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Social and Relationship Capital

Together for Every Aspiration

Why is Social and Relationship Capital critical to our sustained growth?

Our journey is deeply intertwined with the lives we touch — customers, partners and communities across India. Our social and relationship capital reflects a strong commitment to building trust, fostering inclusion and creating meaningful impact at every step. By nurturing relationships rooted in empathy, transparency and long-term value, we empower millions to move forward with confidence. Whether through responsible customer engagement, collaborative partnerships or transformative CSR initiatives, we aim to build an ecosystem that supports not only financial protection but also the fulfilment of aspirations across the country.

UNSDGs Aligned

Customers

Material matters

  • M1 - Customer service and satisfaction
  • M2 - Governance, transparency and ethical business practices
  • M3 - Purposeful products and services driving financial inclusion
  • M4 - Data privacy and information security
  • M5 - Risk management and business continuity

Priorities in FY25

  • Customer-centric approach to build trust and meet needs
  • Digital-first organisation with customers at the core
  • Expanding insurance penetration across underserved, rural markets and the social sector
  • Products to suite different life cycle needs

KPIs

99.4%

Death claim settlement ratio (individual and group)

₹ 494 bn

Claims paid to policyholders and beneficiaries

25.5 mn

New lives covered in FY25

Our three-step customer-centric commitments are anchored in five core pillars

Understanding Customer Needs (Pre-purchase)

Personalised need analysis, risk profiling and goal-based recommendations at pre-sales stage.

Transparent Communication (Pre-purchase)

Clear benefit illustrations with complete disclosures on costs, commissions and projected returns.

Seamless Digital Experience (Pre-Purchase, Purchase, Onboarding and Policy Servicing)

In-app purchase journeys with simplified digital onboarding, multi-modal verification and secure policy access.

Proactive Engagement and Service Excellence (Purchase, Onboarding and Policy Servicing)

Continuous feedback loops, issue resolution and 24x7 servicing outreach.

Upholding Trust and Delivering Long-term Value (Purchase, Onboarding and Policy Servicing)

High persistency, robust grievance redressal and ethical selling practices

Pre-purchase

Holistic Profiling via Digital Journey

  • Captures life stage, demography, risk appetite and financial goals
  • data-driven precision in need analysis and risk profiling

Powered by Smart Algorithm

  • Recommends products based on customer life stage, needs and risk profile
  • Product recommendation powdered by Smart Algorithm

Transparency in Benefit Illustration

  • Year-wise breakdown of expenses and commissions with disclosures and benefits projection at IRDAI mandated 4% and 8% p.a.

Holistic Profiling via Digital Journey

  • Policy terms explained in simple language
  • Explicit customer consent taken

Purchase

In-App Digital Purchase

  • Purchase followed by Pre-Issuance verification (PIV)
  • Enhances convenience, transparency & trust

Pre-Issuance Verification (PIV)

  • PIV in 14 Languages
  • Option to select Phone Call | Insta PIV
  • Enhanced PIV mandatory for select products and customer profiles

Quality Assurance

  • Photo verification through match with customer's live photo or KYC image in Insta PIV
  • Reinforcing clarity about the product
  • Reiterating key benefits

Compliance

  • Regulatory compliant, ethical selling practices support informed purchase decisions

Onboarding

Free Look Cancellation Option

  • Offering the assurance of Free Look Cancellation (FLC)
  • Risk-free experience

Net Promoter Score Survey

  • NPS feedback on purchase experience
  • Data-driven action on NPS to address customer concerns and enhance the overall journey

Governance

  • PIV transcript and images shared with customers

Digitalisation

  • Seamless customer journey with robust digital platform

Policy Servicing

Renewal Persistency

  • Persistency Risk score for predictive insights and advance interventions
  • Interactive Video based customer engagement and education

Customer Self Servicing

  • Multimodal options: mobile app, web portal, chatbot, WhatsApp, SMS, missed calls and IVR
  • 24x7 toll-free support
  • In-person servicing through branches

Post Purchase Policy Servicing

  • Personalised communication via WhatsApp and email
  • Audio-video tools for enhanced engagement and premium payment

Grievance Redressal Mechanism

  • Industry expert appointed as internal ombudsman — a first in the industry
  • Retired High Court Judge heads the Claims Redressal Committee
  • Complaint Fraud Investigation Cell (CFIC): Policy-driven Investigations, action and penalties

Driving Innovations in Service Delivery

Policy Underwriting and Issuance

Measures

  • Data-driven decision-making through the RENOVA platform
  • Seamless digital workflows with NB Workflow, BaNCS and Ingenium
  • Smart Advisor tool for uploads and digital onboarding
  • Customer onboarding via Mconnect and Insta PIWC

Outcome achieved

85%

Electronic Insurance Account (E-IA)

80%

of individual policies issued within 0–2 days

Policy Renewal and Persistency

Measures

  • Automated renewal workflows using WhatsApp and CRM
  • Esampark platform for handling queries
  • Data-backed insights driving renewal strategy

Outcome achieved

3,268k+

requests handled through Esampark

88.7%

Collection efficiency

87.4%

13th month persistency (86.8% in FY24)

62.7%

61st month persistency (57.4% in FY24)

8.6mn

renewal receipts processed via WhatsApp

Claim Settlement

Measures

  • Digitised Ipay requisition and Apex payout systems
  • Enhanced claims transparency via platforms like Ingenium and Epravah
  • Strengthened data security in claim settlements

Outcome achieved

99.7%

Living benefit settlement

99.4%

Overall death claim settlement (Up from 99.2% in FY24)

2,265k+

claim transactions in Ingenium

2,152k+

Epravah claims processed

1,027k+

Ipay requisitions

1,024k+

Apex payouts

Customer Satisfaction

Measures

  • Personalised service delivery through CRM and Smart Care app
  • WhatsApp registration and IVRS self-service
  • Bot-based interactions and seamless e-KYC integrations
  • Multi-platform accessibility via mobile and partner apps

Outcome achieved

70%

Insta PIWC

82

Net promoter score (A 10-point rise from FY24)

69%

digital KYC adoption

<10 mins

average onboarding process

Voice of Customer

  1. Structured Surveys and Metrics

    Net Promoter Score (NPS) has been one of our key measures of customer satisfaction, improving the overall response rates and effective looping of the feedbacks to address the process gaps. As a result, NPS score has improved

  2. Telephonic Support & Self Service Channels
    • 24x7 Inbound Customer Care Support Contact Centre
    • Missed Call Service
    • Smart Care Customer Service Application
    WhatsApp Chatbot

    Online Platforms : Chatbot (RIA) on SBIL Website, Official Website Feedback Form, etc.

    How it has benefited :
    • The overall response rates for NPS have improved to 20.38% in FY25 as compared to 16.39% in FY24
    • New service desk for senior citizens was launched
    • The voice bot was successfully launched, replacing the traditional key-press IVR system
  3. Focus on Customer Retention

    As part of the revival campaign, we share personalised videos with targeted policyholders to explain the policy and revival process. In addition, embedded links are provided to submit the online revival request and access the revival quote. This approach has significantly improved the campaign’s conversion rates.

    9.8%

    lapsed policy base revived

    ₹ 610 crore

    renewal premium collection from revival campaign

    ISO 10002:2018 Certification

    Customer Satisfaction Management System

    6.2%

    ULIP Surrender Ratio

Seamless Customer Support Access

We continue to enhance customer experience through a wide spectrum of initiatives tailored to evolving preferences. By streamlining our processes and leveraging digital technologies, we ensured faster, smarter and more responsive service delivery.

Contact Center

  • Efficient assistance through Toll-free number
  • 15.70 lakhs inbound interactions handled
  • Self-service options on IVRS enabled 3.45 lakh customer interactions
  • Contact centre services received 91.22% positive customer feedback

Missed Call Service

  • A suite of 7 Missed Call services catering to varied customer needs
  • 81 lakh customers availed these services
  • 38% growth over previous year

WhatsApp Service

  • Service-On-Demand enabling access to policy and proposal details
  • Conversational AI chatbot integrated on the corporate website and Smart App
  • 4.0 million successful WhatsApp registrations

Grievance Redressal and Complaint Management

  1. Strengthening trust through transparent redressal

    Customer centricity is not just a principle — it's a practice, backed by robust mechanisms that ensure every concern is heard, addressed and resolved with fairness and empathy.

  2. Preventing Mis-selling, Protecting Trust

    We are committed to ensuring ethical conduct across all customer interactions. Our proactive framework includes:

    • Full refund with interest in validated mis-selling cases, ensuring financial fairness
    • Complaint Fraud Investigation Cell (CFIC): Policy-driven investigations and penal actions for employees and distributors as per defined norms
    • Industry Benchmarking to align with best practices and uphold transparency
  3. Empathetic Grievance Redressal Framework
    • Grievance Redressal Officer (GRO): A dedicated senior officer oversees complaint resolution with speed and integrity
    • Internal Ombudsman: A unique industry-first approach – mis-selling cases rejected by GRO are escalated to an independent industry expert for impartial review
    • Claims Redressal Committee (CRC): Chaired by a retired High Court Judge, the CRC reviews rejected death claims to ensure unbiased resolution

5 per 10,000 Policies

Grievance Ratio

Way forward
  • Delivering a broad spectrum of innovative solutions designed around evolving customer needs
  • Enhancing digital platforms to offer intuitive, on-the-go experiences
  • Expanding reach to ensure wider accessibility and deeper market presence
  • Driving smarter customer onboarding through intelligent tools and faster integration
  • Advancing service excellence with quicker, more personalised support and seamless assistance across touchpoints
Distribution

UNSDGs Aligned

Material matters

  • M1- Customer service and satisfaction
  • M2- Governance, transparency and ethical business practices
  • M3- Purposeful products and services driving financial inclusion

Priorities in FY25

  • Empowering distributors with cutting-edge technologies
  • Expanding insurance penetration across underserved, rural markets and the social sector
  • Accelerating distributor growth

KPIs

27,500+

SBI and RRB Bank Branches

2,40,000+

Agents

14,000+

Partner Branches

85%

Distributors trained in the year

68,500+

CIFs and Specified Persons

141

Brokers

60

Corporate Agents

Bancassurance

Differentiator

  • SBI Banca channel is the Key contributor to revenue of the Company. Over a period of time, the insurance product offering has evolved and now it is more data and analytics driven. This channel leverages over 27,500+ SBI branches (including regional rural banks) for wide-reaching distribution
  • Integration of SBI Life products with YONO app has significantly enhanced the accessibility, convenience and adoption of life insurance products among bank customers

Strategy

  • We will continue to leverage SBI and RRB's extensive banking network to build a strong customer base across urban and rural areas
  • Focus on developing digital solutions for customers which will contribute to higher profitability and sustainable value

Key developments

57%

share in NOPs

28%

Share of NBP in total industry1

₹67 lakhs

productivity per bancassurance partner branch2

1. Based on public disclosures for FY25
2.Productivity per branch/agent is based on Individual NBP.

Agency

Differentiator

  • We have one of the largest agency networks with over 2.40+ lakh agents able to reach customers across Tier 2, Tier 3 and rural areas, where trust and personal relationships are key to insurance adoption

Strategy

  • Our main drivers of growth in Agency channel is strengthening advisor force through new recruitment
  • Increase in capability and productivity of our agents as well as of unit (sales) managers through digital empowerment, training and development initiatives, resulting in an improved productivity of 15% in Individual APE

The impressive growth in Agency is a result of our continuous investment in this channel.

Key developments

36%

share in NOPs

31%

Share of NBP in private industry1

₹2.9 lakhs

agent productivity on NBP basis2

1. Based on public disclosures for FY25
2.Productivity per branch/agent is based on Individual NBP.

Institutional Alliance

Differentiator

The Institutional Alliance (IA) channel at SBI Life is a key distribution arm that forms partnerships beyond the usual agency and bancassurance models. It includes other banks, brokers, web aggregators, insurance marketing firms and fintechs.

Strategy

  • Building strong partnerships with business associates, renowned banks and their branch network to enhance our distribution capabilities and explore strategic cross-selling initiatives
  • Through these partnerships, our aim is to increase our market reach, strengthen our digital footprint and expand our distribution network

Key developments

16%

share of NPS in annuity business

Strategic partnership new tie-ups during the year

  • Himachal Pradesh State Co-op Bank Ltd
  • Abhudaya Bank
  • The Andhra Pradesh State Co-op Bank Ltd
  • Turtlemint Insurance Broking Services Pvt Ltd.

Direct and Corporates

Differentiator

  • SBI Life's online channel allows customers to research, compare and purchase policies directly from the website or mobile platforms — without intermediary involvement
  • The Company offers a diverse range of Corporate Plans tailored to meet the needs of organisations, institutions and their employees. These plans are designed to provide comprehensive coverage, ensuring financial security for groups

Strategy

  • Continue to optimise channel mix by Investing in online business channel to strengthen distribution
  • Continue to integrate artificial intelligence and data analytics to personalise customer interactions, streamline underwriting processes and improve claims management
  • Provide comprehensive insurance coverage designed to meet the needs of corporates

Key developments

Top 3

in Private Industry in fund business

Multi linguistic

website in 10 languages to make buying easy

Lead Management

ecosystem - assignment, nurturing and monitoring

Digital and Business Enablement

  • SBI Life has implemented a comprehensive digital and business enablement strategy aimed at enhancing productivity, deepening engagement and enabling faster, more informed decision-making across our distribution channels
  • We recognise that empowering our distributor network is crucial to delivering superior customer experiences and driving business growth

Key Initiatives

Integrated Digital Platforms

We continue to strengthen our suite of digital tools, providing distributors with seamless access to product information, customer data, sales tools and real-time tracking capabilities. These platforms streamline pre and post sales processes and support end-to-end digital onboarding.

Refer - 60 of Intellectual Capital - Distribution tools section
AI-Driven Lead Management

Advanced analytics and AI-driven lead generation tools are helping distributors identify high potential prospects, personalise engagement and improve conversion rates.

Upskilling & knowledge enhancement digitally

Continuous learning and skill development are crucial for distributors' success. Regular training programmes are conducted to equip them with the necessary knowledge and expertise to excel in their roles.

Through our Digital Learning Management System (LMS) and continuous e-learning modules, we equip distributors with updated product knowledge, sales techniques and compliance awareness — anytime, anywhere.

Data-driven Cross-selling and Upselling

SBI Life drives upselling and cross-selling through a data-driven CRM platform, enabling personalised campaigns, policy upgrades and product bundling via partner bank branches and digital channels.

Business Analytics and Insights

Distributors now have access to personalised dashboards offering insights into performance metrics, customer behaviour and sales opportunities, helping them make data-backed business decisions.

Paperless and Contactless Servicing

With our e-proposal and digital issuance solutions, the sales and servicing process has become paperless and contactless, reducing turnaround time and improving customer satisfaction.

These enablement efforts not only enhance distributor productivity and retention but also align with our broader objective of creating a future-ready, tech-enabled distribution ecosystem. As we evolve, our focus remains on continuous digital innovation, seamless integration and partner-centricity to drive sustainable growth.

Way Forward
  • Deepening engagement with business associates, banks and distribution partners through strategic alliances and cross-selling opportunities
  • Empowering partners with tools, training and resources to boost market penetration and performance
  • Leveraging partnerships with leading banks and their extensive branch networks to expand distribution reach
  • Streamlining partner onboarding and accelerating system integration through smarter, tech-enabled processes
  • Building focused channel partnerships and enhancing digital platforms to align with evolving customer preferences
Communities

UNSDGs Aligned

Material matters

  • M8- Responsible investment
  • M9- Environmental impact and climate change
  • M10- CSR and community development

Priorities in FY25

  • Focus on inclusive growth with communities
  • Driving financial literacy and awareness among communities

KPIs

53,000+

CSR beneficiaries impacted

3.9 mn+

New business lives covered in the social sector

15%

Share of Rural New Business Premium

652k+

New Policies issued in rural areas

Serving

52.3 mn

in-force lives under PMJJBY

99.87%

Claims settled in PMJJBY

Empowering Lives to Enable Change

We believe that true business success is measured not only by financial performance but also by the positive impact we create in society. Our CSR initiatives are a reflection of this belief, grounded in compassion, driven by purpose and guided by our responsibility to society.

We continue to build pathways for inclusive growth, focusing on communities that need greater care. Aligned with the UN Sustainable Development Goals (UNSDGs) and the mandate under Section 135 of the Companies Act, 2013, our CSR efforts are designed to deliver long-term value and measurable impact. Each initiative is thoughtfully crafted to empower, uplift and integrate underprivileged communities into the larger narrative of progress.

Our work focuses on four key pillars

Livelihood 6,700+

Beneficiaries, empowered with skill-sets that enhance their employability

Healthcare 35,000+

Extended beneficiaries

Education ~11,000

Students benefited and provided access to quality education

Environment 60,000+

Native saplings planted through miyawaki technique

Livelihood

We are empowering rural and tribal women with sustainable income opportunities to help them achieve financial independence.

Success Story: Sabita Didi – Leading the Organic Farming Movement

Gotrayan village, Nawada, Bihar

With support from SBI Life and PRADAN, Sabita Didi transformed a 20ft × 30ft patch near her home into a thriving Bio-Resource Centre. She built 10 composting pits and began producing vermicompost from cow dung.

It’s not just my livelihood. It’s a movement for clean farming and community upliftment

– Sabita Didi

Impact in Numbers

Processes 15,000 kg cow dung into 7,500 kg vermicompost per cycle

Generates ₹ 45,000 revenue per cycle, with annual projected earnings of over ₹ 1.12 lakhs

Expanded to seasonal vegetable farming, earning an additional ₹ 35,000

Plans to employ 3–4 neighbouring families

Education

We are creating an inclusive, quality learning environments for children to grow.

Success Story: Kushal – Udayan’s Emerging Football Star

West Bengal

Kushal, born into a leprosy-affected family, found his safe haven and opportunity at Udayan NGO. Enrolled at the age of eight, he grew into a bright student and talented football player

Football is my freedom. Udayan gave me the field to dream

– Kushal

Impact

Now studying in Class X at Sewli Boys High School

Plays weekly football, trained by Udayan’s coach Babai Da

Active participant in sports and academics, despite family hardships

Healthcare

We are delivering equitable healthcare access to underserved communities.

Sarvesh – A Second Chance at Life

Vellore, Tamil Nadu

Sarvesh, a three-year-old with a complex congenital heart defect, faced a life-threatening condition. His father, a daily-wage worker, sought help from Aishwarya Trust.

Sarvesh underwent a successful Bidirectional Glenn Procedure in February 2025. He has now fully recovered and is expected to lead a healthy life

SBI Life gave us our son back. No words will ever be enough

– Sarvesh’s Father

Impact

Surgery conducted by paediatric cardiac specialists

Discharged within a week with stable vitals and positive prognosis

Restored not just health, but hope for the family

Environment

Through urban afforestation projects, we are contributing to climate resilience and ecological restoration in India’s cities.

A Forest in the Making – Delhi’s Urban Revival

Army Equestrian Centre, Delhi Cantonment

Before SBI Life’s intervention, the 2.5-acre plot in Delhi Cantonment was barren and biodiversity-poor. In partnership with Prayas Youth Foundation, we launched an Urban Forest Project.

What was once a dusty corner is now a living, breathing forest.”

– Project Coordinator, Prayas Foundation

Impact in Numbers

Planted 30,000 saplings of 60+ native species

Green cover and biodiversity visibly restored in 10 months

Birds, butterflies and pollinators have returned to the site

Driving Financial Inclusion

PMJJBY

52.3 mn

Serving in-force lives

₹ 20.2 bn

Gross Written Premium

At SBI Life, we are proud to have been a committed partner in this journey. Over the last decade, our teams have worked tirelessly to raise awareness, simplify enrolments and support families in times of claim. We have seen firsthand how a small act — signing up for a ₹ 436 cover — can make a world of difference. Over the years SBI Life has disbursed claims worth over ₹ 4,386 crore to over 2,19,000 beneficiaries belonging to the most vulnerable families in the country

Rural Business

652k+

New lives

₹ 53.1 bn

New Business Premium

Group Micro Shield

5.1 mn

Serving in-force lives

₹ 593.1 mn

New Business Premium

Social Business

3,927k+

New lives

₹ 672.6 mn

New Business Premium

Insurance Awareness and State Life Insurance Companies (SLIC) Activities

in Chhattisgarh to align with IRDAI Vision 2047.

Multiple initiatives undertaken to promote insurance awareness and strengthen the overall ecosystem:-

  • Awareness campaigns are being conducted at identified Gram Panchayats under the Rural and Social/Bima Vahak Scheme, as well as at various educational institutions
  • SBI Life Insurance is conducting presentations and seminars in different locations across the state to drive awareness
  • Nukkad Nataks (Street Plays) have been performed at various public locations to engage communities interactively
  • The 15th of every month is observed as “Masik Bima Divas”, during which activities and presentations are conducted at various locations throughout the state to ensure consistent public engagement
Way forward

At SBI Life, the journey of creating lasting impact continues with a renewed focus on scale, sustainability and inclusivity. As we look ahead to FY26, our goal is to deepen our reach and broaden the scope of our CSR efforts across key development areas:

  • Promote financial literacy and expand access to micro-insurance for underserved communities
  • Provide inclusive insurance solutions to economically weaker sections, advancing financial resilience and inclusion
  • Empower women and youth through vocational training and entrepreneurship initiatives
  • Improve education quality to support holistic child development
  • Enhance access to primary healthcare via health camps and awareness sessions
  • Support environmental sustainability through plantation drives and community-led ecological efforts