Allahabad Bank SBI Life Insurance came together and signed a Bancassurance pact, to offer a holistic financial planning solution to consumers. One of the largest Bancassurance partnerships, it will see 3,238 branches of Allahabad Bank offer SBI Life’s range of protection, wealth creation and savings products to customers. This will empower the consumer to address their complete financial needs under one roof.
The agreement was signed in the presence of SS Mallikarjuna Rao, managing director and CEO, Allahabad Bank and Sanjeev Nautiyal, MD & CEO, SBI Life. Commenting on the significance of the landmark 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 non-interest income of the bank. Speaking about the partnership, Nautiyal, said, “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 a direct access to SBI Life’s range of products providing a holistic financial planning solution”. 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.”