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Governance

Upholding Trust to Enable Dreams

At SBI Life, enabling the dreams of every Indian begins with a strong foundation of trust and responsibility. For over 25 years, our governance practices have anchored this journey, ensuring every decision is guided by transparency, accountability and alignment with stakeholder interests.

Our governance framework comprises clear principles, structured processes and sound practices that steer how we operate, manage risks and uphold compliance. More than a regulatory necessity, it reflects our commitment to integrity, informed oversight and long-term value creation.

As the business grows, our governance continues to evolve, showcasing our resilience, sharpening our responsiveness and supporting sustainable performance for the future.

1. Board Governance, Composition and Diversity

Our governance model is anchored by a well-structured and highly competent Board of Directors comprising executive, non-executive and independent directors. The Board provides strategic oversight and guidance, ensuring that the Company’s operations align with our values and long-term objectives. Specialised committees of the Board provide focused oversight on critical governance and operational areas.

Board of Directors

The Board is the apex decision-making body that sets the strategic direction of the Company and oversees its performance and governance standards.

It comprises:
  • Chairman
  • Independent Directors
  • Non-Executive Directors
  • Executive Director (Managing Director & CEO)

The diversity of the Board ensures a balanced approach to decision-making, bringing together expertise in finance, risk, law, insurance and public policy.

Board Diversity

SBI Life maintains a diverse and inclusive Board of Directors with:

  • 62.5% Independent Directors on Board ensuring independence in governance
  • Women Director on Board
  • All nine committees chaired by Independent Director
  • Diverse Board structure
  • Well-defined roles, responsibilities and accountability
  • Board evaluation process and results-driven action plan
Board Committees

To enable focused oversight on specific areas, the Board has constituted several committees, each with clearly defined roles and responsibilities.

  • Board Audit Committee
  • Board Risk Management Committee
  • Board Investment Committee
  • Board Policyholder Protection, Grievance Redressal and Claims Monitoring Committee
  • Board Nomination and Remuneration Committee
  • Board Corporate Social Responsibility Committee
  • Board Stakeholders' Relationship and Sustainability Committee
  • Board With Profits Committee
  • Board Technology and Digital Strategy Committee
Length of Service of Directors (No. of years)

06Directors

<4

02Directors

4-6
Length of Service of Directors (No. of years)

03Directors

4-6

05Directors

61-70
Board Independence

05No. of Independent Directors

03No. of Non Independent Directors

Transparency, Accountability and Integrity

We maintain transparency in all our disclosures and communications. Our financial reporting and operational performance are regularly audited and shared with stakeholders through periodic updates and statutory filings. Our Code of Conduct guides employee and supplier behaviour and business practices, reinforcing our zero-tolerance approach to unethical conduct, corruption and non-compliance.

Our commitment extends beyond compliance. We foster a strong ethical culture across the organisation, reinforced by policies and mechanisms that uphold fairness, prevent misconduct and ensure regulatory adherence.

3. Risk Management and Internal Controls

Our Risk Management Framework is a structured and evolving system designed to identify, assess and mitigate potential risks across the business. Overseen by the Risk Management Committee and senior leadership, the framework supports informed decision-making and business continuity in a dynamic environment.

The framework is backed by a strong internal control system that ensures operational effectiveness, asset security and accurate, compliant financial reporting.

Key components include:
  • Periodic risk assessments across departments and functions
  • Early warning indicators to flag emerging risks
  • Monitoring of key risk indicators
  • Regular stress testing focused on solvency, market and operational risks

These are further reinforced by a proactive Internal Audit function that conducts periodic reviews and recommends timely improvements, helping SBI Life maintain resilience and stakeholder trust.

4. Stakeholder-Centric Approach

We recognise that our success is closely tied to the trust of our stakeholders. That is why we prioritise continuous engagement, robust feedback mechanisms and responsive communication channels.

Whether it’s policyholders relying on us for financial security, shareholders expecting value, or regulators seeking compliance, our governance practices are designed to meet and exceed these expectations.

Guided by our core values, we place stakeholders at the heart of every decision, ensuring trust, transparency and long-term value creation.

5. Compliance and Regulatory Adherence

SBI Life operates under the regulatory supervision of the Insurance Regulatory and Development Authority of India (IRDAI) and other regulatory bodies, adhering to a comprehensive compliance framework. We ensure conformity with all applicable laws, rules, regulations and guidelines set forth by IRDAI, the Insurance Act, 1938 and other statutory bodies.

6. ESG and Responsible Business Conduct

Governance at SBI Life goes beyond compliance—it reflects our commitment to creating long-term value for all stakeholders while contributing meaningfully to society and the environment. We embed Environmental, Social and Governance (ESG) principles into our core business strategy, ensuring that our growth is both inclusive and sustainable.

Our ESG approach is built on a foundation of integrity, transparency and accountability, with Board-level committees providing dedicated oversight and guidance.

Our initiatives focus on:
  • Financial Inclusion: We continue to expand our reach, making insurance accessible and affordable to all through simplified products, partnerships and robust distribution models
  • Digital Transformation: We leverage technology to enhance customer experience, streamline internal processes and reduce our environmental footprint. Initiatives like paperless onboarding, digital claims processing and self-service portals contribute to both operational efficiency and sustainability.
  • Responsible Investing: Our investment decisions are guided by ethical considerations and ESG risk assessments. We strive to balance returns with long-term sustainability and align with responsible business practices.
  • Governance and Oversight: ESG matters are regularly reviewed at the Board and senior management levels, ensuring integration into strategic planning, risk management and performance monitoring. Our policies on ethics, anti-corruption and stakeholder engagement further reinforce our responsible business conduct.

Looking ahead, we aim to strengthen our ESG commitments through measurable targets, transparent disclosures and collaborative initiatives that support India’s broader sustainability goals.

Core values and underlying philosophy - creating value for all stakeholders

Transparency

  • Clear Communication: Policy terms, charges and benefits are clearly disclosed in customer documents and on the Company’s website.
  • Digitised Access: Provided digital policy servicing platforms like the customer self-service portal and mobile apps to ensure transparent interactions.
  • Annual Reporting: Detailed Integrated Annual Report, SEBI and IRDAI newspaper publications, and IRDAI public disclosures are made available to stakeholders, showcasing our financial performance and business conduct.

Humility

  • Customer Feedback Integration: Continuously improved products and services based on customer feedback and surveys. E.g.: Net Promoter Score (NPS) measurement.
  • Learning Culture: A culture of humility and continuous learning is encouraged through structured development programmes for employees, agents and CIFs across all levels. Key initiatives include Customer First, CARE, Segmental Sales Training, and Eklavya (an AI-based learning platform piloted during the year), along with flagship programmes such as SLEP (Sales Leadership Excellence Programme), ASCEND and Knowledge Premier League (KPL).

Integrity-icon

  • Strict Compliance: Adherence to IRDAI regulations and corporate governance norms is ensured through regular internal audits and continuous oversight.
  • Ethical Practices: Maintained a Code of Conduct for employees and distributors with a focus on ethical selling practices; e.g. Whistle-blower Policy, AML/CFT Policy, Prevention of Sexual Harassment (POSH), Prohibition of Insider Trading Policy, Fraud Risk Management Policy and Sales Quality Policy.
  • Claim Settlement: Promoted fair and timely claim settlements, with internal checks to avoid wrongful repudiation.

Innovation

  • Product Development: Launched 13 new customised and need-based life insurance products, including term, ULIP and retirement solutions.
  • Digital Transformation: Introduced AI chatbots such as voice bots, Robotic Process Automation (RPA), Intelligent Document Processing (IDP), e-policy documents, contactless onboarding for improved customer convenience, paperless onboarding for advisors and CIFs.
  • InsurTech Partnerships: Collaborated with digital platforms and aggregators to reach a broader audience, while simultaneously strengthening compliance standards.

Sustainability

  • CSR Initiatives: Invested in education, healthcare and livelihood programmes impacting over 53,000 beneficiaries.
  • Green Practices: Implemented paperless processes and digital communications to reduce environmental impact. The Seawoods (CPC) office is certified with the IGBC Green Rating, and 3,367 kg of e-waste was disposed of through green channels with zero emissions. We continue to reduce our carbon footprint through the use of renewable energy at select offices, along with other ongoing sustainability initiatives.
  • Financial Inclusion: Focused on rural penetration and affordable insurance solutions for underserved segments; e.g. serving 52.3 million in-force lives under PMJJBY, 5.1 million in-force lives through micro insurance products, 3.9 million new lives covered under social sector schemes and over 6,52,000 new policies issued in rural areas.