Mumbai, May 16, 2025 – In a bid to bolster its retail business and offer an expanded suite of products and services to its customers, SBM Bank India has entered into a partnership with ICICI Prudential Life Insurance Company Ltd. This Strategic Bancassurance Alliance will enable the Bank’s customers to develop well rounded financial plans to achieve their financial goals.
SBM Bank India aims to be a comprehensive financial hub for its customers, offering a diverse suite of retail banking services, including savings and current accounts, term deposits, forex, remittance solutions, insurance, investments, cards, lending, and other financial products. These offerings cater to a wide range of clients, including SBM Private, Wealth, Digital, and Asset-focused customers. The Bank follows a two-pronged strategy—expanding its brick-and-mortar branch network, while leveraging digital banking channels to strengthen its market presence.
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.
Mr. Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance welcomed the collaboration, stating “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 include retail & NRI customers, corporates and institutions—we are enabling broader access to comprehensive financial protection across the country.”
“We are committed to delivering solutions that truly support customers through their life’s key milestones. This partnership enables us to offer financial protection and long-term value, empowering individuals and families to pursue their future goals with confidence, security and peace of mind.”
“Various technology solutions implemented have enabled us to provide a seamless and hassle-free buying process to customers. Besides, our claim settlement ratio of 99.3% in FY2025, with an average turnaround time of 1.2 days is the best in the industry.”
Commenting on the partnership, Mr. Nikhil Rajadhyaksha, Head – Retail Banking, SBM Bank India, 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. With insurance penetration in India at 3.7% in 2023-24, well below the global average of 7%[1], 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.”
