SBI General Insurance enters into bancassurance tie-up with IDFC FIRST Bank

CHENNAI: SBI General Insurance, one of the leading general insurance companies in India, has signed a corporate agency agreement with IDFC FIRST Bank for distribution of non-life insurance solutions.

Under this strategic agreement, SBI General Insurance will offer insurance products such as health, personal accident, home, motor and travel along with the commercial line of insurance products such as property, marine and engineering insurance to the bank’s customers.

Amar Joshi, head of emerging business lines, SBI General Insurance, said, “We are happy to further strengthen our distribution network through this partnership and look forward to achieve new milestones. This will help us extend our range of products to a larger customer base. Our overall aim continues to remain the same; i.e., to enhance insurance penetration in the country by ensuring access to all.”

Amit Kumar, head of retail liabilities, IDFC FIRST Bank, said, “We are pleased to associate with SBI General Insurance and bring more value-added products and services to our customers. The expansion of our non-life insurance portfolio could not have come at a better time as it provides our customers both health and wealth protection and complements our existing wealth management offering.”