SBI Life Insurance, Indian Bank ink Bancassurance pact

Our Bureau | | Updated on: Aug 07, 2019

Over 2,800 branches of Indian Bank will offer insurance products

SBI Life Insurance and Chennai-headquartered Indian Bank have entered into a bancassurance pact to offer holistic financial planning solutions to the latter’s customers. The partnership will see over 2,851 branches of Indian Bank spread across the country offer SBI Life’s diverse range of individual and group insurance solutions.

SBI Life will work with Indian Bank to ensure sales training, product support and smooth operational processes in order to offer life insurance policies to its customers.

Indian Bank’s customers will have access to an array of life insurance products from SBI Life catering to varied life stage needs of the customer. With Indian Bank’s widespread presence and SBI Life’s extensive product portfolio, this partnership will ensure easier accessibility of life insurance to consumers.

Commenting on the partnership, Padmaja Chunduru, MD & CEO, Indian Bank said, “This tie-up with a reputed player will add to the bouquet of products to the valued customers of the Bank”. Sanjeev Nautiyal, MD & CEO, SBI Life Insurance said that Bancassurance as a channel has been a strong differentiator for the life insurer and it continues to explore more opportunities through partnerships with credible organisations.

“We are excited and thrilled, in equal measure, to partner with Indian Bank that enjoys a rich history in serving customers over a long period of time. The tie-up, besides bolstering SBI Life’s presence, will also help provide more holistic financial planning solution to the bank’s customers. We are confident that the partnership will further empower us in making insurance reachable to more consumers across the county ”, he said.

The bancassurance agreement was signed in the presence of Padmaja Chunduru and Sanjeev Nautiyal. It comes on the heels of a similar agreement between Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Ltd (ABCL), and Indian Bank.

Published on August 07, 2019
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