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WHAT IS INSURANCE?

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium.

Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. We say "significant" because if the potential loss is small, then it doesn't make sense to pay a premium to protect against the loss. After all, you would not pay a monthly premium to protect against a $50 loss because this would not be considered a financial hardship for most.

Insurance is appropriate when you want to protect against a significant monetary loss. Take life insurance as an example. If you are the primary breadwinner in your home, the loss of income that your family would experience as a result of our premature death is considered a significant loss and hardship that you should protect them against. It would be very difficult for your family to replace your income, so the monthly premiums ensure that if you die, your income will be replaced by the insured amount. The same principle applies to many other forms of insurance. If the potential loss will have a detrimental effect on the person or entity, insurance makes sense.

Everyone that wants to protect themselves or someone else against financial hardship should consider insurance. This may include:

Protecting family after one's death from loss of income Ensuring debt repayment after death Covering contingent liabilities Protecting against the death of a key employee or person in your business Buying out a partner or co-shareholder after his or her death Protecting your business from business interruption and loss of income Protecting yourself against unforeseeable health expenses Protecting your home against theft, fire, flood and other hazards Protecting yourself against lawsuits Protecting yourself in the event of disability Protecting your car against theft or losses incurred because of accidents And many more

Definition
A promise of compensation for specific potential future losses in exchange for of an

a periodic payment. Insurance is

designed

to protect the financial well-being

individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of aninsurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum

of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance. Basic aim of the insurance plan satisfies the following objectives: Protection of economic value of assets. Mechanism to reduce impact of adverse events on value generating assets.

Insurability
Risk which can be insured by private companies typically share seven common characteristics. 1. Large number of similar exposure units. Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyd's of London, which is famous for insuring the life or health of actors, sports figures and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates. 2. Definite loss. The loss takes place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements. 3. Accidental loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks or even purchasing a lottery ticket, are generally not considered insurable. 4. Large loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is hardly any point in paying such costs unless the protection offered has real value to a buyer.

5. Affordable premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that the insurance will be purchased, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113) 6. Calculable loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim. 7. Limited risk of catastrophically large losses. Insurable losses are ideally independent and non-catastrophic, meaning that the losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base. Capital constrains insurers' ability to sell earthquake insurance as well as wind insurance in hurricane zones. In the U.S., flood risk is insured by the federal government. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer's capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.

Legal
When a company insures an individual entity, there are basic legal requirements. Several commonly cited legal principles of insurance include:[3] 1. Indemnity the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured's interest. 2. Insurable interest the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved.

The concept requires that the insured have a "stake" in the loss or damage to the life or property insured. What that "stake" is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons. 3. Utmost good faith the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed. 4. Contribution insurers which have similar obligations to the insured contribute in the indemnification, according to some method. 5. Subrogation the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for insured's loss. 6. Causa proxima, or proximate cause the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded

Types of insurance
Insurance is generally classified into three main categories: 1. Life Insurance. 2. Health Insurance. 3. General Insurance. To get insurance an individual or an organization can approach to Insurance Company directly, through Insurance agent of the concerned company or through intermediaries.

TYPES OF INSURANCE

LIFE INSURANCE

GENERAL INSURANCE

HEALTH INSURANCE(MEDICLAIM)

Life Insurance
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium.

General Insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S. and Non-Life Insurance in Continental Europe. In the UK,insurance is broadly divided into three areas: personal lines, commercial lines and London market. The London market insures large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers and other companies that are typically physically located in the City of London. The Lloyd's of London is a big participant in this market.[1] The London Market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance. Commercial lines products are usually designed for relatively small legal entities. These would include workers' comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.

Health Insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.

NEED OF LIFE INSURANCE


The functions of Insurance can be bifurcated into two parts:
1. Primary Functions 2. Secondary Functions 3. Other Functions

The primary functions of insurance include the following: Provide Protection - The primary function of insurance is to provide protection against
future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among
many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating


various factors that give rise to risk. Risk is the basis for determining the premium rate also.

Provide Certainty - Insurance is a device, which helps to change from uncertainty to


certainty. Insurance is device whereby the uncertain risks may be made more certain. The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable


device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses causes lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides


development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment,


insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The


country can earn foreign exchange by way of issue of marine insurance policies and various other ways.

Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade
risk free with the help of different types of policies under marine insurance cover.

Life Insurance Sector in India


Significant channel for household savings into capital formation GDP penetration of 4.1% Statutory requirements to provide reach to rural areas 2nd largest financial service in India after banking

Life Insurance
Total number of lives insured and on books as on March 31, 2008- 22 Crs

Total Assets Under Management of Life Insurance Cos. as on March 31, 2008- Rs. 8,50,000 9 crores

Introduction
SBI LIFE a joint venture between

74%

26%

SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas Assurance. SBI Life Insurance is registered with an authorized capital of Rs 2000 crores and a Paid-up capital of Rs 1000 Crores. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the unrivalled strength of over 14,500 branches across the country, arguably the largest in the world. BNP Paribas Assurance is the life and property & casualty insurance unit of BNP Paribas - Euro Zones leading Bank. BNP Paribas, part of the worlds top 6 group of banks by market value and a European leader in global banking and financial services, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly through the banc assurance and partnership model. SBI Life has a unique multi-distribution model encompassing Banc assurance, Agency and Group Corporate. SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI access to over 100 million accounts across the

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country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion. SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI Life Insurance has crafted its name by providing quality insurance services to its wide range of customers. Its ISO 9001:2000 certification speaks for its quality. SBI Life Insurance has also been assigned iAAA rating by the ICRA for its highest claims paying ability. In 2007, it became the first Indian life insurer to get AAA rating from CRISIL. In the next year, Outlook Money NDTV Profit adjudged it as the 'Best Life Insurer - 2008'. In 2009, SBI Life Insurance achieved the unique distinction to emerge as the global top in terms of Million Dollar Round Table (MDRT) members with 2,677 members.

SBI Life Insurance became the first Life Insurer in India to make profits in the financial year 2005-06. It maintained the same record in the next year as well. In 2007-08, a survey by 'Brand Equity' rated SBI Life as 'he Most Trusted Private Life Insurer' In the same year, the company achieved CMMI Level 3 certification to become the first Indian insurer to have that. SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency and Group Corporate. SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBIs access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion. Agency Channel, comprising of the most productive force of more than 20,000 Insurance Advisors, offers door to door insurance solutions to customers.

Why SBI Life: 5 reasons to select SBI Life as your preferred insurance company. Customer Satisfaction - many of our customers who have bought an insurance policy with us have bought a second one!

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Financially sound with over a 100 years of banking experience, when you trusted us with your money, why would you trust somebody else with your protection needs. Affordability Easy to buy (accessibility) Trust & reliability. With us youre sure!

Vision:
"To be the most trusted and preferred life insurance provider "

Mission
To emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberalization period.

Values
Trustworthiness Ambition Innovation Dynamism Excellence

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Management Style
MANAGEMENT STYLE

FINANCE & ACCOUNTS

INVESTMENT

ACTUARY

IT

HR

MARKETING

OPERATIONS

NEW BUSINESS

UDNERWRITING

CLAIMS

POLICY SERVICING ISSUE & PROBLEM SOLVING

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FINANCIAL MANAGEMENT OF MONEY INPUT

Once we had the knowledge of benefits and opportunities of advisor in SBI Life life insurance we were given training as to how to go around in the market for making sales call .so were given a lot of idea by our manager Mr. Sudhansu Sekhar Sundaray .This idea includes market survey, door to door survey, putting around canopy in different prime location of Bhubaneswar. A market segment consists of a group of customers who share a similar set of needs and wants. The market does not create the segments; the marketers task is to identify the segments and decide which one to target. And for insurance company we segmented market into following different groups. Geographical region:- we segmented Bhubaneswar into five segment i.e; East Bhubaneswar, West Bhubaneswar, North Bhubaneswar, South and Central Bhubaneswar. Demographic age:- we segmented the entire population of Bhubaneswar into following three categories on the basis of demographic age i.e; 18 to 20 age group, 25 to 40 age groups and above 40. Family life cycle:- we segmented the entire population of Bhubaneswar into following three categories on the basis of family life cycle i.e; Single, Married, Retired/VRS Optee. Gender:- :- we segmented the entire population of Bhubaneswar into following two categories on the basis of two categories i.e; Male and Female Income:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis income below 2 lakhs,2 to 5 lakhs, more than 5 lakhs. Occupation:- :- we segmented the entire population of Bhubaneswar into following six categories on the basis of there occupation like Student, Government employee, Private Employee, House Wife, Self employed and Unemployed.

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Education:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis of there education which is 10th or 12th standard, Graduate, Post Graduate and above.

Social class:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis of social status that is Lower class, Middle class and Upper class.

Once the firm has identified its market-segment it looks for Targeting and for insurance company Targeting the most prospective candidate requires segmenting of market into :Needs based Segmentation:- This is the most preferred and positive target segment of insurance company because most positive result comes from this segment targeting, like Extra income need Job need Carrier need

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Key Milestones
A) Financial Year 08-09: Bagged the coveted personal finance award-Outlook Money NDTV Profit best Life Insurer 2008. Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members. CRISIL has reaffirmed its highest financial rating AAA/Stable to SBI Life. In 2007 SBI Life became the first life insurer in India to receive this rating from CRISIL, countrys leading rating agency. Recently ICRA, has assigned iAAA rating indicating highest claims paying ability to SBI Life Insurance. Retains ISO 9001:2000 certificate for superior claim settlement process.

B) Financial Year 07-08: Rated as the The Most Trusted Private Life Insurer according to a survey conducted by Brand Equity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau. Became first life insurer in India to receive the highest financial rating AAA from CRISIL, the countrys best known rating agency in 2007. Ranked amongst global top five life insurance companies in the number of MDRT members. Forayed into micro insurance with the launch of Grameen Shakti in Bhubaneshwar, Orissa for the economically underprivileged sections of society. Received ISO 9001: 2000 certification for superior claim settlement process.

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Became the only domestic life insurer to achieve CMMI Level 3 certification for IT processes and software development capabilities.

C) Financial Year 06-07: Second consecutive year of profitability. Leads Private Life Insurance Companies in Lives covered : 6.49 Million lives covered.

D) Financial Year 05-06: Becomes the first Life Insurer to make profits.

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FINANCIAL UNDERWRITINGS SBI Life - Horizon II is a unique, non participating Unit Linked Insurance Plan in Indian Insurance Industry, where you need not to be a financial market expert. This plan offers the flexibility of Unit Linked Plan along with Automatic Asset Allocation which provides relatively higher returns on your money where as increasing death bench. Twin benefit of insurance cover and market linked returns profits provides higher security to Hassle-free investment management of funds from inception to maturity, Automatic Asset Allocation of funds, automatic rebalancing of funds at yearly intervals, free of cost higher protection, to meet your family financial needs. It is a unique, non-participating Unit Linked Insurance Plan. As per the plan and term chosen by you, SBI Life will invest the net premium amount into each of the funds mentioned.

Maha Anand SBI Life - Maha Anand is a simple & convenient unit linked plan, which provides you insurance cover without any medicals. Life begins afresh when you become a parent and when the child takes that first step towards you, the moment is filled with cheer, enthusiasm never felt before. This moment marks a new beginning in the childs life and theres no looking back after that. The child keeps growing and so are his dreams, aspirations which always aim to reach horizon and you want your child achieve his/her dreams. But at the same time as a proud parent you also want to secure their future against rising cost of education and other necessities. Key Features Twin benefit of market linked returns and insurance cover Simple Joining Process - No medical examination required Option to pay premium, as low as Rs 500 p.m.

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Choice of 3 fund options to choose from Flexibility to increase your investments, through Top-up Investment Flexibility through Switching and Redirection Options Liquidity through partial withdrawals Attractive Tax benefits under the Income Tax Act, 1961

Unit Plus- II We at SBI Life understand the basic needs for pension plan and give you financial strength to maintain your life style even after the retirement. SBI Life - Unit Plus II Pension plan makes sure that you have regular income after you retire and also helps you to maintain your standard of living. This is a unit linked pension plan wherein the policyholder chooses an investment period from 5 to 52 years for a vesting age between 50 to 70 years. You can choose to pay either single premium or pay regular premium for the entire policy term. Your contributions are invested into 5 fund options as per your choice.

Unit Plus Child Plan We at SBI LIFE understand you better and hence have developed SBI Life - Unit Plus Child Plan to suit you and your needs best. This Plan is meant for parents in the age group of 18-57 having a child between the age group of 0-15 years. Key Features Market related returns to match increasing cost of education Peace of Mind by giving you triple benefits Loyalty units to celebrate your child reaching 18 years

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New Investment Fund (Equity Optimizer Fund) in addition to existing funds. Pay Premium for a limited period and reap benefits over a long time. Flexible plan which adapts to your changing needs as and when you want.

Pension plan We at SBI Life understand the basic needs for pension plan and give you financial strength to maintain your life style even after the retirement. SBI Life - Unit Plus II Pension plan makes sure that you have regular income after you retire and also helps you to maintain your standard of living. This is a unit linked pension plan wherein the policyholder chooses an investment period from 5 to 52 years for a vesting age between 50 to 70 years. You can choose to pay either single premium or pay regular premium for the entire policy term. Your contributions are invested into 5 fund option. Key Features Choice to invest & control four different funds as per your risk appetite Choice to invest & control four different funds as per your risk appetite. Flexibility to choose between two options Pure Pension Pension cum Life Cover No medical required for Pure Pension, automatic acceptance facility Flexibility to increase regular contribution Top up payments: any amount, anytime Customize your plan by adding riders

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15 days free look period

Smart ULIP In the current volatile market scenario you need a plan which not only protects your investment, but also enables you to get market related returns. SBI Life - Smart ULIP is the perfect answer to your need, and will give you not only Guarantee on select NAVs during the first seven years, but also gives you the added attraction of participating in the market upside. Key Features Guarantee of the highest of select NAVs, during the first seven years on maturity. Investment cum Insurance plan giving market related returns Convenience through shorter premium paying term, giving you a choice between two premium paying terms (PPT) Power of more- Guaranteed Maturity NAV, continues beyond the premium payment term. Innovation structured investment fund-Flexi protect Fund Hassle free plan- we manage your investment, giving you maximum opportunity for growth while protecting your investments against adverse market conditions. Attractive Tax benefits under the Income Tax Act, 1961

Health Products Financial planning is incomplete without planning health insurance. Due to todays hectic lifestyle, improper diet, lack of exercise we are at higher risk of contingencies of untimely serious illnesses. Sudden health problems could have deep hole in your pockets.

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Medical science has advanced by leaps and bounds in the last few decades. Theres a definite need to cover for health insurance to reduce the financial burden. SBI Life Insurance features both individual and group products like: 1. Unit Linked Products- this is a single non participating product group that meets both the financial as well as insurance needs. 2. Pension Products- these comprehensive plans help to meet your post retirement financial needs. 3. Pure Protection Products- nobody can predict future. So, any time anything can shatter ones dreams. Pure Protection Products help to keep one safe and secure during these trouble times. SBI Life also offers some protection cum savings products and money back scheme products. SBI also has products for brokers. These products take inspiration from the endeavors of various industries and make your life easy.

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PRODUCTS OF SBI LIFE INSURANCE


SBI Life - Smart Performer
The equity market may have its ups and downs, but you now have a protective shield that will safeguard your investments, while providing upside potential. SBI Life brings you Smart Performer, a Unit Linked, Non Participating insurance product that offers you the twin benefits of Higher than the Highest of the daily NAV Guarantee and the prospect of market upside. Whats more, it also allows you to protect your gains through Automatic Rebalancing facility and offers you a choice of Single and Limited Premium Payment options.

SBI Life - Unit Plus Super


SBI Life Unit Plus Super is a flexible non participating Unit linked insurance Plan, specially designed to meet your changing requirements at various stages of life. With a wide array of funds, riders and other options, this product gives you the complete freedom to fulfill all your investment and insurance needs. And thats not all; we now also offer you guaranteed additions and choice of payment options, giving you far superior value.

SBI Life - Saral Maha Anand


SBI Life - Saral Maha Anand is a product created just for you, which will pleasantly surprise you with its sheer simplicity and convenience! It is a unit linked non participating Life Insurance Plan, which lets you manage your investments according to your risk appetite, giving you the power to realise market related returns on your policy. You can choose your required Life Insurance cover subject to a minimum and maximum limit.

SBI Life - Smart Elite


SBI Life - Smart Elite is a Unit Linked Insurance plan - an exquisitely crafted product, exclusively for special customers like you. It gives you flexibility to pay premium(s) for limited term or single premium, with the freedom to stay invested and protected for long term. Whats more, you have the power of choosing the option best suited to your needs. All this and more, coming from SBI Life your preferred insurer, adds enormous value to your investments.

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SBI Life - Smart Scholar


Life begins afresh when you become a parent. Its a joy you never felt and a feeling you never experienced. When your child takes baby steps towards you, you wonder what else bliss could be? Amidst all this divine happiness, theres a new sense of responsibility that fills your heart. Like you may not really believe that lifes a rose bed or a tender cushion, but you certainly want it to be for your lovely children. At SBI Life, we understand and we provide you with a flexible and all-encompassing solution through our SBI Life - Smart Scholar Plan. Choose the one that suits you and your childs needs best. Our specially crafted Smart Scholar Plan is as accommodating as you are to your child.

SBI Life - Smart Wealth Assure


Equity Market Performance is affected by many variables like Economic condition, Liquidity, Corporate Performance, Global Markets etc. Thus you are not sure what returns you will get on your hard earned money.

SBI Life realises the same and brings to you Smart Wealth Assure which takes care of all these variables and gives you Peace of Mind by providing a Minimum NAV Guarantee Plus Upside, if any. SBI Life - Smart Wealth Assure is a unit Linked non participating Life Insurance Plan. The Plan is further fortified with many power packed features which takes care of your financial needs.

SBI Life - Scholar II


A traditional participating plan, SBI Life - Scholar II has guaranteed benefits which are payable at the regular intervals during the term of the policy. In an unfortunate event, your nominee would receive full sum assured along with vested bonus, plus regular guaranteed survival benefit.

SBI Life - Smart Scholar


Life begins afresh when you become a parent. Its a joy you never felt and a feeling you never experienced. When your child takes baby steps towards you, you wonder what else bliss could be? Amidst all this divine happiness, theres a new sense of responsibility that fills your heart.

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Like you may not really believe that lifes a rose bed or a tender cushion, but you certainly want it to be for your lovely children. At SBI Life, we understand and we provide you with a flexible and all-encompassing solution through our SBI Life - Smart Scholar Plan. Choose the one that suits you and your childs needs best. Our specially crafted Smart Scholar Plan is as accommodating as you are to your child.

SBI Life - Saral Pension


Retirement means giving up work and continuing to Celebrate Life! SBI Life - Saral Pension is a traditional, participating pension plan which offers you complete safety from market volatility, by providing you a secure future and a joyous retirement.

SBI Life - Annuity Plus


SBI Life - Annuity Plus, a traditional, non-participating immediate annuity plan, which offers a comprehensive range of annuity options along with inbuilt flexibilities. It provides an opportunity to you to maintain your standard of living.

SBI Life - eShield


SBI Life - eShield is an Individual, Non Linked, Non Participating pure term plan, with options and benefits specially tailored for those who want the best financial protection at an affordable cost.

SBI Life - Smart IncomeShield Insurance


SBI Life - Smart IncomeShield Insurance A plan that gives you a advantage against eventualities of death, disability or critical illness by providing you with a income benefit, which can meet your and your familys daily lifestyle finances.

SBI Life - Smart IncomeShield Insurance is a non-participating term insurance Policy.

SBI Life - Smart Shield


SBI Life - Smart Shield is a traditional non-participating pure term plan, which is a one stop solution that meets all your insurance needs. With Options and benefits specially tailored for those who want best financial protection at an affordable cost, this is the perfect plan from

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your preferred insurance provider. Now your family stays protected, even when you are not around.

SBI Life - Saral Shield


SBI Life - Saral Shield is a traditional non-participating pure term plan, At a affordable cost, Saral Shield provides cover for your family and ensures that a proper safety net is created. Thus, it guarantees that there will be absolutely no compromise on your dreams and ambitions for your loved ones, at all times.

SBI Life - Swadhan


SBI Life - Swadhan is an affordable traditional term Insurance policy with refund of part / Total basic premium paid at the end of the term to the policyholder.

As a Maturity benefit, you receive a repayment of your premium contribution towards the policy. Available at a low premium, it can provide security to your loved ones.

SBI Life - Grameen Bima


The objective of this product is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unforeseen event.

SBI Life - Grameen Bima is an individual, pure term, micro-insurance plan for the socially deprived and economically vulnerable segments of the population.

SBI Life - Smart Income Protect


SBI Life - Smart Income Protect is a savings plan with added advantage of life cover and regular cash inflow at the time you need. It is a participating traditional plan where you continue to pay your regular premiums over a period of 5, 10 or 15 years. Thereafter your payout period starts, where you get guaranteed regular annual payouts over a period of 15 years, meeting your various financial obligations.

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SBI Life - Smart Money Back Insurance


Smart Money Back Insurance is a savings plan with added advantage of life cover and cash inflow at regular intervals. It is participating traditional money back plan, meeting your various financial obligations at crucial junctures by its wide range of policy terms.

SBI Life - Flexi Smart Insurance


SBI Life Flexi Smart Insurance, an Individual, Non-Participating traditional life insurance cum savings plan, which helps you in fulfilling all your dreams. It gives you flexibility to adapt to your ever-changing needs, while assuring guaranteed benefits to take care of your savings.

SBI Life - Sanjeevan Supreme


SBI Life Sanjeevan Supreme is a traditional Saving Plan with added advantage of life cover and guaranteed cash inflow at regular intervals tailored to suit all your needs and requirements. This plan is designed for individuals who want to plan for various financial obligations at specified times in life. It provides you with financial support for fulfilling all your long term and short term goals. Further, it offers you a life cover for the term of your choice and that too without burdening you premium payment for the entire term.

SBI Life - Shubh Nivesh


SBI Life - Shubh Nivesh is an Endowment product with an option of Whole Life coverage. The basic purpose is to provide Savings, Income and Insurance Cover to you and your family. Not only you can save regularly for your future but you also have the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs.

SBI Life - Saral Life


SBI Life - Saral Life, a traditional, participating endowment plan which helps you to meet any requirement in life and is designed with a differencea take away insurance especially weaved for you with the threads of Simplicity, Availability & value for your money.

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Corporate Solutions
SBI Life offers a wide range of employee benefit solutions which helps organizations to retain, reward and encourage the best talent in the industry. It also provides a host of corporate solutions to both statutory needs as well as voluntary needs of the employers and hence ensures to strengthen the employer -employee relationship in the long run. What better way to reward your loyal employees than with a secure future? SBI Lifes Group Retirement Insurance Plans are designed to provide security and financial stability to an employees family ensuring a loyal and motivated workforce. These plans safeguard and ensure availability of funds to meet your companys obligations on gratuity, superannuation, pension / annuity and leave encashment. Depending on your needs, you can choose between traditional and unit linked plans.

SBI Life - Kalyan ULIP Plus


Gratuity, Leave Encashment.Savings for Retirement the must benefits for your employees/ group members.and while deciding on how to manage these sacred funds you would like to have a strong partner with an effective solution. SBI Life Kalyan ULIP Plus, is a unique plan for both formal and informal organizations; coming from SBI Life, the name that you always trust, supported by a robust investment team. SBI Life Kalyan ULIP Plus is a non-participating, unit linked group insurance scheme. It is truly unique with its variety of features that benefit not only the Master Policyholder but also to each Group Member. This plan is a one-stop solution to all your fund management needs and can be extended to both employer-employee and non-employer-employee groups. You get the flexibility of paying in your contribution at any time during the year according to scheme rules

SBI Life - CapAssure Gratuity Scheme


Gratuity is a statutory benefit, governed by Payments of Gratuity Act, 1972. As per the Act, gratuity is payable if an employee has rendered minimum 5 years of service at the time of exit. The minimum benefit payable is 15 days salary based on last drawn salary for each service year rendered. However, an employer can better the terms of benefits..

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Here, the principal concern will be to safeguard and availability of sufficient funds to meet the companys obligation for statutory Gratuity Payments. Hence, you would definitely want prudent fund management at least of the possible costs. Therefore SBI Life provides SBI Life - CapAssure Gratuity Scheme - a scheme that not only guarantees your investment but also offers additional funding and many more added benefits!

SBI Life - CapAssure Gratuity Scheme:


It is a Non-Participating yearly renewable traditional Group Gratuity Scheme. Under this scheme, the contributions paid continue to accumulate on traditional platform of investments and at the end of the financial year, an investment income earned on your contributions is credited to your gratuity fund account.

SBI Life - CapAssure Leave Encashment Scheme


As per the Accounting Standard (AS-15) (revised 2005), it has become necessary for the employers to provide for the accrued liabilities in respect of Leave Encashment benefits available to all the employees in the books of accounts. It helps the employer in ascertaining the true cost of their products and services. Hence, SBI Life provides SBI Life - CapAssure Leave Encashment Scheme - a scheme that not only guarantees your investment but also offers additional funding and many more added benefits!

SBI Life - CapAssure Leave Encashment Scheme (CA-LE):


It is a Non-Participating yearly renewable traditional group leave encashment scheme. Under this scheme, the contributions paid continue to accumulate on traditional platform of investments and at the end of the financial year, an investment income earned on your contributions is credited to your CA-LE fund account.

SBI life - Dhanrashi


With changing times, large numbers of NGOs, Social Welfare Groups including Government aided agencies as well as Corporates have evinced interest to float new schemes that will cost a little but still bring well-being to their group members as well as some security for their lives. Hence, genesis of SBI Life - Dhanrashi!!

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SBI Life - Dhanrashi is a traditional non participating Group Savings Linked Insurance scheme. This scheme is applicable for both employer-employee and non-employer employee groups.

SBI life - Swarna Jeevan


SBI Life Insurance introduces "SBI Life - Swarna Jeevan" a Group Immediate Annuity Plan for Corporate Clients (ie.Employer-Employee groups) and other Group Administrators, who wish to purchase annuity to provide for their annuity liability (existing or emerging or both) totally/partially from SBI Life

The annuity payment to members starts right away (Technically, anytime within 12 months of Purchase depending upon periodicity chosen). All you need to do is choose the annuity option. We at SBI Life will calculate the amount of each annuity payments based on the purchase amount and life expectancy.

SBI Life - CapAssure


SBI Life - CapAssure is a traditional non linked, non participating Plan featuring stable growth with capital protection. This plan can be offered to employer-employee group or nonemployer-employee group or any group formed as per group guidelines 2005 issued by IRDA.

This is an ideal plan which caters to the needs of the group administrators / employers / trustees / State governments/ Central government/ PSUs who want to fund group members retirement benefits and other welfare benefits.

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Group Protection Plans

Never compromise on the dreams of your family and children. If you believe in this, you must make your employees believe in the same too. SBI Life offers pure protection cover for your employees to ensure that their families are financially well secured in the event of unforeseen and unfortunate circumstances.

SBI Life - Sampoorn Suraksha .


SBI Life - Sampoorn Suraksha is a yearly renewable group term insurance plan offering excellent protection at affordable rates. This plan is available for different formal and informal groups such as Employer-Employee groups, Borrower / Depositor Groups, Professional / Affinity Groups etc.

SBI Life - Credit Guard


SBI Life - Credit Guard is a Non Participating Group Term Insurance Plan. It is a simple and easy solution to cover the cardholders of a bank/other Financing entity, through a Group Master Policy

SBI Life - Suraksha Plus


SBI Life - Suraksha Plus a pure term non participating product for all types of Groups such as Employer - Employee Groups, Credit Card / Banks / Mutual Fund Customer and any group of people sharing a common view, at a very affordable premium wherein SBI Life aims at Protecting your members and their family under all circumstances.

SBI Life - Swadhan (Group)


Swadhan (Group) is a Non Participating Group Term Insurance Plan with Return of Premium. It is a simple and easy solution which offers dual benefits of life cover protection

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in the event of death and refund of premium in case of survival up to the end of the cover term.

SBI Life - RiNn Raksha


The dream house, the best education for your kids, the latest car, an overseas family vacation and much more. To fulfill these aspirations, most of us dont hesitate to avail loans. Now, with SBI Life RiNn Raksha, a group credit life insurance plan, you can rest assured that your family will always enjoy the assets, which you so lovingly acquired, without worrying about any liabilities. In other words, live life Debt- Free!

SBI Life - Nidhi Raksha RP


SBI Life - Nidhi Raksha RP is a unique Plan which will help protect and grow your customers savings. This Plan is an excellent tool to ensure that your customers savings will accumulate as originally planned, even in the unfortunate event of his/her demise. The powerful protection under this Plan will thus lend a competitive edge to your savings products.

SBI Life - Grameen Shakti


The purpose of this product is to provide life insurance protection to the weaker sections of the society, like people who are funded by Micro Financial Institutions or NGOs or avail loan from Bank/ Financial institutions through SHG. SHG is a group of rural poor who have volunteered to organize themselves into a group for eradication of poverty of members. We have designed Grameen Shakti which is a Group Micro insurance product with refund of premiums at maturity.

SBI Life - Grameen Super Suraksha


The purpose of this Product is to provide life cover at low costs to groups of economically weaker sections of Society, like people who are funded by Micro financial Institutions or

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NGO's or avail loan form Bank/ Financial institutions through SHG. SHG is a group of rural poor who have volunteered to organize themselves into a group for eradication of poverty of members. Grameen Super Suraksha is a low cost Group term assurance plan for rural people who can seek life insurance protection without maturity benefit.

SBI Life - Smart Health Insurance


We might save for a dream holiday or a dream house but rarely do we set aside money for any medical emergencies. Health emergencies dont come with a warning and while one may not be able to prevent the emergency, a Health Insurance Plan can protect you or your near ones from part of its costs.

Planning for your health, should be the foremost thing in the financial planning chart of life, as it provides a safety net for your well being. SBI Life - Smart Health Insurance is one such financial planning tool which takes care of most of your health related expenses. Whats more the plan comes from the SBI Life stable and provides health related benefits.

SBI Life - Group Criti9


SBI Life - Group Criti9 is a traditional non participating Group Health Plan. This plan provides protection against 9 critical illnesses where Sum Assured is paid in lump sum on diagnosis of any one of covered critical illnesses. So provides you money at time when you need it most.

SBI Life - Hospital Cash


Good health is the most valuable asset that we have, but nowadays with increasing levels of stress, negligible physical activity and changing lifestyle our vulnerability to diseases is increasing at an alarming pace.

The cost of healthcare is rising everyday and more than the cost of your treatment, indirect costs like - hospital room rent, nursing expenses, post discharge expenses, recuperating expenses, ambulatory charges etc account for a major part of the overall cost incurred. Lack of sufficient savings or a suitable health policy may force you to compromise on the quality

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of medical treatment. We feel you certainly deserve better.

SBI Life - Hospital Cash is a comprehensive plan that covers not only hospitalization expenses but also other incidental costs. This plan offers you complete freedom from worries.

What is SBI Life - Hospital Cash:

This plan helps you keep your savings untouched in case of medical emergencies by paying you a fixed Daily Hospitalization Cash Benefit and an ICU benefit that is twice of daily cash benefit, irrespective of your hospital bill. This amount helps to pay for any kind of expenses incurred before, during or post hospitalization.

We care for you and your loved ones! To aid your family in crisis we provide you with Family Care Benefit feature and family discount benefit.

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