On 21st September 2020, SBI Life Insurance signed a bancassurance agreement with YES Bank to provide a range of insurance solutions to the customers of YES Bank across the nation.
Rajan Pental, Global Head of Retail Banking of Yes Bank and AVS Sivaramakrishna, Regional Director-Mumbai region of SBI Life Insurance signed the bancassurance agreement in the presence of Mahesh Kumar Sharma, MD & CEO of SBI Life Insurance and Ravi Krishnamurthy President-Zone 1, SBI Life and other dignitaries.
Objective:
YES Bank aims to provide financial security to its customers and reduce the protection gap in india.
Features of the agreement:
i.Under this pact the assorted range of individual and group insurance solutions of SBI life Insurance will be offered to the customers of YES bank through its branches across India.
ii.The product portfolio of the SBI life integrated with the digital capabilities and widespread coverage of the YES bank will ensure the accessibility of life insurance to its customers.
Key Points:
i.SBI life is working toward strengthening its distribution channels through its strategic association with banks, corporate agents etc.
ii.This integration of the innovative products and expertise of SBI life and the customer network of YES Bank will benefit the customers.
Recent Related News:
i.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.
ii.On July 6, 2020, Karur Vysya Bank (KVB), a Scheduled Commercial Bank in India has joined hands with Star Health and Allied Insurance Co Ltd for bancassurance (selling of life assurance and other insurance products and services by bank).
About SBI Life Insurance:
MD & CEO– Mahesh Kumar Sharma
Headquarters– Mumbai, Maharashtra
About YES Bank:
MD & CEO– Prashant Kumar
Headquarters– Mumbai, Maharashtra
