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Mission 2010 - Comprehensive Coverage to the most vulnerable -- SBI Life

About the Project

Project Name: Mission 2010 - Comprehensive Coverage to the most vulnerable -- SBI Life
Type of Facility Project: Microinsurance innovation grantee
Country of Operation: India
Region: Asia and the Pacific
Sub Topics: Policy and regulation, Product development, Composite products

Organizational Overview

SBI Life Insurance Co. Ltd. (SBI Life) is a joint venture between State Bank of India - at the helm of India’s largest banking Group, with a 200 year old legacy and over 16,000 branches across the country, and BNP Paribas Assurance - a unit of BNP Paribas, one of Europe’s leading bank. SBI Life, ranked the number one private life insurer in India in 2009-2010*. It started its operations in 2001, has a network of 430 branches and work force of over 6,000 employees.


Project Description

The objective of the project is to introduce and test an innovative composite product with a life and non-life component which aims to provide a comprehensive cover and increase overall efficiency. By providing a single point of contact for both life and non life benefits through one product, the project seeks to reduce distribution, administration and other costs and increase benefits/ value for the customers. Major phases of the project include: Conduct market research to develop a compreh...READ MORE


The project targets low income households comprising rural and urban poor who are economically active but do not have access to financial services. The project aims to reach between 30,000 and 50,000 people during the pilot phase.


Learning Agenda

  • What should be the best combination of life and non life insurance features and benefits in a single insurance product that can bring optimal value for the customers?
  • How to collaborate, share data, and build processes and information management systems with a non-life insurer at all levels, keeping in mind the legal and regulatory issues?
  • How to leverage and customize communication channels and tools to increase insurance awareness, knowledge, product acceptability and to enhance perception of insurance as a valuable and essential protection mechanism?
  • Test the efficacy of bancassurance as a delivery channel for this product and evaluate efficiency of multiple channels.