SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74 per cent of the total capital and BNP Paribas Cardif the remaining 26 per cent. SBI Life Insurance has an authorized capital of Rs 2,000 crores (US$ 332.96 million) and a paid up capital of Rs 1,000 crores (US$ 166.56 million).
SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Retail Agency, Institutional Alliance and Corporate Solutions distribution channels.
SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI’s access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising of the most productive force of over 80,000 Insurance Advisors, offers door to door insurance solutions to customers.
Success Of SBI Life
|FY11-12||Awarded the most coveted NDTV Profit Business Leadership Award, twice in a row, 2010 & 2011.|
|FY10-11||SBI Life won the coveted Bloomberg UTV Financial Leadership Award 2011 - "Life Insurer of the year"|
|FY09-10||Assets Under Management (AUM) grew by 96 per cent|
|FY08-09||Bagged the coveted personal finance award-Outlook Money NDTV Profit "Best Life Insurer 2008"|
|FY07-08||Received the highest financial rating ’AAA’ from CRISIL|
Updated: March, 2014