Shriram Life Insurance, the latest entrant into the insurance market, aims to garner Rs 120 crore worth premium during its first year of operation to break into the top five in the country, its managing director Akhila Srinivasan said.

Talking to newsmen in connection with the launch of their insurance products in Kerala , she said notwithstanding 13 players in the field India remained still under-insured. The life insurance penetration was just 2.2 per cent of the GDP, she said.

The Hyderabad-based company from the Rs 6000-crore Shriram Group entered the insurance sector a few days ago in collaboration with the South African leader Sanlam Life Insurance Ltd. It launched three products in the Indian markets.

The group executive chairman G V Raman said the group would float asset management and general insurance companies in the next one year further widening its finance operations.

The company would bank on its already existing 600-branch and 65000-strong agent network of chit funds and truck finance outlets to sell the insurance products.

Srinivasan claimed that Shriram enjoyed a very good presence in the rural areas, specially in Andhra Pradesh. As many as 15000 agents had been trained for the task, she added.

(www.manoramaonline.com)