Shriram Life Insurance is looking to tap the 'non-Shriram' areas, such as Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand and Chhattisgarh, by setting up branches there. It has already opened 210 branches in those locations, the company's CEO Manoj Jain said.

Our total branch strength is 440. But since we have a low-cost operation, our branch model is different. It is more like a service centre. Our operating cost is among the lowest in the industry,ö Jain added.

He explained that about two years ago, as much as 80 per cent of the firm's total business was coming from south India. Now 60 per cent comes from South and 40 per cent from the rest of India. By the end of this financial year, Shriram Life is targeting a 20 per cent growth in new premiums over FY14.

According to Jain, Shriram Life is among the top 10 players in the sector in terms of the number of lives covered. However, the ticket-sizes are low because the company operates in the ôaam-aadmiö or mass market, he added.

Shriram Life used to have a æloan protectorÆ product for Shriram Transport and Shriram City Union Finance customers. The product has now been extended to the entire market. Jain said the company has tied up with Spandana Sphoorty Financial and Grameen Financial for distribution of this product. Here, the premium is low. Shriram Life has also tied up with Muthoot Finance to offer this cover for all the loanees.

The company, which recently launched an assured income plan, is planning to launch a group gratuity product and a bundled product in the current financial year. Shriram Life Assured Income Plan is a non-linked, non-participating product and the company is targeting to sell 10,000 policies within FY15.

ôThese are easy-to-sell products with minimum distribution cost and that is why we are profitable,ö said Jain. He explained that this year, the firm might have some stress on profitability owing to the branch expansion plans.

Shriram Life is also looking to expand its presence in the market by getting business from outside the Shriram Group. Jain said the firm gets 25 per cent premiums from Shriram Group companies and another 20 per cent from retail distribution companies of Shriram. ôI want this to be around 30-40 per cent and not more than that,ö he said.

With respect to launching products online, Jain says it has launched a pure investment product online and the platform is ready. Here, the target segment is the south Indians working in the Gulf region, who are looking for a fixed return product online.