The portfolio lens — each product family's premium, VNB-margin journey, modernization and renewal mix as SBI Life shifts from ULIP-heavy toward protection, non-par and annuity.
The mix shift is working — a 22% blended VNB margin and 74% of the cross-sell plan banked — but 4 maturing families (₹47,500 Cr GWP) still hold blended margin back. Finish their modernization to close the gap to a fully digitized, higher-margin portfolio, the highest-return work in the company.
3 of 4 headline metrics improving vs prior · still off target: Program / Digital Realization 74.0% vs 100.0%, VNB Margin 27.5% vs 29.0%, Premium Collection Days 14d vs 12d
Avg cross-sell capture is only 74% of plan; the unrealized balance is margin already in the strategy but not yet earned.
Targeted renewal & win-back on 2020-21 cohorts; monitor structural read-through.
61M persistency 58.1% (−550 bps) — COVID-era (2020-21) cohorts lapsing at 5 years; management flags non-structural.
eShield Next is the least-modernized family on cross-sell capture; a 90-day plan on the gap is unrealized VNB.
Surface the normalized walk in investor comms; same GST-ITC drag on VNB margin.
Reported PAT ₹2,470 Cr (+2%); underlying ~₹3,120 Cr (+29%) ex GST-ITC reversal & labour-code.
SBI Life is built product family by family — ULIP (Smart Wealth Plus / Smart Elite), Non-Par savings (Smart Platina), Annuity (Retire Smart), Par (Smart Bonus), Protection (eShield Next) and Group & Credit-Life. This view shows, for each family, where its VNB margin started vs what it earns now — and flags the maturing families where richer non-ULIP mix, better persistency and higher VNB margin are still on the table.
Modernizing the 4 maturing families (Retire Smart, Smart Platina, eShield Next, Smart Elite) closes the gap to a fully digitized, higher-margin portfolio — the single highest-return work in the company.
Each card: how the VNB margin has moved since the family launched, how far modernization has gone, and the next move.
Each family ranked within the set on five KPIs (direction per metric), then a composite Overall Rank from summed rank points — the dashboard's RANKX leaderboard. Top & bottom highlighted.
| Overall | Unit | GWP↑ better | VNB margin↑ better | Renewal↑ better | Cross-sell %↑ better | Coll. gain↑ better | Rank pts |
|---|---|---|---|---|---|---|---|
| 1 | Smart Bonus | ₹16,290 Cr#3 | 20%#5 | ₹10,000 Cr#3 | 80%#2 | 10d#1 | 14 |
| 2 | Smart Platina | ₹18,000 Cr#2 | 24%#3 | ₹11,000 Cr#2 | 72%#5 | 9d#3 | 15 |
| 3 | Smart Wealth Plus | ₹34,000 Cr#1 | 14%#7 | ₹20,000 Cr#1 | 78%#3 | 8d#5 | 17 |
| 4 | Group & Credit-Life | ₹9,000 Cr#6 | 45%#2 | ₹4,200 Cr#5 | 82%#1 | 6d#7 | 21 |
| 4 | Retire Smart | ₹12,000 Cr#4 | 22%#4 | ₹4,000 Cr#6 | 68%#6 | 10d#1 | 21 |
| 6 | Smart Elite | ₹12,000 Cr#4 | 15%#6 | ₹6,000 Cr#4 | 74%#4 | 7d#6 | 24 |
| 7 | eShield Next | ₹5,500 Cr#7 | 55%#1 | ₹3,500 Cr#7 | 66%#7 | 9d#3 | 25 |
Higher VNB margin, GWP, renewal premium and cross-sell mix rank better; collection gain = days of premium-collection improvement since the family launched (more = better). Composite rank points are the sum of the five per-KPI ranks (lower = better).
Launch → current across VNB margin, collection days, modernization and cross-sell mix.
| Family / line | Since | GWP | Renewal | VNB margin | Coll. days | Modernized | Cross-sell % | Status |
|---|---|---|---|---|---|---|---|---|
| Group & Credit-Life | 2008 | ₹9,000 Cr | ₹4,200 Cr | 35% → 45% | 15→9d | 94% | 82% | Integrated |
| Smart Bonus (Par) | 2010 | ₹16,290 Cr | ₹10,000 Cr | 15% → 20% | 25→15d | 90% | 80% | Integrated |
| Retire Smart (Annuity) | 2015 | ₹12,000 Cr | ₹4,000 Cr | 14% → 22% | 24→14d | 82% | 68% | In progress |
| Smart Wealth Plus (ULIP) | 2016 | ₹34,000 Cr | ₹20,000 Cr | 10% → 14% | 20→12d | 92% | 78% | Integrated |
| Smart Platina (Non-Par) | 2018 | ₹18,000 Cr | ₹11,000 Cr | 16% → 24% | 22→13d | 86% | 72% | In progress |
| eShield Next (Protection) | 2019 | ₹5,500 Cr | ₹3,500 Cr | 40% → 55% | 21→12d | 84% | 66% | In progress |
| Smart Elite (ULIP) | 2020 | ₹12,000 Cr | ₹6,000 Cr | 9% → 15% | 18→11d | 88% | 74% | In progress |