Allahabad Bank, SBI Life join hand for bancassurance partnership

State-owned Allahabad Bank has tied up with SBI Life Insurance to sell the policies of the insurer from over 3,200 branches.

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 Allahabad Bank across the country offer SBI Life's range of protection, wealth creation and savings products to its customers, it said.

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.

Rao said Allahabad Bank's objective is to offer wider choices of life insurance products to the customers under one roof and also augmenting on non-interest income of the bank.

"Consumers will now have a direct access to SBI Life's range of protection, wealth creation and savings products, providing a holistic financial planning solution," said Nautiyal.