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SBI Life Storms The Insurance Sector With 79% YoY Growth

Author: Anumeha Singh
by Anumeha Singh
Posted: Aug 19, 2016

Insurance Companies in India market a noticeable growth in its Annualized Premium Equivalent of 23% rise in June this year. SBI Life Insurance showed an exponential growth of 79% in its premium rise, wherein a couple of other similar insurers saw a decline in their business.

SBI Life Insurance is a fast-growing life insurance company in the private insurance sector and a joint venture BNP Paribas Cardif with 26% and State Bank of India which holds 74% stakes in the partnership. With a paid up capital of 1 thousand crore and authorized capital of 2 thousand crores SBI Life Insurance uses a multi – distribution model to acquire clients and provide solutions. The company uses retail agencies, bancassurance, corporate solutions and business partnerships as its sales channel of distribution. SBI Life Insurance also uses the unparalleled system for cross-selling the insurance products The SBI Life Insurance channel dynamic with more than 80,000 insurance counselors to provide its variety of protection products by going client to client at their doorsteps. It can use more than 100 million records over each district and monetary strata in the nation having a place with SBI, guaranteeing genuine money related consideration.

If you are the bread earner in your mid-30s who is comfortable wearing multiple hats that go with life insurance coverage and investment returns then SBI Life eWealth is your one stop solution.

Increasing the value of you wealth is more important than just earning money for living. The growth of money is directly relational with the risk associated investments. However, SBI Life eWealth is a moderate risk ULIP plan which provides you life cover for major life risk and gives returns on the invested funds.

This SBI Life Insurance plan is a non-participating, unit linked insurance plan with 2 main plan options; Growth fund and Balanced funds. An eWealth holder is free to choose between these 2 fund options and the premiums that are paid under these funds are chosen by the AAA (Automatic Asset Allocation). eWealth insurance plan has AAA feature in its options where the insurance holder survives in the high-risk fields. Further, eWealth holder can switch funds with lower risk funds like the Money market instruments or the Debt funds investments. At the time of maturity, the invested funds flow from Equity market to Money market i.e. higher risk fund to lower risk funds so that you earn best profits on your investment.

Some of the basic factors that justify why SBI Life Insurance is the best insurance company:

  • Reliability: SBI Life Insurance is amongst the most stable insurance providers with a great history of the previous performances. The company’s reputation and brand are earned by the company itself by good performance and goodwill in the market. Hence, in any sector of providing service, it is the first criteria the consumers should consider before taking any service.
  • Expenses: Affordability is the Basic Feature of SBI Life insurance Plan. This company aims to cater higher assured sum amount under the same cover and benefits with the lowest possible premium amount. Also, SBI Life has insurance plans at a discounted rate of premiums especially for maintaining a healthy lifestyle.
  • Convenience: Out of the wide array of life insurance products provided by SBI Life, people find its term insurance plans as the most simplified and conventional form of insurance product that provides enhanced coverage. Buying an insurance plan is a lot more hassle-free since, SBI Life put a majority of its insurance products online, this makes getting insured a lot more hassle free.
  • Enhanced Coverage: Added coverage is an extra benefit provided by the company along with their term insurance plans that provide coverage at critical life risks like accidents, critical illness, terminal illness, disability, etc.
  • Claim settlement ratio: SBI Life has a claim settlement ratio of 90.06% in the year 2015 in which 13,303 claims are paid off 14,876 claims received. A claim settlement ratio is defined as the number of claims settled per 100 claims received.
  • Riders: The insurance holder can customize his life insurance products based on his needs and combine extra covers to his insurance plan. The insurance holder can select his riders considering the future financial needs of his family and secure them from any uncertain life risks.

Get insured along with growing your wealth value with SBI Life Insurance plans and life a smooth life with your family.

About the Author

Hi, i am Anumeha Singh. A Bloger and A Insurance adviser for Life Insurance, Term Insurance, Child Insurance, Investment Plans and Tax Saving.

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Author: Anumeha Singh

Anumeha Singh

Member since: May 17, 2016
Published articles: 11

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