We reorganised our operations to respond to the changing market dynamics, induced by the pandemic. We launched new products in line with the increased demand for protection products. Harnessing the power of digitalisation, we seamlessly moved the entire process online – from on-boarding to customer servicing, and disbursing claims. We also use digital channels to train and upskill employees.
Individual New Business Policies
New lives covered under group policies
New Business Premium
Increase in New Business Premium
Increase in Renewal Premium Business
Benefits Payout (net of reinsurance)
We have been partnering with banks to further extend our reach. During the year, we entered into a bancassurance pact with UCO Bank, making holistic insurance solutions accessible to customers through UCO Bank’s branches across the country.
Providing our products across
Branches of UCO Bank
SBI Life commissioned the ‘Understanding consumer attitude towards Financial Immunity’ survey with The Nielsen Company, covering the length and breadth of India. The survey results provided deep insights into consumer predispositions towards financial immunity in a post-COVID world.
Customers reached
Cities covered
SBI Life Insurance and YES Bank signed a Bancassurance agreement to offer a comprehensive bouquet of life insurance solutions to the bank’s customers across the country. This partnership will leverage YES Bank’s digital capabilities and wide presence to further expand our customer base.
We launched the ‘SBI Life - Smart Future Choices’ savings product, tapping into the rising customers awareness on the need for insurance. An individual, non-linked, participating life insurance savings product provides customers the ‘Power to Choose’ various options and benefits as per their changing needs throughout the policy term, such as premium amount, policy term or premium payment term.
We launched an interactive online platform for consumers to self-assess their Financial Immunity. The score derived from assessment guided individuals to take the required steps for narrowing their protection gaps and encourage them to strengthen their financial immunity.
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