Syndicate Bank, SBI Life Insurance inks a bancassurance pact

Syndicate Bank and SBI Life Insurance Wednesday announced that they have signed a bancassurance pact to offer a comprehensive financial planning solution to its customers. The agreement was signed in the presence of Syndicate Bank Managing Director and Chief Executive Officer Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal, a bank release said.

The two banks said they were hopeful of ensuring greater reach and penetration in the market with 3,000 branches of Syndicate Bank spread across the country offering SBI Life's diverse range of protection, wealth creation and savings insurance products to its customers.

"Increasing life insurance penetration has been a strategic focus of Syndicate bank and we are starting with a pilot project in three districts. Riding on the proven delivery and technology capabilities of our partner SBI Life Insurance, we hope to achieve this aspiration very soon," Mahapatra said. Speaking about the partnership, Nautiyal said: "SBI Life's large and growing bancassurance channel is a strong differentiator and we are extremely thrilled at the opportunities that our partnership with Syndicate Bank presents."