Sbi Life Ropes In Sundaram Fin As Agent

SBI Life Insurance Company has signed up Sundaram Finance Ltd as its first corporate agent to sell life insurance products.

The insurance company signed a memorandum of understanding with the non-banking finance company (NBFC) today in this regard.

SBI Life will develop products tailor-made for customers of various group concerns of Sundaram Finance, and will arrange training of the employees of the NBFC as per the Insurance Regulatory and Development Authority (Irda) regulations.

Despite having the backing of State Bank of India, SBI Life has been unable to take advantage of the branch network for want of necessary amendments in the Insurance Act, 1938.

 

The proposed legislative amendments to the Act for bancassurance, however, suggest that the entire board of directors need not undergo the stipulated 100-hour training.

This is provided that the designated officer looking after bancassurance goes through the training process, said Irda member Harbhajan Singh at launch of SBI Life