SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif set up in 2001. State Bank of India owns 74% of the total capital and the remaining 26% is owned by BNP Paribas Cardif. SBI Life Insurance has a unique multi-distribution model encompassing Bancassurance, Retail Agency, Institutional Alliance and Corporate Solutions.
The company extensively leverages the relationship of the State Bank Group as a platform for cross-selling insurance products along with its numerous banking products such as housing loans and personal loans.
SBI Life has a wide range of products catering to various customer needs, in the life, health, pension, on-line & micro-insurance segment. The products are customer centric, simple to understand and have competitive features.
Products & Services
SBI Life offers a wide range of products and services to its customers, including:
- Individual Plans – Unit linked Insurance Plan (ULIP), Pension Plans, Term Plans
- Health Plans – Individual and Group Health Insurance
- Group Plans – Corporate Solutions, Group Term Insurance and Group Loan Protection Plans
The company also provides an online premium payment facility along with various other tools and calculators on its multilingual website.