Background

SBI Life Insurance Company Ltd (SBI Life) is a JV between SBI and BNP Paribas Assurance SA of France. The company commenced operations as a private life insurer in FY01.

Business Profile

SBI Life offers various insurance products for individuals and groups. Its offerings for individuals include ULIP, pension plans, protection & savings plans and money back plans among others. Group productsof SBI Life include employee benefit plans, term insurance plans, retirement plans, micro insurance plans, savings and loan protection plans among others. The company also offers health insurance and micro insurance products. During FY08, the company operated with a sales force of 40,643 agents. SBI Life also distributes its products through bancassurance, agencies and group corporates. For FY08, the NPE by the company registered a y-o-y growth of over 91%. As on Mar 31 2008, the total individual policies issued by the company stood at 1,809,000 of which ULIPs constituted of over 71%. In Dec 2007, the company forayed into providing micro insurance by launching a new scheme Grameen Shakti in Bhubaneswar, Orissa.