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Syndicate Bank and SBI Life Insurance sign a bancassurance pact, to make insurance more accessible to consumers in India

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Bangalore, January 02, 2019: Syndicate Bank, one of India’s oldest and major commercial
banks, and SBI Life Insurance, one of the largest private life insurers in India, signed a
bancassurance pact to offer a comprehensive financial planning solution to its customers.
Ensuring greater reach and penetration, the partnership will see over 3000 branches of
Syndicate Bank spread across the country offer SBI Life’s diverse range of protection, wealth
creation and savings insurance products to its customers. With Syndicate Bank’s extensive
presence in rural and semi-urban areas and SBI Life’s extensive product portfolio, this
partnership will not only ensure easy accessibility of insurance products but will also empower
the customers to address their complete financial needs under one roof.
The agreement was signed in the presence of Shri Mrutyunjay Mahapatra, MD & CEO,
Syndicate Bank and Shri Sanjeev Nautiyal, MD & CEO, SBI Life.
Commenting on the significance of the milestone tie-up, Shri Mrutyunjay Mahapatra, MD &
CEO, Syndicate Bank said, “Very excited about the unlimited potential of this partnership.
Increasing life insurance penetration has been a strategy focus of Syndicate bank and we are
starting with a pilot 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.”
Speaking about the partnership, Shri Sanjeev Nautiyal, MD & CEO, SBI Life Insurance 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. The tie-up
besides strengthening SBI Life’s presence will also facilitate access to insurance solutions for a
wider section of the population.””
“We are strengthening our distribution network with a larger goal of making insurance more
accessible to the general public and our association with Syndicate Bank a step in that
direction.” added Shri Nautiyal.

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