SBI Life Insurance Company Limited , a leading player in India's insurance sector, has made significant announcements that are set to impact both its leadership and business operations.

New Leadership Appointment

SBI Life has appointed Mr. Dorababu Daparti as the Deputy Chief Executive Officer, effective February 24, 2025. The Board of Directors approved this appointment based on the recommendation of the Board Nomination and Remuneration Committee.

Mr. Daparti brings a wealth of experience to his new role, with over 29 years in the financial industry. His educational background includes:

• Postgraduate degree in sciences (M.Sc.)
• Chartered Associate of the Indian Institute of Bankers (CAIIB)

Having begun his career with SBI in 1995, Mr. Daparti has held various managerial and executive positions within the organization. His most recent roles include:

• Country Head & CEO of State Bank of India (SBI) Maldives operations (since September 2021)
• Deputy General Manager & Head of the Department - Overseas Planning & Strategy in the International Banking Group at SBI's Corporate Centre in Mumbai

GST Exemption on Individual Life Insurance Policies

In a separate development, SBI Life has welcomed the Government of India's recent announcement regarding the reduction of Goods and Service Tax (GST) on individual life insurance policies and reinsurance thereof. The company views this reform as a significant step towards making insurance more affordable and accessible to all, aligning with the sector's vision of "Insurance for All by 2047."

Key points regarding this development include:

• The new GST regime is set to begin on September 22, 2025.
• SBI Life is aligning its products and processes to ensure a smooth transition.
• The company anticipates a minimal impact of less than 0.20% on Embedded Value.
• SBI Life expects this change to stimulate demand over time and positively impact long-term value generation.

Sangramjit Sarangi, President and CFO of SBI Life Insurance Company Limited, stated in the company's disclosure to the stock exchanges, "The Company foresees a minimal impact of less than 0.20% on Embedded Value. Furthermore, the Company anticipates that this change will stimulate demand over time and positively impact the long-term value generation."

These developments underscore SBI Life's commitment to strengthening its leadership team and adapting to regulatory changes that benefit both the company and its policyholders. As the insurance landscape in India continues to evolve, SBI Life appears well-positioned to navigate these changes and capitalize on new opportunities in the market.

SBI Life Insurance Company , a leading player in India's insurance sector, has announced a significant development that could reshape the landscape of individual life insurance in the country. The company has welcomed the government's decision to reduce Goods and Service Tax (GST) on individual life insurance policies, effective September 22, 2025.

Key Highlights

• GST reduction on individual life insurance policies to be implemented from September 22, 2025
• SBI Life anticipates minimal impact of less than 0.2% on Embedded Value
• The company expects the change to stimulate demand and positively affect long-term value generation
• SBI Life is aligning its products and processes for a smooth transition to the new tax regime

Impact on the Insurance Sector

The GST reduction is being viewed as a transformative step towards making insurance more affordable and accessible to a broader segment of the Indian population. SBI Life Insurance, in its official disclosure to the stock exchanges, stated that this reform aligns with the sectoral vision of "Insurance for All by 2047."

Company's Perspective

Sangramjit Sarangi, President and CFO of SBI Life Insurance, commented on the development in the company's regulatory filing: "The Company welcomes the reform, recognizing it as a profoundly meaningful step towards making insurance more affordable and ensuring financial security is accessible to all."

Financial Implications

While the GST reduction is expected to have far-reaching effects on the insurance industry, SBI Life has provided insights into its potential financial impact:

Preparation for the New Regime

SBI Life Insurance is taking proactive steps to ensure a seamless transition to the new tax structure. The company has stated that it is currently aligning its products and processes to adapt to the upcoming changes, demonstrating its commitment to providing uninterrupted service to its customers.

This move by the government, welcomed by SBI Life Insurance, is expected to not only make life insurance more affordable but also contribute to increased insurance penetration in India. As the implementation date approaches, the insurance sector will be closely watched for the actual impact of this significant tax reform on both insurers and policyholders.