Indian insurance company, SBI Life Insurance, on Friday, said it has signed a bancassurance agreement with, Sikkim-based bank, State Bank of Sikkim (SBS), this deal demonstrates SBI Life’s commitment to provide insurance solution available to the residence of Sikkim.
The aim of this partnership is to expand its services across the state with SBS and provide easy accessibility of insurance products. Additionally, it aim to provide solution to customers’ financial need under one roof.
The agreement was signed by Wangdi Bhutia, Managing Director of SBS and Jayant Pandey, Bengal region Director of SBI Life, in presence of other dignitaries.
Bancassurance is a financial services model where insurance products are sold through banks’ distribution channels. It combines banking and insurance services to offer customers insurance policies alongside traditional banking products, creating a one-stop financial solution.
Bhutia, Managing Director of SBS, said, “We, at the State Bank of Sikkim are honored to embark on this transformative journey with SBI Life, one of the leading private life insurers in the country. With SBI Life’s diverse range of insurance solutions and our extensive presence across the State, we are ready to address holistic financial needs of residents of Sikkim. This partnership signifies our dedication to ensuring a secure & prosperous future of our customers, we are thrilled to embark on this path of mutual growth & excellence.”
Mid this year, SBI Life signed bancassurance pact with Howrah-based Paschim Banga Gramin Bank, stated BFSI Economic Times.
