Expect to maintain growth at H1 level; COVID death claims down from last quarter: SBI Life Insurance

On COVID claims, Sharma said, "I think it is following the mortality curve that we have seen for the COVID pandemic, and there always is going to be a slight lag, but then the trends are quite encouraging."

He noted that their COVID reserve of Rs 266 crore was simply a measure to maintain abundant caution. He explained that the reserve was in line with their experience in the first half of the year.

On growth, Sharma expects to keep up the same level of growth as was seen during the first half of the year. He believes the awareness created by the pandemic is helping the company sell insurance plans.

"The industry is growing at a very healthy pace, almost everybody is growing. We have been growing very well and what we do know is that there is a good traction for all kinds of products right now. And going forward, we do hope that we can keep up the same kind of growth that we have had so far this year," he said.

He noted that ULIPs have done well and the market has seen a good run. Sharma also expects the guaranteed and protection businesses to see more traction.

"We have good growth in both ULIP business, protection business, and then obviously in the guaranteed non-power business along with the other traditional business that we do. So, guaranteed business and protection business, the traction will be more going forward. ULIP continues to be a good buy, because the markets have been very good, so ULIPs have continued to have a good share in our business," he explained.

On new protection product and premium in protection segment, Sharma said that they have no plans to raise the premium. He said, "The premiums in the protection space would be affected directly by the reinsurance rates. Our protection product that we have launched recently, we have taken into account all the factors, I don't think we are looking to raise the premiums, at least in the near future."