SBI LIFE INSURANCE (SBIL) is India’s largest private life insurer, in terms of New Business Premium generated in each fiscal year, since Fiscal 2010. It was established as a joint venture between the State Bank and BNP Paribas Cardiff in 2001. Its brand, business reputation and customer satisfaction are critical factors in developing new business and maintaining the leadership position. In Fiscal 2017, it enjoyed a market share of Individual Rated Premium of 20.7% among private life insurers in India and 11.2% of the entire life insurance industry in India. It has also issued the highest number of individual life policies annually among the top five private life insurers (in terms of total premium in Fiscal 2017) in India since Fiscal 2014.
SBIL has a comprehensive product portfolio of 37 individual and group products (of which eight products are group products), including a range of protection and savings products to address the insurance needs of diverse customer segments. Its individual products include participating products, non-participating protection products, other non-participating products and unit-linked products, which contributed 10.8%, 0.9%, 1.7% and 50.4%, respectively, of its New Business Premium in Fiscal 2017.
SBIL has developed a multi-channel distribution network comprising an expansive bancassurance channel, including State Bank, the largest bancassurance partner in India, a large and productive individual agent network comprising 95,177 agents as of July 31, 2017, as well as other distribution channels including direct sales and sales through corporate agents, brokers, insurance marketing firms and other intermediaries. In Fiscal 2017, it collected the highest amount of New Business Premium generated by private life insurers in India both through the bancassurance channel as well as through an individual agent network.