SBM Bank India has signed a Bancassurance alliance with ICICI Prudential Life Insurance Company as it hopes to expand its products.

Through partnership, the bank aims to provide customers with a range of planned products to support their financial goals.

These products include cards, forex, insurance, investment, loans, remittance solutions, savings and current accounts, time deposits and other financial products, which can meet a variety of client areas such as SBM's private, wealth, digital and asset-centric clients.

SBM Bank India fits into its “two-pronged strategy”, while expanding its physical branch network while enhancing its digital banking capabilities to increase its market footprint.

Currently, the bank has 22 branches across the country.

The partnership will enable banks to provide solutions ranging from term insurance and long-term savings to wealth-creating products and retirement income plans.

Amit Palta, Chief Product and Distribution Officer of ICICI, said: “We are happy to work with SBM Bank India and believe this is a step towards making customers easy access to life insurance solutions. In addition, it makes us the most customer and distributor of life insurance company in the country.

“By combining our innovative, future insurance solutions with a diverse customer base including retail and NRI customers, businesses and institutions, we are making comprehensive financial protections wider across the country.”

Nikhil Rajadhyaksha, head of retail banking at SBM Bank India, said: “Through this strategic partnership, we are committed to expanding financial security and providing a suite of insurance solutions tailored to the needs of evolving customers.

“By combining the innovative portfolio and digital expertise of ICIC’s prudent life insurance with SBM Bank’s vision to become a financial supermarket, we aim to provide seamless, customer-centric solutions to enhance financial status and provide greater financial protection for individuals.”

ICICI Prudential Life Insurance has been providing protection and savings products since its start of operations in the 2001 fiscal year. It also launched the ICICI PRU Stack, a platform that leverages digital tools and analytics.

The “SBM Bank Indian Seal Bancassurance Agreement with ICICI Prudential” was originally created and published by GlobalData-owned brand International International.

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