SBM Bank India has signed a bancassurance alliance with ICICI Prudential Life Insurance Company, as it looks to broaden its offerings.  

Through the tie-up, the bank aims to provide its customers with a range of planning products to support their financial objectives. 

These products include cards, foreign exchange, insurance, investments, lending, remittance solutions, savings and current accounts, term deposits and other financial products, catering to various customer segments such as SBM private, wealth, digital and asset-focused clients. 

In line with its “two-pronged strategy”, SBM Bank India is extending its physical branch network while simultaneously enhancing its digital banking capabilities to increase its market footprint.  

Currently, the bank has 22 branches throughout the country. 

The collaboration will enable the bank to offer solutions ranging from term insurance and long-term savings to wealth creation products and retirement income planning. 

ICICI Prudential Life Insurance chief product and distribution officer Amit Palta stated: “We are happy to partner with SBM Bank India and believe it is a step towards our goal of making life insurance solutions easily accessible to customers. Also, it fortifies our position as being the most customer and distributor-friendly life insurer in the country.  

“By combining our innovative, future-ready insurance solutions with SBM Bank’s diverse customer base that includes retail and NRI customers, corporates and institutions – we are enabling broader access to comprehensive financial protection across the country.”  

SBM Bank India retail banking head Nikhil Rajadhyaksha said: “Through this strategic partnership, we are committed to expanding financial security and offering a comprehensive suite of insurance solutions tailored to evolving customer needs.  

“By combining ICICI Prudential Life Insurance’s innovative product portfolio and digital expertise with SBM Bank’s vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection.” 

Since starting operations in fiscal year 2001, ICICI Prudential Life Insurance has been offering protection and savings products. It also launched ICICI Pru Stack, a platform that leverages digital tools and analytics.