Bharti AXA Life Insurance has entered into a bancassurance partnership with SBM Bank (India) Limited (SBM Bank India). Through this partnership, Bharti AXA Life Insurance will offer its entire suite of life insurance products, including protection, health, savings and investment plans, to the customers of SBM Private Wealth, the retail banking arm of SBM Bank India.
- It will benefit the people in the following cities-Mumbai, New Delhi, Chennai, Bengaluru, Hyderabad and Ramachandrapuram.
Benefits of this collaboration:
i.Through this alliance the customers of SBM Bank India will be empowered with protection and comprehensive financial planning solutions from the product portfolio of Bharti AXA Life Insurance.
ii.It will further boost the bancassurance channel of Bharti AXA Life Insurance as a key distribution and growth opportunity.
The partnerships with banks will help Bharti AXA Life Insurance achieve its long-term growth aspirations and continue to explore more such opportunities with trustworthy organizations to make life insurance more accessible to many people and increase insurance penetration in the country.
What is Bancassurance?
Bancassurance is an arrangement between a bank and an insurance company, allowing the insurance company to sell its products to the bank’s client base.
Recent Related News:
i.Karur Vysya Bank (KVB), a Scheduled Commercial Bank in India has joined hands with Star Health and Allied Insurance Co Ltd for bancassurance.
ii.UCO Bank signs a ‘bancassurance’ pact with SBI Life Insurance to provide insurance solutions to the customers of UCO bank at its 3,086 branches spread across the country.
About SBM Bank India
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Sidharth Rath
About Bharti AXA Life Insurance
HeadOffice- Mumbai, Maharashtra
MD & CEO– Parag Raja