External Environment
India’s Resilience, Woven with Purpose
Amid global uncertainties, from trade tensions to geopolitical shifts, India has continued to chart a resilient growth path, emerging as the world’s fourth-largest economy in 2025. The economy grew by 6.5% in FY25, following a robust 9.2% in the previous year.1 This growth is more than a macroeconomic milestone; it reflects the collective ambition, optimism and progress-driven spirit of the people.
At SBI Life, we see these macro trends not just as indicators but as enablers, opening new possibilities for individuals, families and businesses. Whether through deeper financial inclusion, responsive protection solutions or digital empowerment, our strategic responses are anchored in one constant: supporting the evolving dreams of every Indian in a transforming nation.
Trend #1
India’s Economic Momentum Boosting Insurance Uptake
Context
India’s growth within the G20 economies over the next decade is expected to be driven by domestic consumption, private investments and a maturing financial ecosystem. An expanding middle class, improving rural demand and rising financial awareness are contributing to a growing appetite for insurance solutions. Based on the Swiss Re report, the Company anticipated in its previous Annual Report that life insurance premiums would grow by 9% annually in real terms by 2032. This macroeconomic backdrop is fuelling demand across savings, protection and health products.
SBI Life's response
As we celebrate 25 years of weaving trust into the fabric of an unstoppable India, we remain focused on delivering promises that matter. This year, we expanded our product suite with 13 new offerings across key life stages — including protection plans (SBI Life – eShield Insta, SBI Life – Smart Shield Premier, SBI Life – Smart Swadhan Neo), wealth creation plans (SBI Life – eWealth Plus, SBI Life – Smart Elite Plus, SBI Life – Smart Fortune Builder, SBI Life – Smart Privilege Plus), savings plans (SBI Life – Smart Platina Supreme, SBI Life – Smart Bachat Plus), retirement (SBI Life – Smart Annuity Income) and child plans (SBI Life – Smart Platina Young Achiever, SBI Life – Smart Future Star, SBI Life – Smart Scholar Plus).
We deepened our reach across the country by opening 70 new branches and onboarding over 97,000 new agents, with a strong focus on Tier 2 to Tier 4 towns.
We also strengthened our bancassurance and digital partner network with institutions like Abhudaya Co-op Bank, The Himachal Pradesh SCB, The Andhra Pradesh SCB, NSDL Payments Bank and Turtlemint Insurance Broking Services Pvt Ltd.
1 Source: Second Advance Estimates by MoSPI; PIB
Trend #2
Regulator Envisions a Robust, Inclusive and Customer-Centric Insurance Ecosystem
Context
- Inclusive: Life cover for every Indian by 2047 under the “Insurance for All” mission.
- Accessible: Greater reach through digital platforms, simplified products and rural expansion.
- Innovative: Encouraging product innovation via flexible norms and tech adoption.
- Customer-Centric: Enhanced transparency, grievance redressal and financial literacy.
- Resilient: Strong risk-based regulation to ensure long-term stability and trust.
SBI Life's response
We realigned our products with the new surrender guidelines, not just as a compliance measure but as a reaffirmation of our customer-first values. The Company aligned to EOM and commission guidelines as per regulatory requirements. Further, to enhance service quality, we introduced an Internal Ombudsman, a pioneering move in the industry, to provide faster, fairer and more empathetic grievance redressal. Our continued focus on ethical selling is evident with lowest mis-selling ratio of 0.02% amongst private players.
In support of the IRDAI’s long-term vision of 'Insurance for All by 2047', we undertook focused insurance awareness initiatives in Chhattisgarh, helping expand access and understanding among underserved communities. Further, through ‘IdeationX’, our innovation platform for B-School students across India, we invited young minds to propose fresh, inclusive life insurance solutions — encouraging alignment with evolving regulatory priorities and customer needs.
Trend #3
Digital Acceleration and the Rise of InsureTech
Context
The ongoing digital transformation, fuelled by widespread smartphone adoption, deeper internet penetration and fintech growth, is reshaping how insurance is distributed and consumed. Digital ecosystems are enabling hyper-personalised offerings, improved customer engagement and cost efficiencies. Aadhaar continues to play a pivotal role, with nearly 246.8 crore authentication transactions and 44.6 crore e-KYC verifications2 conducted in March 2025 alone. With strong regulatory support for e-KYC and digital onboarding, insurance is becoming faster, simpler and more inclusive.
SBI Life's response
Digital is at the heart of how we operate. We have reimagined insurance journeys by enabling 98.7% digital submission of individual proposals and expanding automated underwriting to 54%, ensuring faster and simpler onboarding. Our three-click protection product on SBI’s YONO app allows customers to complete their insurance purchase independently, reflecting our focus on convenience and control. We continued to invest in digital tools across the value chain — from OnboardX for smoother agency onboarding, InsightGenie for real-time employee insights and Voice BOTs and Document 360° to elevate customer experience. Training platforms like Project Eklavya are helping upskill teams on the go. These innovations have not only simplified insurance for our customers but also helped us scale smartly — reaching digital-first audiences through aggregators and online channels, while expanding our presence across segments without physical limitations. Together, these efforts reflect our commitment to building a digitally powered, unstoppable India.
2 Source: Ministry of Electronics & IT GOI, PIB Delhi, Dated 28 APR 2025
Trend #4
Heightened Risk Awareness and Protection-Oriented Products
Context
From the increased frequency of climate-related disasters to rising cyber threats and health vulnerabilities, risk awareness among individuals and businesses is on the rise. This is driving demand for protection-led insurance solutions across life, health and non-life segments. As India moves towards greater sustainability and green infrastructure, re/insurers will play a critical role in underwriting new types of risks and supporting resilience.
SBI Life's response
We strengthened our protection portfolio to meet the growing demand for high-coverage, straightforward term insurance solutions. We introduced new protection products such as SBI Life – eShield Insta, SBI Life – Smart Shield Premier and SBI Life – Smart Swadhan Neo, each designed to offer flexible, need-based coverage tailored to different customer profiles. Customers increasingly gravitated towards pure protection products over return-of-premium variants, particularly in digital channels, reflecting their growing focus on long-term financial security. We ensured that our offerings remained simple, accessible and backed by trusted advice, helping customers take charge of their risk preparedness.
Our partnerships with leading lending institutions enabled us to offer credit life solutions across various loan categories. Additionally, by empowering our agent network with protection-focused training and tools, we enhanced their ability to educate and guide customers toward the right cover, particularly in underinsured regions.