SBM Bank India Partners with ICICI Prudential for Enhanced Insurance Solutions

SBM Bank India has partnered with ICICI Prudential Life Insurance Company to introduce a comprehensive range of life insurance products. Announced on Monday, this bancassurance agreement enables the bank to offer diverse solutions, from term insurance to wealth creation products.

Nikhil Rajadhyaksha, Head of Retail Banking at SBM Bank India, highlighted the significant opportunity for market growth given India's current insurance penetration of 3.7%, well below the global average.

As of March 31, 2025, ICICI Prudential Life Insurance managed assets worth Rs 3.09 lakh crore and boasted a total in-force sum assured of Rs 39.43 lakh crore, covering over 9 crore lives.

(With inputs from agencies.)