Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, announced its bancassurance partnership with SBM Bank India, one of the youngest new age banks in the country, for distribution of life insurance products through latter’s network.
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Under this agreement, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, health, savings and investment plans, to the esteemed customers of SBM Private Wealth, the retail banking arm of SBM Bank India that aims to provide a powerfully exclusive gateway to finest opportunities and privileges.
Commenting on the strategic alliance, Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, ‘‘We are pleased to partner with SBM Bank India and confident that this alliance shall empower the bank’s customers with protection and holistic financial planning solutions from our comprehensive product portfolio and further boost our bancassurance channel as a key distribution and growth opportunity. We believe partnerships with banks will help us achieve long-term growth aspirations and will continue to explore more such opportunities with trustworthy organisations for making life insurance reachable to more and more people and increasing insurance penetration in the country.’’
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SBM Bank India has presence in six cities and serves its customers through direct and collaborative networks. The collaboration would offer different life insurance products to SBM Bank’s customers in Mumbai, New Delhi, Chennai, Bengaluru, Hyderabad and Ramachandrapuram.
Commenting on the collaboration, Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India, said, ‘‘Being a new age bank, we believe in offering a personalized, safe, reliable and holistic banking experience to our customers including our clients at SBM Private Wealth. This entails catering to the needs of our customers beyond traditional banking – including investments and insurance. In doing so, we always believe in collaborating with the leading solutions providers. This collaboration will be another step towards building a customer-first bank that offers diverse solutions all under one roof.”
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