SBI Life Insurance & Indian Bank Ink Bancassurance Pact

SBI Life Insurance with the state-owned Indian Bank has tied up to enter into a Bancassurance pact with one another. This will enable them to offer solutions to financial plannings that are holistic to the customers of the Indian Bank. SBI Life is a leading private life insurance company in India.

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What Is A Bancassurance?

A Bancassurance is a simple concept. It is an arrangement between an insurance company and a bank, wherein, the insurance company sells its policies to the bank customers. This is a win-win situation for both institutions. The bank increases its revenue by selling these insurance products to its clients; the insurance company expands its customer base extensively. They do not even have to spend money to increase their workforce as the bank employees will be given the required training.

Let’s take a look at some of the positive points from such a mutual agreement;

  • The customers get a convenient service. They get a one-stop institution for most of their financial needs.
  • The bank and the insurance company both extensively increase their client bases and also their revenue.

What Does the Bancassurance Agreement between SBI Life and Indian Bank Entail?

The partnership between the two will see a vast extensive evolution in the insurance services. The tie-up will see SBI Life Insurance’s services offered to people across the country through the branches of Indian Bank, which are over an astonishing number 2,851. In turn, SBI Life will provide the workforce of the Indian Bank with sales training, product support, and operational training for smooth processing. This will enable them to provide all the life insurance policy services to their customers.

Padmaja Chunduru, MD and CEO of Indian Bank, and Sanjeev Nautiyal, MD and CEO of SBI Life were both present at the time of signing the agreement.  

Chunduru was delighted with the collaboration between the two institutions and said that it will add a host of new products to the bank’s repertoire for the customers to make use of.

Nautiyal too expressed his excitement and thrill at the new prospect. He was glad that SBI Life was able to partner up with Indian Bank as it is one of the most stable and oldest financial institutions in the country. He also expressed his hope to reach a more expansive customer base through this partnership, making insurance available to everyone in the country.

SBI Life’s Most Popular Policies

SBI Life Insurance is one of the most popular insurance companies in the country. It is set to get even more popular than it has virtually expanded its reach multiple times over with this Bancassurance pact with Indian Bank. SBI Life offers insurance plans to people aged between 18 to 65 years, and also offers customized plans be it a salaried, non-salaried, self-employed or business person. They have one of the best reputations in the insurance industry and have a high claim settlement ratio.

You may be delighted with this news and are raring to go and have a look at the policies they offer. Well, let’s give you a glimpse at some of their most popular insurance policies.

Smart Humsafar Plan

The Smart Humsafar plan is a plan for married couples to ensure their protection and future planning for prosperity. It offers insurance cover for both, husband and wife, while also giving them the benefit of savings. The minimum policy term is 10 years, with a basic amount of Rs. 1, 00,000 assured.

Smart Power Plan

This is a simple insurance plan with a low premium that caters to the changing needs of the client. The policy terms offered in this are 10 years, 15 years, and 30 years. The minimum age for eligibility is 18 years and maximum age is 45 years. The maximum age of maturity is 65 years.

Smart Money Planner

The Smart Money Planner is an endowment policy with a money-back facility. It provides the maximum benefits for the client and his/her loved ones in the form of savings, insurance cover, and income. There are four different options to choose from under this policy, all with different premiums, payment methods, and tenures. Under this policy, SBI Life pays a fixed amount of money to the client annually throughout the benefit period. A guaranteed sum is paid along with additional bonuses in case of the death of the insured or on the maturity of the policy.

Saral Sanchay

This is a non-linked endowment plan that comes with life insurance cover and benefits of savings. It enables the insured to achieve his/her financial goals of the future by saving up for him/her. It offers a guaranteed rate of interest of 1% per annum throughout the policy term. It also offers the option of partial withdrawal and benefits on the death of the insured person or maturity of the policy.

Summing It Up

So now that you know some of the suitable insurance policies provided by SBI Life, you can keep them in mind and go to the nearest Indian Bank branch. You do not have to go too far away searching for a good agent selling the insurance policies anymore!

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