SBI Life Insurance Company
SBI Life Insurance Company Limited is an IRDAI-registered private life insurer founded in 2001 and headquartered in Mumbai, holding the registration number 111. Despite the SBI name, it is not a government company. In 2023, IRDAI directed the transfer of Sahara India Life’s policy liabilities to the SBI Life Insurance Company. Therefore, it currently manages the policy liabilities and policyholder assets of Sahara India Life Insurance Company.
Key Facts
| Fact | Detail |
| Legal Name | SBI Life Insurance Company Limited |
| IRDAI Registration Number | 111 |
| Licence Class | Life insurance |
| Founded | 2001 |
| Headquarters | Andheri (East), Mumbai |
| Ownership | Private. State Bank of India holds a 55.36% stake. |
| Listed | Yes, since 2017 |
| Claim Settlement Ratio [FY 2024-25] | 98.34% |
| Claims Settled by Count [FY 2024-25] | 44205 |
| Solvency Ratio [FY 2024-25] | 1.96 (As of March 2026) |
| Last Verified | 3 September 2026 |
About SBI Life
SBI Life Insurance Company was founded in 2001 as a joint venture between State Bank of India and BNP Paribas Cardif, the insurance arm of the French banking group. At incorporation, SBI held 74% of the initial equity, and BNP Cardif held 26%. Since 2021, BNP Paribas Cardif has held 0.20% of the company’s equity and has been reclassified as a non-promoter shareholder.
While the State Bank of India is a public sector bank and holds a substantial stake in the SBI Life Insurance Company, a public sector bank holding shares in an insurer does not make that insurer a government company. SBI Life is not owned by the Government of India, is not backed by a sovereign guarantee, and is regulated by IRDAI on exactly the same terms as every other private life insurer.
This distinction is worth stating clearly because the name may invite the opposite assumption. If you want a government-owned life insurer in India, there is exactly one: LIC
Distribution
SBI Life Insurance Company’s structural advantage is access to State Bank of India’s branch network, which is the largest banking network in the country. Bancassurance through those branches drives a substantial share of its new business, which gives it reach into smaller towns that most private insurers cannot match.
IRDAI Registration and Licence
The IRDAI registration as a life insurer permits the SBI Life Insurance Company to sell term insurance, endowment and savings plans, unit-linked plans, money-back policies, whole life plans, annuities, pension products and group life cover.
The licence does not permit SBI Life to sell motor, home, fire or standalone health insurance. A separate company, SBI General Insurance Company, holds a general insurance registration and writes those lines. The two share the SBI association but hold different IRDAI registrations and are distinct legal entities.
Claim Settlement Record
The SBI Life Insurance Company reported a claim settlement ratio of 98.34% in FY 2024-25, settling 44,205 death claims out of 44,949 received. IRDAI publishes the figure annually in its Annual Report and the Handbook of Indian Insurance Statistics.
| Measure | SBI Life [FY 2024-25] | What It Means |
|---|---|---|
| Claim Settlement Ratio by Count | 98.34% | Percentage of death claims settled |
| Claim Settlement Ratio by Amount | 95.26% | Percentage of claim value settled |
| Claims Received | 44949 | The volume the ratio rests on |
| Claims Repudiated | 524 | Claims declined outright |
The SBI Life Insurance Company handles one of the larger claim books among private life insurers, which may make its ratio more statistically reliable than the same percentage reported by a smaller insurer. The published figure includes the transferred Sahara India Life book since SBI Life Insurance Company’s acquisition of the former’s policy liabilities.
Financial Strength
SBI Life reported a solvency ratio of 1.96 in FY 2024-25, against the IRDAI minimum of 1.50 required of every registered insurer.
| Measure | SBI Life Insurance Company [FY 2024-25] |
|---|---|
| Total Premium Income | ₹84,984 Crore |
| New Business Premium | ₹35,576 Crore |
| Assets Under Management | ₹4,44,870.50 Crore |
SBI Life Insurance Company’s financial strength derives from its own capital position and solvency ratio, not from State Bank of India’s balance sheet or any government backing. A stake held by a public sector bank is a shareholding, not a guarantee. What protects a policyholder here is the same thing that protects one at any other registered insurer: IRDAI’s solvency regime and policyholder protection rules.
Products Offered
SBI Life sells across the categories a life licence permits, with a book shaped by bancassurance distribution.
| Category | What It Does | SBI Life Product Range | Product UIN |
|---|---|---|---|
| Term Insurance | Pure protection, no maturity value | SBI Life – eShield Insta | 111N141V02 |
| SBI Life – Smart Shield Plus | 111N150V01 | ||
| SBI Life – Smart Shield Premier | 111N145V01 | ||
| SBI Life – Saral Jeevan Bima | 111N128V02 | ||
| SBI Life – Smart Swadhan Supreme | 111N140V02 | ||
| SBI Life – Smart Swadhan Neo | 111N148V01 | ||
| SBI Life – Saral Swadhan Supreme | 111N139V02 | ||
| Endowment and Savings | Life cover plus guaranteed savings | SBI Life – Smart Platina Advantage | 111N175V02 |
| SBI Life – Smart Platina Plus | 111N133V06 | ||
| SBI Life – Smart Platina Supreme | 111N171V04 | ||
| SBI Life – Smart Bachat Plus | 111N170V01 | ||
| SBI Life – New Smart Samriddhi | 111N129V05 | ||
| SBI Life – Smart Lifetime Saver | 111N136V02 | ||
| Unit-Linked Plans (ULIP) | Cover plus market-linked investment | SBI Life – eWealth Plus | 111L147V01 |
| SBI Life – Smart Fortune Builder | 111L142V01 | ||
| SBI Life – Smart Elite Plus | 111L146V01 | ||
| SBI Life – Smart Privilege Plus | 111L143V01 | ||
| Money-Back Plans | Periodic payouts during the term | SBI Life – Smart Money Back Saver | 111N176V01 |
| SBI Life – Smart Money Back Plus | 111N174V02 | ||
| Pension and Annuity Plans | Converts a corpus into regular income | SBI Life – Retire Smart Plus | 111L135V02 |
| SBI Life – Smart Annuity Plus | 111N134V10 | ||
| SBI Life – Smart Annuity Income | 111N149V05 | ||
| SBI Life – Saral Pension | 111N130V03 | ||
| Child Plans | Cover plus a dated savings goal | SBI Life – Smart Future Star | 111N172V01 |
| SBI Life – Smart Platina Young Achiever | 111N173V03 | ||
| Group Life Plans | Employer cover and loan protection | SBI Life – Kalyan ULIP Plus | 111L079V03 |
| SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana | 111G102V01 | ||
| SBI Life – CapAssure Gold | 111N091V03 | ||
| SBI Life – Swarna Jeevan Plus | 111N131V11 | ||
| SBI Life – Group Pension Plus | 111L151V01 | ||
| SBI Life – Group Cover Shield | 111N152V01 | ||
| SBI Life – RiNn Raksha | 111N078V03 | ||
| SBI Life – Group Micro Shield | 111N138V02 | ||
| SBI Life – Group Micro Shield – SP | 111N137V02 |
Bancassurance distribution shapes what sells, not what is available. Products that a branch relationship manager can explain in a short conversation, particularly savings-linked plans and loan protection cover, account for a larger share of SBI Life’s book than they would at an insurer selling mainly online.
How SBI Life Insurance Company Compares
SBI Life Insurance Company compares most directly against LIC, which shares its deep reach into smaller towns, and HDFC Life, which shares its bancassurance model.
| Parameter | SBI Life | LIC | HDFC Life |
|---|---|---|---|
| Ownership | Private, SBI-linked | Government majority | Private |
| Founded | 2001 | 1956 | 2000 |
| Claim Settlement Ratio [FY 2024-25] | 98.34% | 97.59% | 99.68% |
| Claims Settled by Count [FY 2024-25] | 44205 | 848145 | 19666 |
| Solvency Ratio [FY 2024-25] | 1.96 | 2.11 | 1.94 |
| Primary Distribution | SBI branches | Agency force | HDFC Bank, agency, online |
| Reach Outside Metros | Wide, via SBI | Widest in India | Moderate |
| Government-Owned | No | Yes | No |
Verdict:
SBI Life offers significant reach comparable to LIC’s in smaller towns through the SBI branch network, with private-sector pricing and servicing. LIC remains the only government-owned option and has the deeper agency presence. HDFC Life is the closer comparison on product mix and digital servicing. None of the three is safer than the others, since all hold the same 1.50 minimum solvency requirement.
Grievance and Complaints Record
IRDAI publishes complaint counts for every registered insurer in its Annual Report. SBI Life Insurance Company recorded 3041 complaints in FY 2024-25, against existing policies in force, giving a complaint rate of 5.59 per 10,000 policies.
| Measure | SBI Life [FY 2024-25] |
|---|---|
| Total Complaints Received | 3,041 |
| Complaints Resolved | 3,041 |
| Most Common Complaint Category | Mis-selling |
Bancassurance-led insurers historically attract a higher proportion of mis-selling complaints, because the sale happens inside a banking relationship where the customer came in for something else. The absorption of the Sahara India Life book may show a temporary rise in servicing complaints, which is a different signal from a sustained trend.
How to Contact SBI Life Insurance Company and File a Claim
| Channel | Detail |
|---|---|
| Registered Office | M.V. Road, Western Express Highway Junction, Andheri (East), Mumbai – 400 069 |
| Customer Care Number | 1800 267 9090 |
| For Existing Customers, Claims & Maturity – info@sbilife.co.in | |
| For NRI Customers – nriservices@sbilife.co.in | |
| For Grievance – wecare@sbilife.co.in | |
| Website | sbilife.co.in |
| Claim Intimation | Online – https://corpweb.sbilife.co.in/OnlineServices/en/services/claims-and-maturity |
By Post – SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706. | |
| At the SBI Life Branch – Closest to your location | |
| Via Email – claims@sbilife.co.in OR claims.seniorcitizen@sbilife.co.in |
To File a Death Claim
You can follow these steps to file a claim:
Step 1: Intimate the claim
Notify SBI Life Insurance Company through its online portal, a branch, or the customer care number, using the policy number. For a policy originally issued by Sahara India Life, include the policy number on the Sahara document, too.
Step 2: Submit the claim form and documents
Generally, the original policy document, a death certificate, the claimant’s identity, address proof, and the nominee’s bank details are required.
Step 3: Provide medical or employment records if requested
More common for claims within the three-year contestability period.
Step 4: Track the claim through the online portal
If a claim is delayed or declined, you can
- Raise a grievance with SBI Life and obtain a reference number
- Escalate to the company’s grievance redressal officer
- Escalate to IRDAI through the Bima Bharosa portal
- Approach the Insurance Ombudsman
The monetary limit for complaints handled by any Insurance Ombudsman in India is ₹50 Lakh. Note that an SBI branch can help you file a claim, but the claim itself is against SBI Life Insurance Company, not against the bank. Direct correspondence and grievances to SBI Life.
Frequently Asked Questions
Is SBI Life Insurance a government company?
SBI Life Insurance is a private company, not a government company. State Bank of India, which is a public sector bank, holds a majority stake in it, but that is a shareholding rather than complete government ownership of the insurer. SBI Life carries no sovereign guarantee. LIC is the only government-owned life insurer in India.
What is SBI Life's claim settlement ratio?
SBI Life reported a claim settlement ratio of 98.34% in FY 2024-25, settling 44,205 death claims of the 44,949 it received. IRDAI publishes the figure annually. SBI Life Insurance handles one of the larger claim books among private life insurers, which makes its ratio more statistically reliable than one calculated on a small book.
What happened to Sahara India Life policies?
IRDAI directed the transfer of Sahara India Life Insurance’s policy liabilities to SBI Life in 2023. Sahara India Life no longer writes new business. Policies it issued remain valid and are now serviced by SBI Life Insurance on their original terms. Contact SBI Life Insurance using the helpline number 1800 267 9090 or email at saharalife@sbilife.co.in.
Is SBI Life Insurance listed on the stock exchange?
SBI Life Insurance has been listed on Indian stock exchanges since 2017. Listing does not affect the terms of policies issued before or after, and it does not change the company’s regulatory position. SBI Life Insurance remains a private insurer regulated by IRDAI under the same rules as every other registered life insurer.
How do I contact SBI Life Insurance for a claim?
Intimate a claim through the SBI Life online portal, a branch, or the customer care number, using the policy number on the document. An SBI bank branch can help you start the process, but the claim is against SBI Life Insurance rather than the bank, so send correspondence and any grievance to the insurer.
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