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SBI Life Insurance Company Ltd.
It was being incorporated at Mumbai as on October 11, 2000, as SBI Life Insurance Company Limited, a public limited company under the Companies Act 1956, and received a certificate of commencement of business from the RoC on November 20, 2000. The Company is registered with the IRDAI (Registration Number: 111) for carrying out the business of life insurance according to the registration certificate dated March 29, 2001.
Some of the Milestones:
- 2000: It commenced its operations.
- 2006: It was the only private sector Indian life insurance company to declare profit within six years of incorporation while registering a profit of approximately 20 million.
- 2008: It achieved the breakeven mark.
- 2010: It crossed a gross written premium of INR 100 billion.
- 2011: 500 branches were exceeding the number of branches of the Company.
- 2012: It crossed profit after tax of about 5 billion and declared a maiden dividend to the Shareholders.
- The branches of the Company were exceeded from 750 branches.
- It also exceeded 500 billion assets under management.
- 2016: The Company crossed the gross written premium of 150 billion.
- It crossed a gross written premium of INR 200 billion.
- It crossed the renewal premium of INR 100 billion.
Some of the Achievements:
- The Company was also presented with the award for the ‘Best Annual Report of the Year’ in the category for the insurance sector in the Institute of Chartered Accountants of India awards for excellence in financial reporting.
- It was also recognized as the ‘No. 1 Private Insurer’ from the Million Dollar Round Table(1) 2011.
- It was the part of ‘The Economic Times Brand Equity’s Most Trusted Brand’ survey(2) as ‘India’s most trusted brands.’
- It won the ‘Life Insurer Of The Year’ Award At The Financial Leadership Awards, 2011.
- It won the ‘IMC Ramkrishna Bajaj National Quality Award’ in the services category.
- 2012: It was awarded the ‘Claims Service of the Year’(3) and ‘Under-served Market Penetration’(3) awards at the Indian Insurance Awards.
- It won the ‘World Class Award- Large Service Organisation’ presented by the Asia Pacific Quality Organization.
- It received ISO 10002: 2004 Certification for its Complaints Management System.
- It was adjudged ‘The Most Admired Life Insurance Company in the Private Sector’ during the ABP News Banking Financial Services and Insurance Awards 2014.
- It was adjudged the ‘Best Life Insurance Provider 2014’ by the Asia, Banking, Financial Services, and Insurance Sector awards.
- It won the ‘Financial inclusion and deepening Award’ and the ‘Platinum Award for Excellence in Life Insurance’ from Skoch.
- It won the ‘Non-Urban Coverage-Life Insurance’ award during the Indian Insurance Awards.
- It received the ISO 27001:2013 certification for its information security management system.
- It received the ISO 9001:2008 certification for its quality management systems for planning, designing, and developing training programs.
- It was adjudged the ‘Best Life Insurance Company (Private Sector)’ at the Lokmat Banking, Financial Services and Insurance Awards by the World HRD Congress.
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