SBI Life, Allahabad Bank sign bancassurance pact

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Kolkata: Allahabad bank and SBI Life Insurance came together and signed a Bancassurance pact to offer a holistic financial planning solution to consumers.

The Bancassurance partnership will see 3,238 branches of Allahabad bank across the country offer SBI Life’s range of protection, wealth creation and savings products to its customers. This will empower the consumer to address their complete financial needs under one roof.

The agreement was signed in the presence of CH.S.S Mallikarjuna Rao, MD & CEO, Allahabad Bank and Sanjeev Nautiyal, MD & CEO, SBI Life.

Commenting on the significance of the tie-up, Rao stressed about bank’s objective of offering wider choices of life insurance products to the customers under one roof and also augmenting on the non-interest income of the bank.

“Our success in leveraging our banca channel to add value for consumers gives us a reason to be thrilled about the opportunities that our partnership with Allahabad bank presents. Consumers will now have direct access to SBI Life’s range of protection, wealth creation and savings products, providing a holistic financial planning solution,” Nautiyal said.

He further added, “We believe strengthening our distribution network will go a long way in making insurance more accessible to the general public and our partnership with Allahabad bank is a step in that direction”.

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