Leading private insurer SBI Life Insurance on Monday said it has signed a 'bancassurance' pact, with state-run Allahabad Bank to offer a financial planning solution to consumers. Allahabad Bank and SBI Life Insurance came together and signed a bancassurance pact, to offer a holistic financial planning solution to consumers, SBI Life said in a release. The tie-up, one of the largest bancassurance partnerships in the country will see 3,238 branches of the bank across the country offering the insurer's a range of protection, wealth creation and savings products to its customers. This will empower the consumer to address their complete financial needs under one roof. The agreement was signed in the presence of Allahabad Bank Managing Director (MD) and Chief Executive Officer (CEO) Mallikarjuna Rao and SBI Life MD & CEO Sanjeev Nautiyal. The public sector bank's MD and CEO Mallikarjuna Rao highlighted the bank's objective of offering wider choices of life insurance products to the customers and also augmenting non-interest income of the bank. "Consumers will now have a direct access to our range of products, providing a holistic financial planning solution. We believe strengthening our distribution network will go a long way in making insurance more accessible to the general public and our partnership with the bank is a step in that direction" the insurer's MD and CEO Sanjeev Nautiyal added.
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