SBI Life

What SBI Life does

SBI Life Insurance Company Limited is one of India's largest private life insurers, operating as a publicly listed subsidiary of State Bank of India with corporate and registered offices in Mumbai (Andheri East). Founded in 2000 and IRDAI-registered in 2001, the company sells a comprehensive portfolio of individual and group life insurance products spanning term insurance (Smart Shield Plus/Premier, eShield Insta, Saral Jeevan Bima), savings and endowment plans (Smart Platina family, Smart Bachat Plus, Smart Lifetime Saver), unit-linked insurance plans (eWealth Plus, Smart Elite Plus, Smart Fortune Builder, Smart Privilege Plus), retirement and pension plans (Retire Smart Plus, Smart Annuity Plus, Smart Annuity Income, Saral Pension), child plans (Smart Scholar Plus, Smart Future Star, Smart Platina Young Achiever), money-back income plans, and group insurance solutions covering corporate, loan protection, micro-insurance, and government-backed schemes.

The company's technology platform includes the TruAI Underwriting Solution, an Agentic AI-powered system deployed with Datamatics that automates medical underwriting by ingesting medical reports and laboratory results to surface risk indicators for human underwriters. A joint Bharat AI & Cyber Innovation Hub with IIT Bombay is developing indigenous AI and cybersecurity capabilities for the insurance sector. SBI Life distributes through 1,230 branches, 300,000+ distribution partners including Life Mitra agents, bancassurance partnerships (including Jammu and Kashmir Bank), a direct digital platform with Smart Advisor and online plans, a corporate group sales team, and specialized NRI services, generating revenue primarily through recurring life insurance premiums, asset management fees on ₹4.87 trillion of policyholder assets under management, and investment income.

Name

SBI Life

Legal name

SBI Life Insurance Company Limited

Website

https://sbilife.co.in

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SBI Life Insurance Company Limited is one of India's largest private life insurers, a publicly listed subsidiary of State Bank of India that sells term, savings, ULIP, retirement, child, and group life insurance products to individual and corporate customers through 1,230 branches and 300,000+ distribution partners.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Group Term Life Insurance (FSAIAAAJ), Participating (Dividend) Whole Life Insurance (FSAIABAI)

Keywords

• Life insurance products
• Term insurance plans
• Unit linked insurance plans
• Retirement pension plans
• Group insurance solutions

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance Premiums: Revenue generated from collection of insurance premiums across multiple product categories including term insurance, savings plans, ULIPs, retirement/pension plans, child plans, and group insurance. Premiums can be paid annually, semi-annually, quarterly, or monthly.
2. Asset Management Fees: Income generated from managing policyholder funds invested in various investment funds, generating fund management charges as a percentage of assets under management.
3. Investment Income: Returns generated from investment of collected premiums in various asset classes as per regulatory guidelines.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

SBI Life Insurance Company Limited sells a diversified portfolio of life insurance and savings products to individual consumers and corporate groups across India. Individual offerings include term insurance, savings plans, unit-linked insurance plans (ULIPs), retirement and pension plans, child plans, and money-back income plans distributed through branches, agents, bancassurance and digital channels. Group offerings include corporate group life insurance, group loan protection, government-backed schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, and micro-insurance products for underserved populations.

Product overview

SBI Life Insurance operates as a diversified life insurance provider with a comprehensive portfolio spanning multiple product categories. The core offerings include Term Insurance products (Smart Shield Plus, Smart Shield Premier, Smart Swadhan Supreme, eShield Insta, Smart Swadhan Neo, Saral Jeevan Bima, Saral Swadhan Supreme), Savings Plans (Smart Platina Supreme, Smart Platina Plus, Smart Platina Advantage, Smart Bachat Plus, Smart Lifetime Saver, New Smart Samriddhi), Unit Linked Insurance Plans/ULIPs (eWealth Plus, Smart Elite Plus, Smart Fortune Builder, Smart Privilege Plus), Retirement/Pension Plans (Retire Smart Plus, Smart Annuity Plus, Smart Annuity Income, Saral Pension), Child Plans (Smart Scholar Plus, Smart Future Star, Smart Platina Young Achiever), and Money Back Income Plans (Smart Money Back Plus, Smart Money Back Saver). The company also offers Group Insurance Solutions including Corporate Plans (Kalyan ULIP Plus, Swarna Jeevan Plus, CapAssure Gold, Pradhan Mantri Jeevan Jyoti Bima Yojana, Group Pension Plus, Group Cover Shield), Group Loan Protection Plans (RiNn Raksha), and Group Micro Insurance Plans (Group Micro Shield, Group Micro Shield - SP). Additionally, the company has deployed AI-powered technology through the TruAI Underwriting Solution for automating medical underwriting. The product architecture follows a platform-plus-modules approach with individual and group insurance categories serving diverse customer segments from retail to corporate clients.

Differentiator

Problem solved

Functional benefit

Brands

• Life Mitra: Guiding you like a friend, supporting you like family - an agent/service channel network offering personalized insurance guidance

Products and services

• Smart Shield Plus Comprehensive term insurance plan designed to safeguard family's financial wellbeing with flexible coverage options. Targeted at individual consumers seeking pure life protection.
• Smart Shield Premier Flexible, high-cover protection plan ensuring lifelong security for loved ones with customizable term insurance coverage. Targeted at individual consumers seeking high sum assured term protection.
• Smart Swadhan Supreme Term insurance plan providing comprehensive life coverage at affordable premiums for Indian households.
• Smart Swadhan Neo Affordable term insurance plan with comprehensive life protection features for individual consumers.
• eShield Insta Online term insurance plan offering instant coverage with streamlined digital purchase process for individual consumers.
• Saral Jeevan Bima Standard term insurance plan meeting basic life protection needs at standardized terms for individual consumers.
• Saral Swadhan Supreme Standard term insurance product with straightforward coverage terms for individual consumers.
• Smart Platina Supreme Savings plan offering guaranteed benefits to support future milestones and financial planning objectives for individuals.
• Smart Platina Plus Savings plan providing steady guaranteed income and flexibility supporting evolving life goals of individuals.
• Smart Platina Advantage Savings plan providing certainty in savings that carries family forward with guaranteed returns and life coverage.
• Smart Bachat Plus Savings-oriented insurance plan designed for affordable long-term financial planning by individuals.
• Smart Lifetime Saver Long-term savings plan providing financial security and wealth accumulation for individuals.
• New Smart Samriddhi Savings insurance plan for wealth creation and financial goal achievement by individuals.
• eWealth Plus Market-linked ULIP plan offering simple online wealth management for confident investing combining investment and insurance for individuals.
• Smart Elite Plus Unit-linked insurance plan offering market-linked investment growth with life insurance protection for individuals.
• Smart Fortune Builder ULIP plan combining investment opportunities with life insurance protection for wealth building by individuals.
• Smart Privilege Plus Unit-linked insurance plan with wealth creation opportunities through market investments for individuals.
• Retire Smart Plus Retirement plan empowering policyholders to live golden years with confidence and independence through retirement-focused insurance.
• Smart Annuity Plus Annuity plan providing guaranteed regular income and flexible options for secure, fulfilling retirement.
• Smart Annuity Income Annuity plan providing regular income during retirement years.
• Saral Pension Standard pension plan offering basic retirement income options for individuals.
• Smart Scholar Plus Child insurance plan adding thoughtful assurance for child's tomorrow, combining education savings with life insurance protection for parents.
• Smart Future Star Child insurance plan securing child's future education and milestone planning for parents.
• Smart Platina Young Achiever Child insurance plan combining savings and protection features with guaranteed maturity benefit, flexible payout options spanning up to seven years, and in-built waiver of premium benefit. Launched in June 2026.
• Smart Money Back Plus Money back insurance plan providing periodic returns during policy term for individuals.
• Smart Money Back Saver Money back savings plan with periodic payouts and life coverage for individuals.
• Kalyan ULIP Plus Group unit-linked insurance plan for corporate clients providing investment-linked employee benefits.
• Swarna Jeevan Plus Corporate group insurance plan offering comprehensive employee coverage for corporate clients.
• CapAssure Gold Group insurance plan for corporate clients with flexible coverage options.
• Pradhan Mantri Jeevan Jyoti Bima Yojana Government-backed group life insurance scheme providing coverage at affordable premiums for eligible Indian citizens.
• Group Pension Plus Group pension plan for corporate employees providing retirement benefits.
• Group Cover Shield Group life insurance plan offering employee protection coverage for corporate clients.
• RiNn Raksha Group loan protection insurance covering outstanding loans in case of borrower's death for lending institutions.
• Group Micro Shield Affordable group micro insurance providing basic life coverage to underserved populations.
• Group Micro Shield - SP Simplified group micro insurance variant for easy accessibility and enrollment of underserved populations.
• TruAI Underwriting Solution Agentic AI-powered underwriting platform deployed with Datamatics for automating complex medical underwriting processes, analyzing medical reports and providing intelligent decision support to human underwriters. Launched in May 2026.

Quantifiable outcome

• 98.56% Individual Death Claim Settlement Ratio for FY26 demonstrating commitment to claim payments
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Jammu and Kashmir BankcoreChannel Partner/ Reseller/ Distributor · 2 July 2026Jammu and Kashmir Bank signed corporate agency agreements with SBI Life Insurance Company Limited and HDFC Life Insurance Company Limited effective immediately. The agreements allow the bank to solicit and service insurance products through its branch network as a corporate agent. The transactions are described as arm's length with no related party implications, representing an expansion of the bank's non-interest income streams through bancassurance.
• IIT BombaycoreStrategic or Co-development Partner · 30 June 2026SBI Life signed an MoU with IIT Bombay to establish the 'Bharat AI & Cyber Innovation Hub for Insurance', a joint research center dedicated to building India's indigenous AI-powered cyber defense systems for the insurance sector. The collaboration aims to develop deep-technology solutions in AI, cybersecurity, and quantum technologies, marking a shift from imported security frameworks to domestically designed, built, and owned capabilities aligned with the government's Atmanirbhar Bharat vision. The partnership is expected to create a homegrown talent pipeline in AI and cyber security while serving as a template for broader financial services sector collaboration.
• DatamaticscoreTechnology or Integration · 27 May 2026SBI Life Insurance appointed Datamatics to deploy its TruAI Underwriting solution powered by Agentic AI for automating complex medical underwriting processes. The platform ingests medical documents, extracts key parameters, highlights risk indicators, and provides intelligent decision support for human underwriters. The collaboration aims to enhance decision-making, improve operational efficiency, reduce costs, and elevate the overall customer experience while maintaining human oversight for governance and regulatory compliance.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• HDFC Life Insurance: One of India's largest private life insurers offering term, savings, ULIP, pension, and group plans. Competes head-to-head with SBI Life in bancassurance, individual, and group segments, and was a co-bancassurance partner with J&K Bank.
• ICICI Prudential Life Insurance: Major private life insurer with a similar diversified product portfolio spanning term, ULIP, savings, and retirement. Direct competitor in bancassurance (ICICI Bank channel) and individual life segments.
• Max Life Insurance: Top-5 private Indian life insurer offering term, savings, ULIP, and group plans. Comparable in product mix and target segments (urban/semi-urban individual and corporate group).
• Bajaj Allianz Life Insurance: Private Indian life insurer with diversified offerings including term, ULIP, savings, and group. Comparable distribution approach through bancassurance, agency, and digital channels.
• Tata AIA Life Insurance: Joint venture between Tata Group and AIA offering term, savings, retirement, and group life products. Direct competitor leveraging strong Tata brand, similar to how SBI Life leverages SBI's brand.
• Kotak Mahindra Life Insurance: Private Indian life insurer with term, ULIP, savings, and pension products. Benefits from Kotak Mahindra Bank's bancassurance channel, making it a close analog to SBI Life's bank-parent distribution model.
• Aditya Birla Sun Life Insurance: Private Indian life insurer offering a similar multi-product portfolio (term, savings, ULIP, retirement, group) with bancassurance support from Aditya Birla Capital partners.
• PNB MetLife India Insurance: Bank-affiliated private life insurer with bancassurance through Punjab National Bank. Competes with SBI Life in PSU-bank-linked distribution and individual term/savings products.

Broad incumbents

• Life Insurance Corporation of India (LIC): Dominant public-sector life insurer with >60% market share, the largest incumbent SBI Life competes against. Offers the same core products (term, endowment, pension, ULIP) at massive scale through a 1M+ agent network.

Emerging players

• Acko Life Insurance: Digital-first Indian life insurer targeting younger online consumers with simplified term products. Represents the insurtech competitive threat to SBI Life's traditional agency-led distribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/sbilife
• YouTubeyoutube.com/user/sbilifeinsurance
• Facebookfacebook.com/sbilifeinsurance
• LinkedInlinkedin.com/company/sbi-life-insurance-co--ltd-
• Instagraminstagram.com/sbilifeinsurance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SBI Life