SBI Life ensures place among global top 5

BANGALORE: SBI Life Insurance, where SBI holds 74%, has made history moving to the fifth slot among the global insurance companies listed by the Illinois-based Million Dollar Roundtable (MDRT), 2006, in terms of number of members. MDRT is an association of the world’s best life insurance sales (advisors) professionals. Founded in 1927, membership to the MDRT is calculated on the commission derived from the first year premium.

To make it to the club, the advisor needs to get a minimum commission of $69,000 or the minimum premium paid should be $132,000 in the said calendar year. SBI Life is the first Indian company to figure among the top 10 global insurance firms in terms of MDRT membership. The Indian entry comes within 10 years of the domestic insurance being opened to the private sector. The Indian company recorded the maximum rise in terms of first-time membership at 99.5%.

Korean insurer Samsung Life Insurance leads the table with 2,638 members. SBI Life Insurance at fifth spot has 801 MDRT members. LIC of India, India’s biggest insurer, is placed 21st with 345 MDRT members followed by Max New York Life at the 22nd spot with 345 MDRTians. Other prominent Indian players include Reliance Life Insurance (39th), MetLife India (68th) and ICICI Prudential (80th).