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Social and Relationship Capital
At SBI Life, as we go about fulfilling our business goals, we value support of all our stakeholders and have established a strong trust-based relationship with them. Our objective is to deliver excellent service to our customers, engage better with our partners. We endeavour to create shared value by contributing to the well-being of the society. Through our wide range of programmes, we aim to improve the lives of the communities in which we operate.
Inforce Lives
New Lives Covered in FY 2024
Individual Renewal Premium Collected through App
Claims Paid to Policyholders and Beneficiaries
Net Promoter Score
Death Claim Settlement Ratio (individual and group)
We are working steadfastly to maximise our positive social impact. We have created meaningful social and relationship capital, while pursuing progress, meeting customers’ needs and driving inclusive growth for communities. Our long-term relationships with customers, partners and communities are based on mutual trust and respect, while our intent is to empower the communities and transforming quality of their lives.
Customer satisfaction is at the heart of our operations, and we constantly endeavour to deliver improved experiences to our customers. An improvement in SBI Life’s Net Promoter Score reflects our customers’ growing trust and satisfaction, and also symbolises our commitment to their financial well-being.
We are driven by customer-first approach with easy onboarding, simplified products & faster, and hassle-free claim settlement experience to our customers. We are committed to delivering a comprehensive range of innovative insurance solutions that provide financial security and peace of mind to our customers.
Our insurance solutions are tailored to effectively address the existing and evolving needs of our customers. We offer a wide range of traditional, unit-linked products, protection and retirement solutions that cater to diverse demographics and income levels.
Protection plans offer life insurance coverage that provides peace of mind during unforeseen events, acting as a safety net. We offer a mix of traditional protection plans and unique products with coverage for both life and health, providing comprehensive protection to the customers. These plans are designed to safeguard the financial future of individuals and their families.
Savings plans provide life insurance coverage and encourage disciplined savings habits. Tailored to meet specific financial goals and offer stable returns, these plans enable our customers to accumulate savings and ensure long-term financial security.
Child plans provide financial protection and support for children, securing their future and enabling them to pursue their dreams and aspirations without hindrances. We offer varied child insurance plans, offering flexibility and customisation based on customers’ risk appetite.
Wealth creation plans are aimed at individuals who seek market-linked returns with life insurance coverage. These plans help customers grow their wealth and investments, while also ensuring protection.
Retirement plans assist customers in building a substantial corpus of funds to maintain the desired lifestyle and manage expenses in their golden years. Our comprehensive solutions ensure a secure, comfortable and fulfilling retirement for our valued customers.
SBI Life is India’s first private life insurance company to have an extensive customer care support which aligns with our commitment in enriching customer experience. It provides technical assistance with products, addresses their insurance needs and queries at their convenience about their purchases or experiences.
Strong emphasis on streamlining processes and reducing turnaround times for policy issuance.
Non-Medical
Medical
FY 2024
FY 2023
FY 2024
FY 2023
Witnessed commendable renewal rates and persistency levels, indicating customers’ trust and satisfaction in our policies.
FY 2024
FY 2023
FY 2024
FY 2023
FY 2024
FY 2023
Our death claim settlement ratio showcases our commitment to fulfilling our obligations. Our living benefit settlement percentage showcases our dedication to assisting policyholders during critical times.
FY 2024
FY 2023
FY 2024
FY 2023
We strive to enhance the experience of our policyholders. Improvement in Net Promoter Score (NPS) echoes customers’ growing trust and satisfaction, reflecting our commitment to their financial well-being.
FY 2024
FY 2023
We are dedicated to augmenting customer experience through a wide range of initiatives that serves all their needs and preferences. By optimising several of our processes, we improved our operational efficiencies and offered exceptional services, through faster integration of advanced technologies and digital solutions.
Mconnect
NPS Parivartan
YONO Branch Portal
Smart Care
Parivartan
As part of revival campaign, we share personalised videos with the targeted policyholders to explain the key benefits of the policies and the revival process. In addition, we also provide them with embedded links to submit the online revival request and the revival quote. With this, the conversion rates of the revival campaign improved significantly.
Share of Eligible Lapsed Policy Base Revived
Total Renewal Premium Collection from Revival Campaign
Net Promoter Score and Awareness Programmes
On Customer Satisfaction Management System
Grievance to new policies reduced from 0.20% in FY 2023 to 0.13% in FY 2024
In Vernacular Languages
“SBI Life has been outstanding in providing customer support in my policy payout, guiding at every stage in choosing annuity options & instant response to tweets and emails. What more a customer wants. Well done SBI Life insurance.”
“Thank you for your co-operation and help in resolving my query related to change in Nominee in the PMJJBY policy held by me. I am impressed with your service.”
“Thank you for the prompt response. I am now able to check & track the details of my policy on your website at my convenience.”
“Thank you for your prompt response and resolving my request regarding rectification of my name on the policy held by me.”
“I recently visited Jalandhar branch for my policy-related documentation. The customer representative helping me was excellent in his customer handling skills, behaviour, empathy, politeness, other traits, process knowledge, everything was in perfect ratio to my utmost satisfaction.”
“Thank you for your support. It is really good to see how quickly you had responded for resolution of my concern regarding the deduction of premium. I am happy to be an SBI Life customer!”
“Thank you @SBILifeCares for promptly taking care of my login issue. I'm able to log in and view my policy details now.”
“Thanks a ton for your prompt response. The Premium was automatically deducted from my account.”
SBI and RRB Bank Branches
Share in NOPs
Share of New Business Premium in Industry
Growth in Protection Business
SBI Life's Productivity per Branch with 58,000 CIFs
Business Sourced Digitally
No. of Agents
Share in NOPs
NBP Share in Private Insurance Market
Business Sourced Digitally
Agent Productivity on NBP Basis
Uploads on Smart Advisor
Partner Branches
Corporate Agents
Brokers
Growth in NPS
Specified Persons
Major Tie-ups
In Industry and in Fund Business
For Website Sales and Servicing
To Make Buying Easier (in 9 languages)
Through our extensive and diversified distribution network, we continue to amplify our market reach and customer accessibility. Our wide and extensive distribution network provides us with a competitive advantage and enables customer engagement. Our strong partnerships with renowned banks and their branch network further enhance our distribution capabilities, while our synergy with our distribution partners and strategic cross-selling initiatives help us achieve better market penetration and ensure comprehensive customer support.
We engage in strategic partnerships with reputed financial institutions and banks to expand the insurance market across India, reach a wider audience and ensure accessibility to our insurance products across diverse markets. Through these partnerships, our aim is to increase our market reach, strengthen our footprint and expand our distribution network. In FY 2024, we entered into strategic partnerships with State Bank of Sikkim, Insurance Dekho, Airtel and Zopper.
CSR Beneficiaries
Lives Covered in Social Sector
At SBI Life, we engage with communities, contributing to their social and economic development through responsible business practices and community initiatives. Our social initiatives are aimed at empowering and transforming communities we operate within, while improving the lives of the underserved, tribal and rural communities, with special emphasis on women and youth. SBI Life has a CSR policy and a Corporate Social Responsibility Committee, with clearly defined roles and responsibilities. Despite geographical challenges, we successfully implemented over 30 CSR projects across India, in collaboration with NGO partners.
Quality education enables individuals to develop cognitive abilities, analytical skills and progressive approach towards the world.
However, owing to financial constraints, in India it is quite challenging for many children to gain access to education. Through our CSR initiatives, we ensure access and continuity of education to over 3,000 underprivileged children.
Area of focus
Education, nutrition and overall development of under-privileged children
Infrastructure
Supporting infrastructure development
What the initiative entails
Assistance for children’s school fees, teacher’s compensation, educational material, supplementary education, nutrition and extra-curricular activities
Special education, therapeutic services and training to visually challenged, mentally and differently-abled children; parent counselling and training to ensure strong home support system
Development of school premises, hostels, playgrounds, classrooms, digital equipment for building smart classrooms, sanitation facilities, kitchen facilities, transport facilities to schools in rural areas
Supported education and holistic development of 300+ children affected by or belonging to families suffering from Leprosy
Supported 1,200+ children from orphan, single parent, tribal children, children affected by HIV AIDS or poor conditions to ensure continuance in formal education
Enabled access to STEM learning and digital classrooms to 200+ students from the under-privileged sections
Fighting against all odds, Mala completed her education till Class 12, but due to extreme poverty, her future was uncertain although she was determined to work hard. With support provided by SBI Life, she was enrolled into the General Nursing Midwifery course at Rastogi College of Nursing. Even while challenges of a different language and English syllabus presented hurdles, with perseverance and support from teachers, she wrote her exams and scored an impressive 72%, and today, works at the renowned Shanti Memorial Hospital.
Through our Livelihood programme, we reached out to 1,000+ beneficiaries empowering them with skill-sets that enhance their employability. The programme not only disseminates technical aspects of vocation and trades but also focusses on teaching financial literacy, market linkages, communication skills, and accounting, thereby fostering entrepreneurship development.
After his father expired, Amar Kumar faced huge financial challenges, but hindered by limited academic qualifications, he struggled to find employment. He then enrolled in "Basic Computer Applications" training programme supported by SBI Life. Upon completion of the rigorous three-month, he secured a job as a Computer Operator/Cashier at Apna Mart, with a decent monthly package. Today, he is the beacon of hope for his family and provides the means to fulfil their cherished dreams and aspirations.
The primary aim of our CSR focus is to provide quality healthcare services to economically marginalised groups. Our support includes bearing the cost of medical treatment, developing medical infrastructure and promoting preventive healthcare measures.
No. of Lives Positively Impacted Through Healthcare Initiatives
Medical Camps Conducted in Collaboration with Different NGO Partners
Supported operational expenses of safe and hygienic residential facilities for children undergoing cancer treatment in North-East. Over 500 children and their parents/care-takers benefitted from this initiative.
Reached 60,000+ pregnant and lactating mothers, and children up to 5 years of age in Rajasthan (Baran district) and Madhya Pradesh (Dhar district), with the aim of improving health of mothers and new-born children.
Supported 370 individuals and rehabilitating them by providing them with artificial limbs and callipers. These devices are crucial in replicating functionality of natural limbs, enabling beneficiaries to regain mobility, pursue personal aspirations and contribute actively to the society.
Baby Akhila was born with congenital respiratory distress and multiple other health complexities, which affected her breathing, swallowing, and other activities. Within 12 days of being born, she was hospitalised for an emergency treatment, which left her family with the financial burden of bearing the treatment expenses. With SBI Life’s assistance, she not only received the necessary medical care and survived, she also persevered for 24 days and emerging as a true fighter in this journey.
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