SBI Life Insurance

SBI Life Insurance- An Overview

SBI Life Insurance is a joint enterprise of BNP Paribas Cardiff and the State Bank of India. SBI holds 74 percent of the overall shares and BNP Paribas Cardiff owns the remaining stake. The insurer has a paid up capital of INR 1000 crores and an authorized capital of INR 2000 crores.

SBI Life Insurance has a special model of multi distribution that includes the following:

• Bancassurance partners
• Institutional partnerships
• Retail agencies
• Corporate solutions distribution channels

Over the years SBI Life has been using its connections with the State Bank Group in order to market its products in combination with offerings such as personal loans and housing loans. The insurer can reach more than 100 million State Bank Group customers across the country and this enables them to get across to people from different economic levels and regions across the country. It also has at least 80 thousand insurance advisors in its agency channel that allows it to offer services on a door to door basis.

SBI Life Awards and Recognition

Following are some of the major achievements of SBI Life Insurance in 2011-12:

• Conferred the most coveted NDTV Profit Business Leadership Award, in two consecutive years, 2010 and 2011
• ICRA reconfirmed its iAAA rating thus pointing to the greatest ability to pay claims as well as a basically strong financial position
• Received the 'Most Trusted Life Insurance Brand - II from The Economic Times, Brand Equity and Nielsen, Most Trusted Brands 2011
• Won the IMC Ramkrishna Bajaj National Quality Awards 2011- "Certificate of Merit", which can be regarded as one of the leading influential quality distinctions
• Became the world leader for the esteemed Million Dollar Round Table (MDRT) for owning the maximum number of MDRT members, for three straight years
• Received the Silver Shield by ICAI for Excellence in Financial Reporting for FY 2010 - 11 under the Insurance category
• CRISIL reiterated its AAA / Stable rating - this ranking indicates the highest level of financial strength to make the payments for the policyholders
• Won 'Best Presented Accounts Award' from the South Asian Federation of Accountants (SAFA), in the Insurance Category for the Annual Report FY 2009-10

SBI Life Corporate Social Responsibility

Over the years, SBI Life has built up its brand reputation through programs that have reflected its focus on corporate social responsibility. Till date its most famous programs in this regard have been Gift Drishti, Read India Pledge, Gift Drishti Campus, and Read India Campus.

SBI Life Financial Details

The following table reflects the financial information of the 4^th quarter of the 2011-12 fiscal for SBI Life Insurance:

Domain	Figures for 4th quarter in INR thousands	Figures till 4th quarter in INR thousands
Surplus/(deficit) from policyholders accounts	3,833,359	5,969,365
Interest, rent, and dividend - net amortization	262,006	891,188
Profit on redemption and sale of investments	35,365	83,321
Other income	16,195	64,859
Directors' sitting fees	43	140
Expenses for board meetings	210	1692
Depreciation	3382	13551
Additional expenses	316	7924
Contribution to policyholders' funds	1,419,856	1,419,856
Profit/(loss before tax)	2,835704	5,558,214
Profit/(loss after tax)	2,912,870	5,558,214
Balance at the beginning of the period/year	8,857,527	6,212,183
Proposed final dividend	500,000	500,000
Dividend distribution tax	81,100	81,100

SBI Life Products and Services

The products offered by SBI Life Insurance may be categorized into individual plans, health plans, and group plans. They may be further described as below:

Individual Plans

Unit Linked Plans

• SBI Life - Smart Performer
• SBI Life - Unit Plus Super
• SBI Life - Smart Horizon
• SBI Life - Saral Maha Anand
• SBI Life - Smart Scholar
• SBI Life - Smart Wealth Assure
• SBI Life - Smart Elite

Child Plans

• SBI Life - Scholar II
• SBI Life - Smart Scholar

Pension Plans

• SBI Life - Annuity Plus

Protection Plans

• SBI Life - Smart Shield
• SBI Life - Swadhan
• SBI Life - Saral Shield

Savings Plans

• SBI Life - Smart Money Back Insurance
• SBI Life - Shubh Nivesh
• SBI Life - Flexi Smart Insurance
• SBI Life - Saral Life
• SBI Life - Sanjeevan Supreme

Group Plans

Corporate Solutions

Retirement Solutions

• SBI Life - Kalyan ULIP Plus
• SBI Life - Swarna Jeevan
• SBI Life - CapAssure Gratuity Scheme
• SBI Life - Gaurav Jeevan
• SBI Life - CapAssure Leave Encashment Scheme
• SBI Life - Swarna Ganga
• SBI Life - Dhanrashi
• SBI Life - CapAssure

Group Protection Plans

• SBI Life - Sampoorn Suraksha
• SBI Life - Suraksha Plus
• SBI Life - Credit Guard

Group Term with ROP

• SBI Life - Swadhan (Group)

Group Loan Protection Products

• SBI Life - RiNn Raksha

Group Savings Protection Products

• SBI Life - Nidhi Raksha RP

Group Micro Insurance Plans

• SBI Life - Grameen Super Suraksha
• SBI Life - Grameen Shakti

Health Plans

• SBI Life - Hospital Cash
• SBI Life - Group Criti9

In addition, it offers the following services:

• Premium Calculator
• HLV Calculator
• Insurance Calculator
• Retirement Calculator
• Tax Calculator
• Easy Plan Finder
• Child Education Planner

SBI Life News

SBI Life Insurance on September 3, 2012 appointed Atanu Sen as its chief executive and managing director. He has taken over from MN Rao who left office on August 31. Sen became part of the organization in the role of a probationary officer during 1977.

He has also served as chief general manager of the SBI Life Mumbai circle, chief credit and risk officer for SBI, and managing director of SBI Life. Regarding his role in the insurer's future growth, Sen has stated that his main responsibility will be to emphasize on making the growth a profitable one.

He will also be focusing on making sure that the organization is able to access a greater area and thus enhance its overall customer base.

SBI Life Office Network

Following are the states where SBI Life has set up offices:

• Uttar Pradesh
• Manipur
• Bihar
• Meghalaya
• Jharkhand
• Mizoram
• Sikkim
• Nagaland
• West Bengal
• Tripura
• Haryana
• Andhra Pradesh
• Himachal Pradesh
• Orissa
• Jammu and Kashmir
• Karnataka
• Punjab
• Kerala
• Delhi
• Goa
• Rajasthan
• Maharashtra
• Uttarakhand
• Gujarat
• Arunachal Pradesh
• Madhya Pradesh
• Assam
• Chhattisgarh

SBI Life Contact Details

The contact details of SBI Life Insurance may be mentioned as below:

Corporate Address:

SBI Life Insurance Co. Ltd,
"Natraj",
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai - 400 069

Toll free telephone numbers: 1800-22-9090, 1800-425-9010
E-Mail address: info@sbilife.co.in

Last Updated on 09/25/2012

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