The Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rupees Six Lakhs on SBI Life Insurance Company Limited on violation of certain norms.

SBI was questioned on 21 charges and asked to submit its clarification. After going through SBI’s responses to the charges, IRDA did not impose any penalty on 19 charges and penalised SBI Life on two counts alone.

SBI filed Dhanaraksha Plus as a Limited Premium Paying Term (2years) Group product and sold it as a Single premium...  Read More »

SBI Life has launched a new plan ‘Hospital Cash’ which is designed to pay daily hospitalisation and ICU benefits. With the introduction of Hospital Cash, SBI Life has makes its foray in the health insurance space.

With the rise in health care costs, individuals look to safeguard all medical expenses that may arise in the future. SBI Life Hospital Cash Plan can be taken to cover individuals as well as family members including spouse, children and dependent parents. From the first day of...  Read More »

SBI Life Insurance, one of the leading private insurers in the country is awaiting the government policy to access the capital markets.

On the sidelines of a Ficci Banking Conclave, Pratip Chaudhari, Chairman of SBI Life Insurance Company told reporters, “SBI Life is doing well and posted a profit of Rs 300 crores.” The company is awaiting the decision to float their initial public offer (IPO).

He also said that all the insurance companies are awaiting the government policy decision on...  Read More »

SBI Life Insurance Company, the country’s largest private insurer has been slapped with a penalty of Rs 70 lakh by the Insurance Regulatory and Development Authority (IRDA) for gross violations of Guidelines on Group Insurance Policies.

According to the insurance regulator, SBI Life made unauthorized payments up to Rs 204 crore to six master policyholders and eight corporate agents.  The six master policyholders are The Federal Bank - Rs 3.34 crore, United Bank of India - Rs 3.04 crore, Union...  Read More »

SBI Life has launched ‘Flexi Smart Insurance’ which is a non-participating traditional life insurance cum savings plan.
 

Flexi Smart Insurance is designed to give flexibility to meet the changing needs of a policyholder while assuring guaranteed benefits. The plan offers guaranteed interest rate of 2.5% p.a for the entire policy term; plus an interim interest rate; plus any additional interest rate based on the company’s performance. The interim interest rate will be equal to or more than the...  Read More »

SBI Life Insurance Company has managed to overshadow all the 21 private life insurance companies for the month of May 2011 by collecting premiums of Rs 394.38 crores.

In comparison to SBI Life’s business figures, ICICI Prudential Life has collected only Rs 245.6 crores in May, followed by HDFC Life Insurance Company's collections of Rs 187.3 crores. These three are the top three private life insurance companies in terms of their business figures for last month.

There are 22 private life...  Read More »

Life insurance companies in India focused on controlling costs and renewal business which enabled them to make higher profits in 2010-2011 as compared to the previous year.

Last year, when insurance companies were worried about the new guidelines on Unit Linked Insurance Plans (ULIPs) and how it would affect their business, Insurance Regulatory and Development Authority (IRDA) suggested them to cut down on costs in order to stay profitable. This suggestion hinted towards redesigning of...  Read More »

Leading private insurer, SBI Life Insurance, will invest Rs 9600 crores in the Indian share market this fiscal year. This additional investment will take its total exposure to over Rs 34,000 crores, as the company already has close to Rs 25,000 crores invested in the capital markets.

SBI Life is a joint venture between State Bank of India which owns 74% and BNP Paribas Assurance owning 26%. It is one of the largest private general insurance companies in India. The company’s net profits in FY...  Read More »

Life insurance companies have submitted their business figures for the financial year ended 2011. SBI life Insurance Company’s net profits have increased by 33% amounting to Rs 366 crores as compared to the previous year.
 
Despite tough conditions, the total premium income of SBI Life grew by 28% to Rs 12,912 crores.

New business premium collection from April 2010–March 2011 is Rs 7,572 crores which is a 7% increase over previous year. These figures have been supplemented by a substantial...  Read More »