Bharti Axa Life Insurance on Tuesday announced its bancassurance partnership with SBM Bank India, one of the youngest new-age banks in the country, for distribution of life insurance products.
Bharti Axa will offer a suite of life insurance products including protection, health, savings and investment plans to customers of SBM Private Wealth, the retail banking arm of SBM Bank India.
SBM Bank India has a presence in six cities and serves its customers through direct and collaborative networks. The collaboration will offer different life insurance products to customers in Mumbai, New Delhi, Chennai, Bengaluru, Hyderabad and Ramachandrapuram.
"We believe partnerships with banks will help us achieve long-term growth aspirations and will continue to explore more such opportunities with trustworthy orgsations for making life insurance reachable to more and more people and increasing insurance penetration in the country," said Parag Raja, Managing Director and Chief Executive Officer of Bharti Axa Life Insurance.
Neeraj Sinha, head of retail and consumer banking at SBM Bank India, said the collaboration will be another step towards building a customer-first bank that offers diverse solutions all under one roof.
( With inputs from ANI )