SBI Life - History

SBI Life Insurance

Formed in 2001, SBI life Insurance is a joint venture between SBI- India’s largest bank and BNP Paribas Assurance – France’s banking and financial services provider. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%.

Product Portfolio:

Retirement Plan: The cost of living is experiencing fast steady rise which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides fixed income after retirement and takes care of daily needs. The pension plan offered by SBI Life is Lifelong Pension Plus.

Child Plan: Parenthood brings responsibilities which you cherish each day. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you make sure your child’s financial aspirations are met. Child plans of SBI Life are called Smart Scholar and Scholar II.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. SBI Life term plans are Smart Shield, Saral Shield and Swadhan.

Investment Plan:  Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The purpose of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by SBI Life are Smart Performer, Unit Plus Super, Saral Maha Anand, Smart Elite, Money Back, Sanjeevan Supreme, Shubh Nivesh, Smart Horizon and Saral Life.

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Hospital Cash is SBI’s health plan.

Distribution Network:
SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products and has over 65,000 Insurance advisors.

Financial Information:
The total premium earned for the half year ended September 30, 2010 was Rs 48,298 million. The profit after tax for the same period is Rs 2,167 million. A total of 6,614 claims were made during the period out of which 4,983 claims were settled and 946 cases were rejected.

Marketing Campaigns:
SBI relies on bancassurance channel for insurance sales so the campaign was designed to reach the people who are not customers of the bank. SBI Life campaigns have always focused on the optimism side of the table, the “feel good” factor. SBI life television commercial has been revolving around this very thought of “Celebrate life”. Be it elderly people playing cricket, husband wife chatting and being fully confident or the elderly sisters paying surprise visit to her brother on his 70th birthday, the theme has been always been of enjoying life.

Distinctions:
Ranked No.1, in New Business Premium, amongst private life insurance companies.
Bagged the coveted personal finance award-Outlook Money NDTV Profit "Best Life Insurer 2008".
CRISIL, country’s leading rating agency, reaffirmed its highest financial rating AAA/Stable to SBI Life. In 2007, SBI Life became the first life insurer in India to receive this rating from CRISIL.
Retained ISO 9001:2000 certificate for superior claim settlement process.
Rated as the ’The Most Trusted Private Life Insurer’ according to a survey conducted by Brand Equity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau.
Management:
Atanu Sen is the MD & CEO of SBI Life.
Sangramjit Sarangi is the Head of Finace of SBI Life.
Sanjeev Pujari is the Appointed Actuary of SBI Life.

Reach SBI Life:
Email: shailuramana246@gmail.com
Cell :7207597946