till date: Mahesh Kumar Sharma, MD &CEO
Mahesh Kumar Sharma, Managing Director & CEO, SBI Life Insurance Company Ltd, talks about products related to Corona, claims related to Corona and VNP margins among others during an interview with Swati Khandelwal, Zee Business
Mahesh Kumar Sharma, Managing Director & CEO, SBI Life Insurance Company Ltd, talks about products related to Corona, claims related to Corona and VNP margins among others during an interview with Swati Khandelwal, Zee Business. Edited Excerpts:
Q: Tell us about the products and strategy that was devised during the Corona and the way they grew in this quarter?
A: As far as policy related to Corona is concerned than we are trying to get it cleared, we have applied for it. The policy will be launched as soon as it is cleared. But corona coverage was available in every product that we have and this was cleared by the regulators earlier. Due to this, we were able to cover those who lost their lives due to Corona, even in absence of any specific product.
Q: Can you provide an estimated ballpark figure of Corona-related claims and what you have received till date and what is your outlook for the future on the same, as cases are declining now?
A: The claims are slightly more but it is not so high that we should be worried about it. I feel the number of total claims is less than 1,000 and many of these claims are also related to comorbidities although they have suffered from the Corona. But we are seeing that the number of claims has not increased much. Going forward, it doesn’t feel seems that the numbers will increase much but we will have to wait and watch what happens and when and how the pandemic is brought under control.
Q: What is your outlook on VNB margin and what is your view about it for the second half of the year?
A: VNB depends on many things basically on the number of new businesses that are done and then on our persistency. There is a margin on each product and taking everything together with our VNB and VNB margin is decided. Given the same, it seems that going forward our VNB will increase and the VNB margin because the demand for insurance is increasing and demand for protection products is also at an increase. In fact, our protection share has increased a lot this year. Going forward it seems that our VNB and VNB margins will increase.
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