SBI Life Insurance is a Life Insurance company which is one of the most popular brand names owing to its link with SBI.
Image: company logo
It was formed by the joint venture between State Bank of India which is the largest state owned BFSI (Banking and Financial Services Company) in India and BNP Paribas Cardiff which is a French BFSI company headquartered in Paris. SBI owns nearly three-fourth and BNP Paribas Cardif owns the remaining percentage of the total capital.
It was founded in 2001 and is headquartered in Mumbai. SBI Insurance has its multi distribution model which includes retail agencies, institutional alliances, corporate solutions and bancassurance distribution channels. It uses SBI group relationship as platform to cross-sell its products like Individual and Group Plans along with personal and housing loans. It also uses SBI’s accounts base for Insurance penetration in every region across the country and offers door to door Insurance solutions to its customers.
SBI Life Insurance has been successful because of its vision to become the most trustworthy Insurance provider and its values which is based on five core fundamentals- Ambition, Innovation, Dynamism, Excellence and Trustworthiness.
It has been the winner of many awards for being the most trusted brand and Best Private Life Insurance provider. Some of the Life Insurance plans that SBI offers includes Grameen Bima, Smart Shield, Saral Maha Anand and Smart Elite.
It also takes various CSR initiatives from time to time towards education, healthcare as well as employability for youth. It also distributed braille kits for visually impaired people.