SBI Life Insurance is a joint venture life insurance company between State Bank of India

State Bank of India

The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...

 (SBI), the largest state-owned

Government-owned corporation

A government-owned corporation, state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, or parastatal is a legal entity created by a government to undertake commercial activities on behalf of an owner government...

 bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

ing and financial services company in India

India

India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

, and BNP Paribas

BNP Paribas

BNP Paribas S.A. is a global banking group, headquartered in Paris, with its second global headquarters in London. In October 2010 BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over $3.1 trillion. It was formed through the merger...

 Assurance. SBI owns 44% of the total capital and BNP Paribas Assurance the remaining 26% and others 30%. SBI Life Insurance has an authorized capital of and a paid up capital of .

In 2007, CRISIL

CRISIL

Credit Rating and Information Services of India Ltd. a global analytical company providing ratings, research, and risk and policy advisory services....

 Ltd, a subsidiary of global rating agency Standard & Poor's

Standard & Poor's

Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...

, gave the company a AAA/Stable/P1+ rating.

History

When the government of India

Government of India

The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...

 opened the life insurance sector to private companies, SBI

SBI

The initialism SBI could mean:*Sound Business, Inc. a non-profit organization. College and Career Preparation for A. Philip Randolph Campus High School* SBI Group, a financial services company of Japan...

 started SBI Life as a joint venture with BNP Paribas in 2001. While in its initial stage its business was mainly from bancassurance

Bancassurance

The Bank Insurance Model , also sometimes known as 'Bancassurance', is the term used to describe the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products.BIM allows the insurance company to...

channel, now it is developing its own agency team for selling its life insurance products.

External links

• SBI Life's official website