Explanation:

- Option 1: United India Insurance Company Limited

- It is a public sector insurance company.

- Owned by the Government of India.

- Option 2: The New India Assurance Company Limited

- Another public sector insurer.

- Founded in 1919 and owned by the government.

- Option 3: SBI Life Insurance

- This is a joint venture between State Bank of India and BNP Paribas Cardif.

- Not fully owned by the government, thus not a public sector company.

- Option 4: General Insurance Corporation of India

- India's sole reinsurer until recently.

- A public sector entity owned by the government.

Answer: Option 3 - SBI Life Insurance