Sbi Life

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The document provides an overview of the insurance industry, including the main players and services offered. It also discusses the different types of insurance policies and how insurance companies operate.

Life insurance, disability insurance, health insurance, annuities, property-casualty insurance, and liability insurance are some of the main types of insurance policies offered.

Primary carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers.

1.

INDUSTRY PROFILE
The insurance industry consists mainly of insurance carriers (or insurers) and
insurance agencies and brokerages. In general, insurance carriers are large
companies that provide insurance and assume the risks covered by the policy.
Insurance agencies and brokerages sell insurance policies for the carriers. While
some of these establishments are directly affiliated with a particular insurer and
sell only that carrier’s policies, many are independent and are thus free to market
the policies of a variety of insurance carriers. In addition to supporting these two
primary components, the insurance industry includes establishments that provide
other insurance-related services, such as claims adjustment or third-party
administration of insurance and pension funds.
These other insurance industry establishments also include a number of
independent organizations that provide a wide array of insurance-related services
to carriers and their clients. One such service is the processing of claims forms for
medical practitioners. Other services include loss prevention and risk
management. Also, insurance companies sometimes hire independent claims
adjusters to investigate accidents and claims for property damage and to assign a
dollar estimate to the claim.
Insurance carriers assume the risk associated with annuities and insurance policies
and assign premiums to be paid for the policies. In the policy, the carrier states the
length and conditions of the agreement, exactly which losses it will provide
compensation for, and how much will be awarded. The premium charged for the
policy is based primarily on the amount to be awarded in case of loss, as well as
the likelihood that the insurance carrier will actually have to pay. In order to be
able to compensate policyholders for their losses, insurance companies invest the
money they receive in premiums, building up a portfolio of financial assets and
income-producing real estate which can then be used to pay off any future claims
that may be brought. There are two basic types of insurance carriers: primary and
reinsurance. Primary carriers are responsible for the initial underwriting of
insurance policies and annuities, while reinsurance carriers assume all or part of
the risk associated with the existing insurance policies originally underwritten by
other insurance carriers.

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Primary insurance carriers offer a variety of insurance policies. Life insurance
provides financial protection to beneficiaries—usually spouses and dependent
children—upon the death of the insured. Disability insurance supplies a preset
income to an insured person who is unable to work due to injury or illness, and
health insurance pays the expenses resulting from accidents and illness. An
annuity (a contract or a group of contracts that furnishes a periodic income at
regular intervals for a specified period) provides a steady income during
retirement for the remainder of one’s life. Property-casualty insurance protects
against loss or damage to property resulting from hazards such as fire, theft, and
natural disasters. Liability insurance shields policyholders from financial
responsibility for injuries to others or for damage to other people’s property. Most
policies, such as automobile and homeowner’s insurance, combine both property-
casualty and liability coverage. Companies that underwrite this kind of insurance
are called property-casualty carriers.
Some insurance policies cover groups of people, ranging from a few to thousands
of individuals. These policies usually are issued to employers for the benefit of
their employees or to unions, professional associations, or other membership
organizations for the benefit of their members. Among the most common policies
of this nature are group life and health plans. Insurance carriers also underwrite a
variety of specialized types of insurance, such as real-estate title insurance,
employee surety and fidelity bonding, and medical malpractice insurance.
Other organizations in the industry are formed by groups of insurance companies,
to perform functions that would result in a duplication of effort if each company
carried them out individually. For example, service organizations are supported by
insurance companies to provide loss statistics, which the companies use to set
their rates.

1.1 MICRO SCENARIO

Life insurance business was started in India in 1818 with the establishment of
Oriental Life Insurance Company in Kolkata. After that, many companies started
operations in India. In 1938, the Government of India introduced the Insurance
Act which is mainly to protect the interests of the policy holders. A joint venture
between State Bank of India, the largest bank of our country and BNP Paribas, a
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France-based Banking and Financial Services Company is the largest in private
segment and third most dependable insurance company of India. Offering a
diverse variety of life insurance products, its customer service mechanism is one
of the strongest. The claim settlement ratio of more than 95% is quite impressive.
Two plans namely ‘SBI Life Saral Pension’ and ‘SBI Life Shubh Nivesh’ are the
most sought-after plans offered by the company.

1.2 MACRO SCENARIO

State Bank Group has an unrivalled strength of over 23,000 branches across the
country, making it the largest Banking group in India. With 198 foreign offices in
37 countries, SBI is truly an Indian multinational. It also features in the Fortune
Global 500 list of the world’s biggest corporations.

SBI Life Insurance is now among the top life insurance providers in India. It is the
largest private life insurer and was the 1st private life insurance company to
become profitable. The huge customer base and the reach of its banking channel
are the advantages which SBI enjoys over the other insurance companies. It has a
wide array of life insurance products to adequately cater to the Indian consumer.

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2. PROFILE OF THE ORGANIZATION
SBI Life Insurance Company Limited is a joint venture between the State Bank
of India and BNP Paribas Assurance. SBI Life Insurance is registered
with an authorized capital of Rs 2000 crores and a Paid-up capital of Rs 1000
Crores. SBI owns 74% of the total capital and BNP Paribas Assurance the
remaining 26%, State Bank of India enjoys the largest banking franchise in India.
Along with its 7Associate Banks, SBI Group has the unrivalled strength
of over 14,500 branches across the country, arguably the largest in the
world.BNP Paribas Assurance is the life and property & casualty insurance unit of
BNP Paribas - Euro Zone’s leading Bank. BNP Paribas, part of the
world’s top 6 group of banks by market value and a European leader in global
banking and financial services, 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 banc assurance and
partnershipmodel.SBI Life has a unique multi-distribution model
encompassing Banc assurance, A g e n c y a n d G r o u p C o r p o r a t e . S B I
Life extensively leverages the SBI G r o u p a s a platform for
cross-selling insurance products along with its numerous banking
product p a c k a g e s s u c h a s h o u s i n g l o a n s a n d p e r s o n a l l o a n s .
S B I a c c e s s t o o v e r 1 0 0 m i l l i o n accounts across the country provides
a vibrant base for insurance penetration across every region and economic strata in
the country ensuring true financial inclusion.

2.1 NAME OF THE COMPANY AND HISTORY

SBI Life Insurance is the product of the amalgamation between two banking and
insurance giants - the State Bank of India (SBI) and the BNP Paribas Card if.
While SBI owns 70.1% stake at the company, the life and property insurance
branch of BNP Paribas Group that is BNP Paribas Card if owns 26%. Founded in
2001 as a banc assurance company, SBI Life Insurance banks on its 18,000 strong

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network of branches, 80,000 door-to-door insurance advisors and access to 100
million accounts as leverage for furthering their goal.

Some of the reasons that make SBI Life Insurance an obvious choice are:
 SBI Life has the backing by State Bank of India, plus 5 banks associated with
the State Bank Group.
 It was the 2016 winner of ‘Life Insurance Company of the Year’ at last year’s
Indian Insurance Award.
 It was also the winner of ‘Banc assurance Leader Life Insurance (Large
Category) at the same award ceremony.
 SBI Life Insurance offers a wide range of financial services and insurance
products.
 It has a number of easy and simple online premium payment solutions.
 SBI Life Insurance arranges for home visits by Insurance Advisors on request.
 It has some great tools like the Retirement Planner, Child Education Planner
and Tax Calculator to make insurance planning easy for potential policyholders,
helping them make an informed decision.

HISTORY

SBI Life Insurance Company Limited (SBI Life) established in 2001 is a joint
venture between State Bank of India (SBI) and BNP Paribas Cardif S.A. and is
one of the leading life Insurance companies in India. SBI has an unrivalled
strength of over 22000 branches across the country making it the largest banking
group in India. BNP Paribas Cardif S.A. is the life and property & casualty
insurance arm of BNP Paribas one of the strongest banks in the world. SBI Life
offers a comprehensive range of life insurance and pension products. The
company offers individual and group products which include savings and
protection plans to address the insurance needs of diverse customer segments. SBI
Life has a multi-channel distribution network comprising of an expansive
Bancassurance channel with SBI and agent network comprising of 1.13 lakh
agents as on September 30 2018. The company's other distribution channels
include direct sales and sales through corporate agents brokers insurance
marketing firms and other intermediaries. As on September 30 2018 the company

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had a widespread network of 848 offices across the Country.SBI Life Insurance
Company Limited was incorporated as a public limited company at Mumbai on
October 11 2000 and received certificate of commencement of business from the
RoC on November 20 2000. The Company is registered with the IRDAI for
carrying out business of life insurance pursuant to the registration certificate dated
March 29 2001. During financial year 2002-03 SBI Life launched Bancassurance
channel. It also paid its first claim during the year. During financial year 2004-05
SBI Life's Assets Under Management (AUM) crossed Rs 1000 crore mark. In
January 2005 SBI Life launched unit linked product. During financial year 2005-
06 SBI Life became the first new generation private life insurance company to
make profit; the company registered profit after tax of Rs 2.03 crore for the
year.During financial year 2007-08 SBI Life's Gross Written Premium (GWP)
crossed the milestone of Rs 5000 crore and AUM crossed the milestone of Rs
10000 crore. The company also achieved cumulative breakeven during the year
wiping out all accumulated losses. During the year the company's share capital
increased by Rs 500 crore to Rs 1000 crore. During financial year 2009-10 SBI
Life's GWP crossed the milestone of Rs 10000 crore. During financial year 2010-
11 SBI Life's branch network crossed the milestone of 500 branches.During the
financial year 2011-12 SBI Life achieved the milestone of profit after tax (PAT)
of Rs 500 crore; the company reported PAT of Rs 556 crore for the year. It also
declared a maiden dividend of 5% during the year. During the financial year 2012-
13 the company's AUM crossed the milestone of Rs 50000 crore and the number
of branches crossed 750. During the financial year 2015-16 SBI Life's GWP
crossed the milestone of Rs 15000 crore. During the financial year 2016-17 SBI
Life's renewal premium collection crossed the milestone of Rs 10000 crore. Also
during the year Value Line Pte Ltd and McRitchie Investments Pte Ltd. bought
stake of 1.95% each in SBI Life from SBI. SBI Life Insurance increased its
market share of New Business Premium generated among private life insurers in
India from 15.87% in Fiscal 2015 to 20.04% in Fiscal 2017. Between Fiscal 2015
and Fiscal 2017 the Company's New Business Premium generated increased at a
CAGR of 35.45% which is the highest among the top five private life insurers (in
terms of total premium in Fiscal 2017) in India.In Fiscal 2017 SBI Life Insurance
enjoyed a market share of Individual Rated Premium of 20.69% among private
life insurers in India and 11.16% of the entire life insurance industry in India.
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Between Fiscal 2015 and Fiscal 2017 its Individual Rated Premium increased at a
CAGR of 37.90 % the highest among the top five private life insurers (in terms of
total premium in Fiscal 2017) in India. The Company has also issued the highest
number of individual life policies annually among the top five private life insurers
(in terms of total premium in Fiscal 2017) in India since Fiscal 2014.As of June 30
2017 SBI Life had a comprehensive product portfolio of 37 individual and group
products including a range of protection and savings products to address the
insurance needs of diverse customer segments. Its individual products include
participating products non-participating protection products other non-
participating products and unit-linked products which contributed 10.77% 0.95%
1.69% and 50.36% respectively of its New Business Premium in Fiscal 2017;
while its group products include credit life group protection products other group
protection products group fund management ('Group FM') products and other
group products which contributed 2.72% 1.14% 31.73% and 0.65% respectively
of its New Business Premium in Fiscal 2017. During the financial year 2017-18
SBI Life achieved AUM milestone of Rs 1 lakh crore. State Bank of India
offloaded 8 crore shares and BNP Paribas Cardif S.A. offloaded 4 crore share of
SBI Life Insurance Company via an initial public offer (IPO) during the period
from 20 September 2017 to 22 September 2017. There was no fresh issue of
shares by the company. The stock debuted on BSE at Rs 733.30 on 3 October
2017 a premium of 4.75% compared to the IPO price of Rs 700 per share. On 24
September 2018 SBI Life Insurance Company Limited announced that it has been
informed by BNP Paribas Cardif SA (BNP Paribas Cardif) that BNP Paribas
Cardif may consider reducing its shareholding in the company to ensure
compliance with minimum public shareholding requirements in accordance with
applicable law. In this context BNP Paribas Cardif has also confirmed that it is yet
to make any firm decisions regarding the size timing or nature of such potential
reduction in their shareholding of the company. Accordingly further updates will
be provided in compliance with the applicable law.

2.2 NATURE OF BUISNESS

SBI Life Insurance Company is a joint venture between the State Bank of
India (74%) and BNP Paribas Assurance (26%). The company launched its

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business in the year 2001.State Bank of India is by far the largest and most trusted
bank in India. SBI along with its associate branches has a distribution which is the
largest in any banking network – more than 16,000 branches and adding more by
the day. BNP Paribas, Euro Zone's leading Bank and is one of the oldest foreign
banks having a presence in India. BNP Paribas Assurance has a major presence in
Europe, Asia and Latin America and is among the top15 insurers in Europe. The
company has other joint partnerships in Asia in countries like South Korea,
Vietnam, Thailand and Taiwan.

SBI Life Insurance is now among the top life insurance providers in India. It is the
largest private life insurer and was the 1st private life insurance company to
become profitable. The huge customer base and the reach of its banking channel
are the advantages which SBI enjoys over the other insurance companies. It has a
wide array of life insurance products to adequately cater to the Indian consumer.

2.3 AREA OF OPERATION

SBI Life Insurance is a joint venture life insurance company between State Bank
of India (SBI), the largest state-owned banking and financial services company in
India, and BNP Paribas Card if. BNP Paribas is a French multinational bank and
financial services company with global headquarters in Paris. SBI owns 62.1% of
the total capital and BNP Paribas Card if 22% of the capital. Other investors are
Value Line Pvt. Ltd. and Mac Ritchie Investments Pvt. Ltd., holding 1.95% of the
total capital each and remaining 12% with Public. SBI Life Insurance has an
authorized capital of ₹20 billion (US$290 million) and a paid up capital of ₹10
billion (US$140 million).In 2007, CRISIL Ltd, a subsidiary of global rating
agency Standard & Poor's, gave company a AAA/Stable/P1+ rating.

2.4 MISSION AND VISION

2.4.1 MISSION

To emerge as the leading company offering a comprehensive range of life


insurance and pension products at competitive prices, ensuring high standards of

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customer satisfaction and world class operating efficiency thereby becoming a
model life insurance company in India in the post liberalization period

Our Values

 Trustworthiness
 Ambition
 Innovation
 Dynamism
 Excellence

2.4.2 VISION

To be the most trusted and preferred life insurance provider

2.5 PRODUCTS AND SERVICES

SBI General Insurance is the first choice for consumers among the leading
insurance companies in India as this insurer treats their customers with warmth
and respect. The company offers customized, cheapest priced insurance products
and services.

2.5.1 PRODUCTS

SBI Life insurance offers range of life insurance products with variants to provide
financial protection against life’s uncertainties. Plans offered:

 SBI Life Unit Linked Insurance Plans (ULIP)


 SBI Life Protection (Term) Insurance
 SBI Life Savings Plans
 SBI Life Investment Plans
 SBI Life Retirement Plans
 SBI Life Child Plans

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2.5.1.1 Horizon- II

SBI Life - Horizon II is a unique, non participating Unit Linked Insurance


Plan in Indian Insurance Industry, where you need not to be a financial market
expert. This plan offers the flexibility of Unit Linked Plan along with Automatic
Asset Allocation which provides relatively higher returns on your money where as
increasing death bench.

Twin benefit of insurance cover and market linked returns profits provides
higher security to Hassle-free investment management of funds from inception to
maturity, Automatic Asset Allocation of funds, automatic rebalancing of funds at
yearly intervals, free of cost higher protection, to meet your family financial needs
.It is a unique, non-participating Unit Linked Insurance Plan. As per the plan and
term chosen by you, SBI Life will invest the net premium amount into each of the
funds mentioned.

2.5.1.2 Maha Anand


SBI Life - Maha Anand is a simple & convenient unit linked plan, which
provides you insurance cover without any medicals.

Life begins afresh when you become a parent and when the child takes that
first step towards you, the moment is filled with cheer, enthusiasm never felt

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before. This moment marks a new beginning in the child’s life and there’s no
looking back after that. The child keeps growing and so are his dreams,
aspirations which always aim to reach horizon and you want your child achieve
his/her dreams. But at the same time as a proud parent you also want to secure
their future against rising cost of education and other necessities.

Key Features-

 Twin benefit of market linked returns and insurance cover


 Simple Joining Process - No medical examination required
 Option to pay premium, as low as Rs 500 p.m.
 Choice of 3 fund options to choose from
 Flexibility to increase your investments, through Top-up
Investment
 Flexibility through Switching and Redirection Options
 Liquidity through partial withdrawal’s
 Attractive Tax benefits under the Income Tax Act, 1961
2.5.1.3 Unit Plus- II
We at SBI Life understand the basic needs for pension plan and give you
financial strength to maintain your life style even after the retirement. SBI Life -
Unit Plus II Pension plan makes sure that you have regular income after you retire
and also helps you to maintain your standard of living.
This is a unit linked pension plan wherein the policyholder chooses an
investment period from 5 to 52 years for a vesting age between 50 to 70 years.
You can choose to pay either single premium or pay regular premium for the
entire policy term. Your contributions are invested into 5 fund options as per your
choice.
Unit Plus Child Plan
We at SBI LIFE understand you better and hence have developed SBI Life - Unit
Plus Child Plan to suit you and your needs best. This Plan is meant for parents in
the age group of 18-57 having a child between the age group of 0-15 years.

Key Features-

 Market related returns to match increasing cost of education

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 Peace of Mind by giving you triple benefits
 Loyalty units to celebrate your child reaching 18 years
 New Investment Fund (Equity Optimizer Fund) in addition to
existing funds.
 Pay Premium for a limited period and reap benefits over a long time.
 Flexible plan which adapts to your changing needs as and when you
want.
2.5.1.4 Pension plan
We at SBI Life understand the basic needs for pension plan and give you
financial strength to maintain your life style even after the retirement. SBI Life -
Unit Plus II Pension plan makes sure that you have regular income after you retire
and also helps you to maintain your standard of living.
This is a unit linked pension plan wherein the policyholder chooses an
investment period from 5 to 52 years for a vesting age between 50 to 70 years.
You can choose to pay either single premium or pay regular premium for the
entire policy term. Your contributions are invested into 5 fund option.
Key Features-

 Choice to invest & control four different funds as per your risk appetite
 Choice to invest & control four different funds as per your risk appetite.
 Flexibility to choose between two options
 Pure Pension
 Pension cum Life Cover
 No medical required for Pure Pension, automatic acceptance facility
 Flexibility to increase regular contribution
 Top up payments: any amount, anytime
 Customize your plan by adding riders
 15 days free look period
2.5.1.5 Smart ULIP

In the current volatile market scenario you need a plan which not only
protects your investment, but also enables you to get market related returns. SBI
Life - Smart ULIP is the perfect answer to your need, and will give you not only

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Guarantee on select NAVs during the first seven years, but also gives you the
added attraction of participating in the market upside.

Key Features-

 Guarantee of the highest of select NAVs, during the first seven years on
maturity.
 Investment cum Insurance plan giving market related returns
 Convenience through shorter premium paying term, giving you a choice
between two premium paying terms (PPT)
 Power of more- Guaranteed Maturity NAV, continues beyond the
premium payment term.
 Innovation structured investment fund-‘Flexi protect Fund’
 Hassle free plan- we manage your investment, giving you maximum
opportunity for growth while protecting your investments against
adverse market conditions.
 Attractive Tax benefits under the Income Tax Act, 1961

Unit Linked Insurance Plan is one of the financial products offered by SBI Life
which is a combination of insurance and investment. They are the linked to the
market. This way these products offer returns on investment and life insurance
cover. The part of the premiums are invested in market - equity, debts, hybrid,
based on the investor's choice which helps to build funds. And part of the
premiums is kept to provide life cover.

Features

 The best of both the world - insurance and investment in one basket
 Part of the premiums are invested while other part is used for providing the
coverage
 Each plan offers returns on maturity
 In case life assured dies during the term, the sum assured is paid to the
nominee
 Option to surrender or partially withdraw ULIPs

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 Tax Benefits as per the Section 80C and 10(10D) under the Income Tax
Act, for premiums and the payouts.

SBI Life types of ULIPs:

SBI Life - Smart privilege Option of regular, limited, and single premium
payment policies is available. Choice of 8 different funds with no premium
allocation and policy administration charges with unlimited free switches.

SBI Life - wealth Insurance Automatic Asset Allocation with choice of two
plans - Balanced and Growth. No premium allocation and policy administration
charges. Regular payment mode option and sum assured as 10 times of annualized
premiums.

SBI Life - Smart Wealth Builder Option of regular, limited and single premium
payment policies. Policy Term can be 10, 15 to 30 years. Offer the option of 7
funds. Guaranteed Additions of up to 125% of one annual premium after 10th year
of policy for a policy term of 30 years under regular premium payment policy.

SBI Life - Smart Wealth Assure Only single premium payment option with an
optional Accidental Death Benefit Rider. Policy Term can be 10 to 30 years and
offers option of 2 funds.

SBI Life – Saral Maha Anand Only regular premium payment options. With an
option to customize with Accidental Death Benefit Ride. Policy Term can be
10/15/20 years. Offers option of 3 funds as per the risk appetite.

SBI Life - Smart Scholar This plan is designed keeping child's future growth.
Offer an inbuilt Waiver of Premium featured rider, while an option to customise
with Accidental Death Benefit and Total Permanent Disability Rider. Option of 7
funds allocation.

SBI Life - Smart Elite Offers two protection plan - Gold and Platinum. Switch
and redirect your funds. Customize with Accidental Death Benefit and Total
Permanent Disability Rider. You can choose limited premium or single premium
payment option.

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SBI Life - Smart Power Insurance Offers two protection plan as increasing and
level sum assured. Inbuilt Accelerated Total Permanent Disability Rider. Two
fund options - Trigger and Smart Funds and flexibility of two free switches.

2.5.1.6 Health Products

Financial planning is incomplete without planning health insurance. Due to


today’s hectic lifestyle, improper diet, lack of exercise we are at higher risk of
contingencies of untimely serious illnesses. Sudden health problems could have
deep hole in your pockets. Medical science has advanced by leaps and bounds in
the last few decades. There’s a definite need to cover for health insurance to
reduce the financial burden.

SBI Life Insurance features both individual and group products like:

1. Unit Linked Products- this is a single non participating product group that
meets both the financial as well as insurance needs.

2. Pension Products- these comprehensive plans help to meet your post retirement
financial needs.

3. Pure Protection Products- nobody can predict future. So, any time anything can
shatter one’s dreams. Pure Protection Products help to keep one safe and secure
during these trouble times.

SBI Life also offers some protection cum savings products and money
back scheme products. SBI also has products for brokers. These products take
inspiration from the endeavors of various industries and make your life easy.

2.5.2 SERVICES

SBI life insurance General Insurance has always been known as a forward looking
customer centric organization. SBI life insurance takes immense pride in the spirit
of service and the culture of keeping customer first in our scheme of things. In
order to provide you with top-notch service on all fronts; we have provided you
with multiple platforms via which you can always reach one of our
representatives.

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 You can buy SBI life insurance General Insurance online through the
company’s official website.
 SBI life insurance General Insurance renewal can also be done online
instantly.
 This insurer offers online premium calculator by which you can calculate
SBI life insurance General Insurance policy premium.
 You can download any required documents.
 Under SBI life insurance General Insurance online, you can avail 24*7
customer support assistance.
 You can also get SBI life insurance General Insurance quotes online

2.5.2.1 CUSTOMER CARE SERVICES

SBI life insurance General Insurance has always been known as a forward looking
customer centric organization. We take immense pride in the spirit of service and
the culture of keeping customer first in our scheme of things. In order to provide
you with top-notch service on all fronts, we have provided you with multiple
platforms via which you can always reach one of our representatives

2.6 COMPETITORS PROFILE

Competitor means any person or entity which is a rival against another. In


business a company in the same industry or a similar industry which offers a
similar product or service. The presence of one or more competitors can reduce
the prices of goods and services as the companies attempt to gain a larger market
share. Competition also requires companies to become more efficient in order to
reduce costs

2.6.1 ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is


promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.

ICICI Prudential Life began its operations in fiscal year 2001 and has consistently
been amongst the top players* in the Indian life insurance sector. Our Assets under
Management (AUM) as on 31st March 2019 were `1,604.10 billion.

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At ICICI Prudential Life, we operate on the core philosophy of customer
centricity. We offer long term savings and protection products to meet different
life stage requirements of our customers. We have developed and implemented
various initiatives to provide cost-effective products, superior quality services,
consistent fund performance and a hassle-free claim settlement experience to our
customers.

In FY2015 ICICI Prudential Life became the first private life insurer to attain
assets under management of `1 trillion. ICICI Prudential Life is also the first
insurance company in India to be listed on NSE and BSE.

2.6.2 HDFC Life Insurance

HDFC Life Insurance Company Limited (Formerly HDFC Standard Life


Insurance Company Limited) ('HDFC Life' / ‘Company’) is a joint venture
between HDFC Ltd., one of India’s leading housing finance institution and
Standard Life Aberdeen, a global investment company.

Established in 2000, HDFC Life is a leading long-term life insurance solutions


provider in India, offering a range of individual and group insurance solutions that
meet various customer needs such as Protection, Pension, Savings, Investment and
Health. As on Jun 30, 2018, the Company had 34 individual and 11 group
products in its portfolio, along with 8 optional rider benefits, catering to a diverse
range of customer needs.

HDFC Life continues to benefit from its increased presence across the country
having a wide reach with 413 branches and additional distribution touch-points
through several new tie-ups and partnerships comprising 163 banc assurance
partners including NBFCs, MFIs, SFBs, etc and 26 partnerships within non-
traditional ecosystems. The Company has a strong base of financial consultants.

In Fiscal 2012, The Company established a wholly-owned subsidiary, HDFC


Pension Management Company Ltd., to operate its pension fund business under
the National Pension Scheme (NPS). And in Fiscal 2016, the Company
established its first international wholly-owned subsidiary in the UAE, HDFC
International Life and Re Company Ltd., to operate its reinsurance business.

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2.5.3 LIC
LIC is the oldest and most trusted brand amongst the best life insurance
companies in India. Established in 1956, this is a state-owned enterprise which
offers a huge and diverse variety of life insurance products such as endowment
plans, money back plans, term assurance plans, pension plans, unit-linked plans,
children plans, group schemes, special plans and many more. The company is a
favored choice amongst millions of Indians also for its best claim settlement ratio
of over 98%.

2.6 MARKET SHARE

SBI LIFE INSURANCE (SBIL) is India’s largest private life insurer, in terms of
New Business Premium generated in each fiscal year, since Fiscal 2010. It was
established as a joint venture between the State Bank and BNP Paribas Cardiff in
2001. Its brand, business reputation and customer satisfaction are critical factors
in developing new business and maintaining the leadership position. In Fiscal
2017, it enjoyed a market share of Individual Rated Premium of 20.7% among
private life insurers in India and 11.2% of the entire life insurance industry in
India. It has also issued the highest number of individual life policies annually
among the top five private life insurers (in terms of total premium in Fiscal 2017)
in India since Fiscal 2014.

SBIL has a comprehensive product portfolio of 37 individual and group products


(of which eight products are group products), including a range of protection and
savings products to address the insurance needs of diverse customer segments. Its
individual products include participating products, non-participating protection
products, other non-participating products and unit-linked products, which
contributed 10.8%, 0.9%, 1.7% and 50.4%, respectively, of its New Business
Premium in Fiscal 2017.

. SBI Life Insurance has consistently increased its market share of Individual
Rated Premium among private life insurers in India from 15.6% in Fiscal 2015, to
18.9% in Fiscal 2016 and to 20.7% in Fiscal 2017. Between Fiscal 2015 and
Fiscal 2017, its Individual Rated Premium increased at a CAGR of 37.9%, the
fastest among the top five private life insurers (in terms of total premium in Fiscal

18
2017) in India. In Fiscal 2017, it enjoyed a market share of Individual Rated
Premium of 11.2% within the entire life insurance industry in India. Its Return on
Infused Capital increased from 81.5% in Fiscal 2015 to 95.5% in Fiscal 2017 and
was 125.4% for the three months ended June 30, 2017. Its Return on Infused
Capital is the highest among the top five private life insurers (in terms of total
premium in Fiscal 2017) in India.

2.7 AWARDS AND ACHIVEMENTS

 Most Trusted CEO by WCRC Leaders Asia

Mr. Arijit Basu received the honour of India’s Most Trusted CEO by
WCRC Leaders Asia

 CEO of the Year

Mr. Arijit Basu was conferred the honour of ‘CEO of the Year’ Award,
the Highest Independent Honour in India, by Skoch Group

 Fintelekt Insurance Awards 2017

SBI Life Insurance wins the Fintelekt Insurance Awards 2017 in the
following category - Private Sector Life Insurance Company of the Year
(Large Category)

 Brand of the Year 2016-17

SBI Life wins the Brand of the Year 2016-17 Award in the Insurance
Category by WCRC

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 TISS Leapvault CLO Awards 2017

 SBI Life wins TISS Leapvault CLO Awards 2017 for ‘L&D team of the
year’ in the Insurance category

 CTO Leadership Award 2017

Mr. Bhaskar Jutti, CIO, SBI Life Insurance conferred the ‘CTO
Leadership Award 2017’ by Elects Techno media BFSI CTO Summit.
Elets Techno media confers leadership awards upon banks and private
entities to recognize good initiatives and finest practices.

 DSCI Excellence Awards 2017

 SBI Life has won the “DSCI Excellence Awards 2017" under category
"Best Practices for Insurance Sector” for the year 2017

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 Digital Innovation Award 2017

Mr. Bhaskar Jutti, CIO, SBI Life Insurance, conferred the Digital
Innovation Award 2017 at the CIO crown, hosted by Centre of
Recognition and Excellence (CORE).

 Banc assurance Leader Life Insurance

SBI Life Insurance wins ‘Banc assurance Leader Life Insurance (Large
Category)’ at the Indian Insurance Awards 2016 organized by
Fintelekt.

 Life Insurance Company of the Year

SBI Life Insurance wins ‘Life Insurance Company of the Year’


Insurance (Large Category)’ at the Indian Insurance Awards 2016
organised by Fintelekt.

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 CLO Chief Learning Officer Summit India – 2016

SBI Life wins the ‘CLO Chief Learning Officer Summit India – 2016 in
the following category - Mobile Learning Program

 Outlook Money Awards 2016

SBI Life Insurance adjudged the runner up of the ‘Outlook Money


Awards 2016’ in the Life Insurance category

2.9 CORPORATE SOCIAL RESPONSIBILITY

SBI Life believes in ‘Protection of Life’, which is blatantly reflected in its


services, and that the development of children holds the key to progress of the
nation. We thus promote and facilitate children to emerge as productive assets, in
a sustained and scalable manner. The company has concentrated majorly towards
providing education to the financially disadvantaged children, supporting
preventive healthcare and wellness, rural development and environmental

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upgrade.

EDUCATION

SBI Life believes that every child in the country is an asset; and an educated child
is the greatest resource of the country. Education is the medium through which
children can evolve into valuable human capital and thrust nation’s economy.
More importantly, education can play a vital role to break the cycle of poverty,
which is prevalent in thousands of families in India. SBI Life’s focus on child
education and overall development stems from the thought that children are the
future of our nation and education will give them the power to pull a family and a
country out of financial distress. The Company has undertaken initiatives aimed at
providing quality education and holistic development of underprivileged children,
supporting them with academic essentials, and enhancing basic infrastructure of
educational institutions. SBI Life has also touched the lives of many differently-
abled children, and children battling life-changing diseases like cancer, leprosy
and HIV.

HEALTHCARE

The purpose of SBI Life to invest in healthcare is to make a meaningful difference


in the lives of people who still lack access to basic healthcare facilities and / or
cannot afford it. The company has taken tiny steps to ensure that its CSR
contribution is helping the needy in the most effective manner.

ENVIRONMENT AND RURAL


Through its rural development initiatives undertaken in the states of Maharashtra,
Karnataka, Kerala and Tamil Nadu, SBI Life has impacted the lives of more than
5,000 villagers. These initiatives include provision of sanitation and lavatory

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facilities, safe drinking water, and even compost machines. This year, rural
development was not just limited to the aforementioned causes. It also
encompassed the development of rural youth through training and workshops,
educating them about advanced techniques in agriculture, better livelihood
opportunities, and financial literacy

.Every year, the company does its bit to reduce its carbon footprint by planting
trees in different states. This year, SBI Life planted 50,000 trees near Himalayan
monasteries, schools and forests in the North Eastern state of Sikkim. The
plantations not only aided in securing wildlife habitat and beautifying the area, but
also created around 4,093 workdays of jobs for the rural communities.

CSR PARTNERSHIP

The traces of improvement that the company leaves behind on any community or
individual have been possible only because of the long-standing and sustainable
relationships with its CSR partners. Cherishing these partnerships has been a
crucial aspect of our CSR ideology. Successful social interventions with NGOs
like Smile Foundation, Umang Foundation, Nai Dharti, CanKids..KidsCan, SPJ
Sadhana School, GrowTrees, Isha Foundation, Child in Need Institute, Concern
India Foundation, AIM FOR SEVA, have left a significant impact on our
beneficiaries over the years.

DISASTER RELIEF

Different national entities, corporate or otherwise, coming forward to help the


victims during a natural calamity is crucial to restore nation’s well-being in event
of a disaster. The continuous downpour that caused floods in the North Eastern
states in June 2017 resulted in many families losing their homes and lacking
access to basic hygiene facilities. SBI Life extended help to the victims of these
floods by providing them with relief materials. 22,600 flood-affected people
spread across the states of Uttar Pradesh, West Bengal, Bihar and Assam, were the
direct beneficiaries of this initiative

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2.10 SWOT ANALYSIS

SWOT analysis of SBI life Insurance analyses the brand/company with its
strengths, weaknesses, opportunities & threats. SBI life Insurance is one of the
leading brands in the banking & financial services sector. The table below also
lists the top SBI life Insurance competitors and elaborates SBI life Insurance
segmentation, targeting, positioning & USP.

2.10.1 STRENGTHS

 Leverages SBI’s largest customer base for cross selling its product
Multi layer Distribution channel

 SBI life has over 7,000 on-roll employees and 75,000 agents

 Strong Presence across India


SBI Life Insurance has an authorized capital of Rs2,000 crore
(US$405.6 million)and a paid up capital of Rs1,000 crore (US$202.8
million
State Bank Group has the unrivalled strength of over 18,000 branches
across the country

 Largest private player in the insurance space Significant brand equity


and preeminent Promoters

 Expansive multi-channel distribution Pan-India bancassurance and


high agent productivity

 Diversified product portfolio

2.10.2 WEAKNESS

 Managing a huge number of people is a concern


 Cases of fraud have tarnished image
 Legal proceedings on company, promoters and certain group companies
Alleged misconduct or fraudulent
 activity could damage the company’s reputation and prospects

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2.10.3 OPPORTUNITIES

 Growing rural market potential


 Group Insurance through large employers
 People willing to invest more to secure their future
 India is still underinsured. So, growth visibility remains intact Enhance
brand equity with focus on customer satisfaction Leverage robust IT
infrastructure for strategic objective

2.10.4 THREATS

 Economic crisis

 Entry of new NBFCs in the sector

 Volatility risk can affect the market value Interest rates and liquidity risk

 Occurrence of catastrophic event

 Inability to maintain solvency ratio could bring regulatory actions

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3. ORGANIZTAIONAL STRUCTURE
Organizational structure refers to the organization of different departments or
business units within a company. Depending on a company’s goals and the
industry which it operates in, corporate structure can differ significantly between
companies. Each of the departments usually performs a specialized function while
constantly collaborating with each other to achieve the corporate goals and values.

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Retail agency channel: As already discussed above that in this channel insurance
products have been sold through agents, who are not the regular employees of the
organization but the organizational success however, critically depends on the
effectiveness of these people. An agent is the public face of an insurance
company. Each Agent/ Advisor is mapped under Unit Managers as shown in
figure below.
So we can say they are the bottom of the pyramid but plays vital role for this
channel. This is the reason they are given various club membership on specific
targets and rewards and recognition too and apart from this there is also career
progression scheme for IAs. All this is discussed in detail below.

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Hierarchy in retail agency channel
 SBI Life has a unique multi-distribution model encompassing vibrant
Banc assurance, Retail Agency, Alternate Channel, Emerging Business
and Corporate Solutions distribution channels. SBI Life extensively
leverages the State Bank Group relationship as a platform for cross-selling
insurance products .SBI’s access to over 100 million accounts across the
country provides a vibrant base for insurance penetration across every.
 Multi Dimensional Model

CHANNELS


BANCA Retail Agency Alternate Channel Emerging Business CS

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 BANCASURRANCE: Banc assurance in its simplest form is the
distribution of life insurance products through a bank’s distribution
channel. Insurance companies see banc assurance as a tool for increasing
in their market penetration and premium turnover. It was introduced in
India when insurance industry was opened for private players. In India, a
bank can tie-up with one general insurance and one life insurance
companies as mandate by IRDA regulation. The banking sector in India
comprises of more than 67,000 branches and around 20 crores bank
accounts.
 RETAIL AGENCY: Another innovative distribution channel that could
be used are the non-financial organizations. Agency Channel, comprising
of the most productive force of over 110,000 Insurance Advisors, offers
door to door insurance solutions to customers. Conventionally, insurance
products have been sold through agents, who are not the regular employees
of the organization but the organizational success, however, critically
depends on the effectiveness of these people. An agent is the public face of
an insurance company. Most of the insurance clients never get to see
anyone else besides the agent. They are known by a myriad of names like
financial advisors, insurance agents, life advisors and certified financial
consultants. Due to increasing competition, the skill set of these agents has
also been undergoing a change.

 CORPORATE SOLUTION GROUP: This group is responsible for


bringing business
 from corporate institutes.
 ALTERNATE CHANNEL: Initially it was known as Institutional
alliance. Alternative channels such as banks, brokers, online i.e. direct,
corporate agents and wire houses.
 Emerging Business: It comprises of approaches like cross selling (selling
an additional product or service to an existing customer), Defence
Marketing and Digital Initiatives

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3 KEY FUNCTIONAL AREAS
Part of a business’ growth is the deployment of separate departments which
functions with specific focus and definitive path. They are structured according to
certain business requirements and these departments will vary depending on the
type of business being practiced. Knowing the different functional areas of a
business is a basic but major necessity for an entrepreneur especially when he’s
still in the planning stage.

One of the reasons for separating business operations into functional areas is to
allow each to operate within its area of expertise, thus building efficiency and
effectiveness across the business as a whole. The key functional areas of SBI life
insurance are the following:

 Management
 Operations
 Marketing
 Accounting
 Finance
 HR

4.1 HR

Human resource is the most important asset in the business. The heart of an
organization lies on its people. Without people, the day-to-day operation of a
business would cease to function. The success of a business relies fully on the
hands of the employees working in the company. In order to achieve the
company’s goals and objectives, the company’s Human Resource Department is
responsible in recruiting the right people with the required skills, qualifications
and experience. They’re responsible for determining the salary and wages of
different job positions in the company. They’re also involved in training
employees for their development

HR of SBI life insurance does following activities

 Selecting suitable candidates for interview process and hiring

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 Coordinating with management and employees
 Keeping track of maintenance and service department
 Looking into employee benefits
 Developing of both employees and organization
 Developing new ideas and techniques
 Overall guidance for each departments

4.2 MARKETING

Marketing strategy consists of the analysis, strategy development, and


implementation activities in: “Developing a vision about the market(s) of interest
to the organization, selecting market target strategies, setting objectives, and
developing, implementing, and managing the marketing program positioning
strategies designed to meet the value requirements of the customers in each
market target”. Strategic marketing is a market-driven process of strategy
development, taking into account a constantly changing business environment and
the need to deliver superior customer value. The focus of strategic marketing is on
organizational performance rather than a primary concern about increasing sales.
Marketing strategy seeks to deliver superior customer value by combining the
customer-influencing strategies of the business into a coordinated set of market-
driven actions. Strategic marketing links the organization with the environment
and views marketing as a responsibility of the entire business rather than a
specialized function. Because of marketing’s boundary orientation between the
organization and its customers, channel members, and competition, marketing
processes are central to the business strategy planning process. Strategic
marketing provides the expertise for environmental monitoring, for deciding what
customer groups to serve, for guiding product specifications, and for choosing
which competitors to position against. Successfully integrating cross-functional
strategies is critical to providing superior customer value. Customer value
requirements must be transformed into product design and production guidelines.
Success in achieving high-quality goods and services require finding out which
attributes of goods and service quality drive customer value

The marketing strategy analysis, planning, implementation and management


process is described below. The strategic situation analysis considers market and

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competitor analysis, market segmentation, and continuous learning about markets.
Designing marketing strategy examines customer targeting and positioning
strategies, marketing relationship strategies and planning for new products.
Marketing program development consists of product, distribution, price, and
promotion strategies designed and implemented to meet the value requirements of
targeted buyers. Strategy implementation and management consider
organizational design and marketing strategy implementation and control.

Marketing management uses the information provided by the situation analysis to


guide the design of a new strategy or change an existing strategy. The situation
analysis is conducted on a regular basis after the strategy is under way to evaluate
strategy performance and identify needed strategy changes.

Product marketing is a process of promoting and selling a product to a customer.


Also product marketing is defined as being the intermediary function between
product developments and increasing brand awareness. SBI life insurance choose
many methods for marketing.

 Word of mouth: For a new company has, a high share of its expenditure
goes into advertisements and promotions. SBI life insurancefollowed a

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word-of-mouth promotion strategy initially and did not spend much on
promotions and advertising.

 Advertisement: advertising strategy. A campaign developed by a business


to encourage potential customers to purchase a good or service.
An advertising strategy is generally tailored to a target audience perceived
to be most likely out of the population to purchase the product.

 Place related strategies

One of the objectives of insurance companies was to provide security facilities in


every nook and corner of the country. This has resulted in a huge network of and
SBI life insurance spread over the country. The survey revealed that these nook
and corner strategies of the insurance companies have increased the customer
base. Location strategy, Parking place strategy and Sitting facility strategy are
ingredients of 'Place related strategies'. The insurance policy has been non-
judicious in planning locations of their branches. Emphasis is on locating the
branches in the commercial hub of town, systematic layout, adequate open space
for ease in mobility, proper parking place are other factors which are taken into
consideration while choosing a location for the branch.

SBIL has developed a multi-channel distribution network comprising an


expansive banc assurance channel, including State Bank, the largest banc
assurance partner in India, a large and productive individual agent network
comprising 95,177 agents as of July 31, 2017, as well as other distribution
channels including direct sales and sales through corporate agents, brokers,
insurance marketing firms and other intermediaries. In Fiscal 2017, it collected the
highest amount of New Business Premium generated by private life insurers in
India both through the banc assurance channel as well as through an individual
agent network

4.3 INVESTMENT MANAGEMENT

The Investment strategy establishes the investment policy and operational


framework for the investment operations of the Company. It periodically reviews
the investment policy based on the investment performance and the evaluation of

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dynamic market conditions and places it before the Board of Directors for
approval.

4.4 RISK MANAGEMENT

Effective risk management Robust risk management practices have been an


important contributing factor to the company’s sustainable growth. Its
comprehensive risk management policy specifies the process for identification,
measurement and analysis of risk exposures, monitors risk management strategies,
and is coordinated with the operational policies, including those relating to
compliance, outsourcing, fraud management risks and business continuity
management. It was the first insurance company in India to have complied with
the recommendations of ISO 31000 2009 for enterprise risk management practices
and systems and all its processing centers are ISO 9001:2008 certified.

4.5 SALES AND DISTRIBUTION

SBI Life

Credit Corporate
Bancassurance Agency
Life Group

Insurance Corporate
Brokers
Agents Agents

Insurance Agents

Insurance agents are those individual persons who work for one particular
insurance company. An insurance agent cannot work for more than one particular
at one point of time.

Corporate Group

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Targeting Corporate for Gratuity and Group Pension products.

Agency Channel:

Agency channel have the most productive and active force of more than 25,000
Advisor. Our approach is to provide door-to-door need-based insurance solution
to customers after taking into account protection and wealth creation needs.
Agency channel has grown more than 300% over the last year and contributed
more than 45% to the company’s new business premium collection.

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4. FINDING SUGGESTIONS & CONCLUTION

4.1 FINDINGS

 Life insurance business was started in India in 1818 with the establishment
of Oriental Life Insurance Company in Kolkata
 SBI Life Insurance is registered with an authorized capital of Rs
2000 crores and a Paid-up capital of Rs 1000 Crores.
 SBI Life Insurance is the product of the amalgamation between two
banking and insurance giants - the State Bank of India (SBI) and the BNP
Paribas Card if.
 SBI Life Insurance offers a wide range of financial services and insurance
products.
 It has a number of easy and simple online premium payment solutions.
 SBI Life Insurance arranges for home visits by Insurance Advisors on
request
 SBI is truly an Indian multinational. It also features in the Fortune Global
500 list of the world’s biggest corporations.
 The vision of SBI life insurance is “To be the most trusted and preferred
life insurance provider”
 SBI Life insurance offers range of life insurance products with variants to
provide financial protection against life’s uncertainties. Plans offered:
 SBI life insurance General Insurance has always been known as a forward
looking customer centric organization
 SBI Life has impacted the lives of more than 5,000 villagers. These
initiatives include provision of sanitation and lavatory facilities, safe
drinking water, and even compost machines
 The Investment strategy establishes the investment policy and operational
framework for the investment operations of the Company
 Effective risk management Robust risk management practices have been
an important contributing factor to the company’s sustainable growth.

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4.2 SUGGESTIONS

Following are suggestions made for the benefits and augmentation of the sound
working of the company –SBI life insurance

 Need to train and develop life insurance agents with more comprehensive
knowledge and skills to counter every queries of the customer.
 It is suggested that company should not left any stone unturned towards
sound advertisement and promotional measures on every section whether
it is printed, media or air via radio.
 It is also suggested that skilled management graduates need to be places
on sales and marketing of financial services that can render their best
ideas for the accomplishment of the company goals and objectives to the
best extent.
 Also, care need to be taken that every customer’s grievance should be met
with delight whether before purchase or after sales.
 There should be an expansion measure for more offices and location of
more centers for offices of the company is established sop that company
may grow its network.
 Life insurance Products should be made flexible so as to suit every
section of society.
 SBI Life believes in ‘Protection of Life’, which is blatantly reflected in its
services, and that the development of children holds the key to progress of
the nation.

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4.3 CONCLUSION

SBI Life Insurance Company Limited is a joint venture between the State Bank
of India and BNP Paribas Assurance. SBI Life Insurance is registered
with an authorized capital of Rs 2000 crores and a Paid-up capital of Rs 1000
Crores. SBI owns 74% of the total capital and BNP Paribas Assurance the
remaining 26%, State Bank of India enjoys the largest banking franchise in India.
Along with its 7Associate Banks, SBI Group has the unrivalled strength
of over 14,500 branches across the country, arguably the largest in the
world.SBI Life Insurance is now among the top life insurance providers in India.
It is the largest private life insurer and was the 1st private life insurance company
to become profitable. The huge customer base and the reach of its banking
channel are the advantages which SBI enjoys over the other insurance companies.
It has a wide array of life insurance products to adequately cater to the Indian
consumer. SBI General Insurance is the first choice for consumers among the
leading insurance companies in India as this insurer treats their customers with
warmth and respect. The company offers customized, cheapest priced insurance
products and services. S B I a c c e s s t o o v e r 1 0 0 m i l l i o n accounts across
the country provides a vibrant base for insurance penetration across every region
and economic strata in the country ensuring true financial inclusion

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 https://www.mbaskool.com/brandguide/banking-and-financial-
services/1022-sbi-life-insurance.html
 https://www.sbilife.co.in/
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 https://en.wikipedia.org/wiki/SBI_Life_Insurance_Company
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