SBM Bank India Partners with ICICI Prudential Life Insurance for Bancassurance

New Delhi, May 19 (PTI) SBM Bank India and ICICI Prudential Life Insurance Company have entered into a bancassurance partnership to offer an array of life insurance products to the bank's customers.

This tie-up will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement, SBM Bank India said in a statement on Monday.

Nikhil Rajadhyaksha, Head – Retail Banking, SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion.


"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," Rajadhyaksha said.

SBM Bank India has 22 branches across the country, including its recently opened branch in Tivri, Naigaon, Maharashtra.

As on March 31, 2025, ICICI Prudential Life Insurance Company had an asset under management of Rs 3.09 lakh crore and a total in-force sum assured of Rs 39.43 lakh crore with over 9 crore lives covered.