SBI Life Insurance’s bancassurance sales rose at a compounded annual growth rate (CAGR) of 46.7% from Rs 1,944 crores in FY2015 to Rs 4,185 crores in FY2017, as compared with a CAGR of 27.2% for private life insurers in India during the same period. It helped the company become the second-largest private insurer in new business premium with a market share of 20.6%.
The bank has signed on two new partners — Punjab and Sind Bank with 1,500 branches, primarily in north India, and South Indian Bank with 850 branches, primarily in south India.
“Besides bancassurance partnership, we are also providing cover to customers of other banks by selling them group insurance policies. These are largely in the form of protection for home loan customers,” said Basu. The contribution of bancassurance has been steadily rising from 47.8% in FY15 to 53% in FY17.
