Sbi Life Insurance Bancassurance Agreement
As part of the alliance, SBI Life would provide a wide range of individual and group insurance to Yes Bank customers through banking agencies in 28 states and 8 Union Territories in India. SBI Life Insurance said on Monday it had signed a bancassurance contract with Yes Bank to offer the bank`s customers across the country a full package of life insurance solutions. Padmaja Chunduru, MD – CEO of Indian Bank, commented on the partnership as the Indian Bank: „This link with a prestigious player will add the bank`s valued customers to the product package.” Sanjeev Nautiyal, MD – CEO, SBI Life Insurance, said that Bancassurance as a channel was a powerful tool for the life insurer and continued to explore more opportunities through partnerships with credible organizations. SBI Life will work with Indian Bank to provide distribution training, product support and smooth operation to provide life insurance to its customers. As part of the partnership, SBI Life offers YES BANK customers a wide range of individual and group insurance solutions through the bank`s branches in 28 states and 8 Union Territories in India. SBI Life`s extensive product portfolio, combined with the bank`s digital capabilities and widespread presence, will ensure easy access to life insurance for customers. Chennai-based SBI Life Insurance and Indian Bank have entered into a bancassurance pact to provide their clients with comprehensive financial planning solutions. The partnership includes more than 2,851 Indian Bank branches across the country with a diverse range of individual and group insurance solutions from SBI Life. „This partnership is a great opportunity for us to deepen our relationships with customers and allow them to maintain control while meeting their evolving insurance needs. The combined synergies of SBI Life`s innovative product suite, industry expertise and The strong loyalty of Yes Bank will greatly benefit customers,” said Mr. Pental.
Ravi Krishnamurthy, President of Zone I, SBI Life Insurance, commented on the link: „At SBI Life, we are constantly looking for ecosystem development that allows us to expand our scope and offer holistic insurance solutions to a wider population across the country. With this partnership with YES BANK, we want to provide financial security to consumers and further reduce the lack of protection in India. He stated that the life insurer was relentlessly strengthening its distribution channels by creating strategic links with banks, business representatives, brokers, insurance marketing companies, etc., and that it would continue to do everything in its power to make insurance accessible to all.