SBI Life Insurance has inked a bancassurance pact with private lender Yes Bank in a bid to offer a comprehensive collection of life insurance solutions to the lender’s customers around the country.
As part of the alliance, SBI Life’s wide range of individual and group insurance offerings would be provided to the customers of Yes Bank via bank’s branches spread across 28 states and 8 Union Territories in India.
The agreement was inked by Rajan Pental, Global Head – Retail Banking, Yes Bank and AVS Sivaramakrishna, Regional Director-Mumbai region, SBI Life Insurance, along with Mahesh Kumar Sharma, MD & CEO, SBI Life, and Ravi Krishnamurthy, President-Zone 1, SBI Life, among others.
“With this partnership with Yes Bank, we aim to provide financial security for consumers and further reduce the protection gap in India. We are extremely delighted to embark on this journey together and look forward to the alliance for opening up new avenues of growth,” said Krishnamurthy.
He further added that life insurer is expanding its services in a bid to strengthen its distribution channels by setting up strategic alliances with banks, corporate agents, brokers, insurance marketing firms, etc and will keep making efforts for taking insurance services to all.
“This partnership is a great opportunity for us to deepen our customer connections, empowering them to stay in control while fulfilling their evolving insurance needs. The combined synergies of SBI Life’s innovative product suite, industry expertise, and Yes Bank’s strong customer connect, will immensely benefit the customers,” said Pental.