SBI Life Insurance Company Ltd.

The Insurance Regulatory Authority of India (IRDAI) has imposed a penalty of Rs 4 lakh on SBI Life Insurance for violation of regulatory norms. As directed under the respective charges, the penalty shall be remitted by the life insurer by debiting shareholders' account within a period of 45 days from the date of receipt of this order.

SBI Life Insurance Company is a joint venture between the State Bank of India and the French financial services heavyweight BNP Paribas Cardiff.