About SBI Life Insurance Co. Ltd:
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas
Assurance SBI owns 74% of the total capital and BNP Paribas Assurance the remaining
26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crore and a paid
up capital of Rs 1,000 crores. State Bank of India enjoys the largest banking franchise
in India. Along with its 7 Associate Banks, State Bank Group has the unrivalled
strength of over 14,500 branches across the country, arguably the largest in the
world. BNP Paribas is the 1st largest French company and ranks 5th in the banking
industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbes' 2008. It is
6th most valuable international banking brand as per Brand Finance 2008.
BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone's leading
Bank. BNP Paribas, part of the world's top 10 group of banks by market value and
part of Europe top 3 banking companies, is one of the oldest foreign banks with
a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest
life insurance company in France, and a worldwide leader in Creditor insurance products
offering protection to over 50 million clients. BNP Paribas Assurance operates in
41 countries mainly through the bancassurance and partnership model.
SBI Life Insurance's mission is to emerge as the leading company offering a comprehensive
range of Life Insurance and pension products at competitive prices, ensuring high
standards of customer service and world class operating efficiency.
SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance,
Agency and Group Corporate channels of distribution.
SBI Life extensively leverages the SBI Group relationship as a platform for cross-selling
insurance products along with its numerous banking product packages such as housing
loans and personal loans. SBI's access to over 100 million accounts across the country
provides a vibrant base for insurance penetration across every region and economic
strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising
of the most productive force of over 60,000 Insurance Advisors, offers door to door
insurance solutions to customers.
SBI Life's recent milestones: