SBI Life’s CSR policy and governance are aligned with the Companies Act, 2013, and the United Nations’ Sustainable Development Goals, with a focus on education, healthcare, and rural development.
Introduction
SBI Life Insurance Company Limited is one of India’s leading life insurance companies, catering to individuals as well as group customers through protection, pension, savings, wealth creation, and health solutions. The company is committed to enhancing digital experiences for its customers, distributors, and employees alike. Moreover, it is also dedicated to monitoring the impact on the environment and the community through its CSR activities.
CSR Policy
SBI Life has developed its Corporate Social Responsibility Policy in consonance with the Companies Act, 2013, to understand and enhance its impact on the environment and the society in which it operates, and to take initiatives accordingly. The objectives of the CSR policy are to contribute to the social cause of society, to project the humane face of the Company, and to develop a better image of the Company as a responsible corporate citizen. The policy also aims to create a social orientation amongst the employees of the Company as a conscious organizational policy.
CSR Spending Trend
| Fiscal Year | CSR Spend (in Rs Cr) |
|---|---|
| FY18 | 26.25 |
| FY19 | 26.72 |
| FY20 | 22.17 |
| FY21 | 18.96 |
| FY22 | 15.35 |
CSR Governance
The company has a Board CSR committee (CSRC) and a sub-committee responsible for overseeing the CSR programme, ensuring its compliance, and reporting to the Board on a timely basis. The CSR Sub-Committee leads the company to identify CSR activity areas to be undertaken during the year, as per the Company’s CSR policy and place the same in the CSRC meeting for discussion.
Focus Areas
The company focuses primarily on good governance and applies the highest ethical practices to achieve its strategy goals responsibly and is accountable to its stakeholders. SBI Life Insurance Company Limited has identified key focus areas such as education, healthcare, and rural development. The company has partnered in community development and supported various government schemes to tackle pressing issues in local communities through various CSR activities and initiatives.
CSR Spend
The company spent Rs. 26.73 Cr or approximately 2% of the average net profit of the last three years towards CSR activities in FY 2021-22. The CSR efforts of the company have been focused majorly on providing education to economically disadvantaged children, supporting preventive healthcare and wellness, rural development, and environmental upgrade.
Conclusion
The company continues to remain focused on improving the quality of life and serving communities through CSR. The Company through its CSR activities intends to ameliorate conditions of the people from the underprivileged sections of society by facilitating them with education, adequate health care services and contributing towards making their lives better. The thematic areas for CSR are Education & Healthcare, with focus on women, children, and marginalized sections of society.
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