Private sector, HDFC Standard Life Insurance, on Monday said it planned to infuse Rs 350 crore in the current fiscal to maintain the current industry growth rate of 10 to 15 per cent in premium collection.
"While Rs 50 crore has already been infused, Rs 300 crore will be raised in the next few months'', HDFC Standard Life Principal Officer and Executive Director, Mr Paresh Shreesh Parasnis, told reporters here.
He said the company hopes to maintain the industry growth rate of 10 to 15 per cent in premium collection.' It is likely to be with the industry estimate. I expect around 10-15 per cent growth (in premium collection)'', he said after unveiling a new prod uct "HDFC Super Series'' here.
Mr Parasnis said the company registered a first premium income of Rs 2,250 crore last year. He said the proposed plan to enter the capital market in 2010 depends on the Insurance Law Amendment Bill, likely to be passed early next year. "We plan to come w ith an IPO in 2010-11. There is no specific deadline (to enter the capital market), but it will depend upon the Bill,'' Mr Parasnis said.
According to industry experts, the Bill seeks to increase foreign investments of private insurance firms from 26 per cent to 49 per cent. Parasnis said the company plans to launch three more products-Endowment Super, Endowment Plan and Children's Plan ea rly next month.
HDFC Standard Life is a joint venture between Housing Development Finance Corp and Britain's Standard Life Insurance. The company has around two lakh financial consultants spread over 575 branches across India, he said. - PTI