SBI Life Insurance on Monday said it has signed bancassurance agreement with Yes Bank to offer a comprehensive bouquet of life insurance solutions to the bank's customers across the country.
As part of the partnership, SBI Life's diverse range of individual and group insurance solutions will be offered to the customers of Yes Bank through the bank's branches spread across 28 states and 8 Union Territories in India.
SBI Life's extensive product portfolio coupled with the bank's digital capabilities and widespread presence will ensure easy accessibility of life insurance to the customers.
The agreement was signed by Rajan Pental, Global Head - Retail Banking, Yes Bank and AVS Sivaramakrishna, Regional Director-Mumbai region, SBI Life Insurance, in the presence of 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," Krishnamurthy said.
He said the life insurer is relentlessly moving towards strengthening its distribution channels by establishing strategic associations with banks, corporate agents, brokers, insurance marketing firms etc and will continue to make every effort in making insurance easily accessible to all.
"This partnership is a great opportunity for us to deepen our customer connects, 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," Pental said.