By Lal Singh No, SBI Life Insurance Company Limited is not a government company. It is a joint venture between State Bank of India and BNP Paribas Cardif, a French financial institution. Even though SBI, India’s largest public sector bank, holds majority shares in SBI Life Insurance, the company itself operates as a private sector company, with shares listed on both BSE and NSE. Founded in the year 2000, SBI Life Insurance is registered with the Insurance Regulatory Development Authority of India.
SBI Life Insurance offers a diverse range of life insurance solutions, such as protection plans, saving plans, wealth creation plans, retirement plans, child plans, unit-linked plans, group gratuity, micro insurance and more.
Here is a quick overview of SBI Life Insurance
| Details | Info |
| Founded | 11th October 2000 |
| Founder | State Bank of India |
| Headquarters | Mumbai, Maharashtra, India |
| CEO | Amit Jhigran |
| Industry | Insurance |
| Products | Term life insurance, retirement plans, unit-linked plans, endowment policy and more |
| Owner | SBI, BNP Paribas Cardif and Institutional and Public Investors |
| Number of Employees | 29,111 |
| Official Website | www.sbilife.co.in |
Company History
SBI Life Insurance Company Limited was incorporated on 11th October 2001 under the Companies Act 1956. It became a joint venture between State Bank of India and BNP Paribas Cardif, a French financial services group, in February 2001. The company received final approval from the IRDAI to commence operations in March 2001.
In the initial stages, SBI Life Insurance acquired customers mainly through the vast bancassurance channel of the State Bank of India. In the year 2007, SBI Life Insurance received a AAA/Stable/P1+ rating from CRISIL, a subsidiary of Standard & Poor’s, reflecting high credibility. The company’s gross written premium crossed INR 10,000 crore in the year 2010.
SBI Life Insurance expanded its network beyond 500 offices in the year 2011. In the year 2017, the company launched its initial public offering or IPO. It transitioned to a publicly listed company on BSE and NSE, with increased public and institutional holding.
Current Status
SBI Life Insurance has an extensive presence throughout India, with a network comprising of 1,176 offices, 9 bancassurance partners with more than 40,000 partner branches and 151 brokers and other insurance marketing firms. Apart from 29,111 employees, the company has a network of 2,78,686 agents and 82 corporate agents.
SBI Life Insurance benefits from SBI’s vast bancassurance network and is ranked among the top private life insurers in India. The company actively contributes to multiple areas like healthcare, child education, disaster relief and environmental upgrade. Its CSR initiatives touched 53,000 beneficiaries directly in the financial year 2024-25.
Future Outlook
Future prospects of SBI Life Insurance Company Limited appears positive, driven by expanding life insurance penetration in India, diversified product portfolio, favourable regulatory changes and strong distribution advantages.