On Monday, SBI Life Insurance said that it had signed a bancassurance agreement with Yes Bank to offer life insurance solutions to Yes bank’s customers in India.

As a part of the partnership, SBI Life Insurance would diversify into a range of individuals and groups’ insurance solutions, and it would be offered to Yes Bank’s customers through its branches spreading across 28 states and 8 Union Territories in India. SBI Life’s extensive product portfolio coupled with Yes Bank’s digital capabilities and widespread presence will ensure easy accessibility of insurance solutions to the bank’s customers.

The agreement was signed by the Senior Group President & Global Head – Retail Banking at Yes Bank, Rajan Pental and AVS Sivaramakrishna, Regional Director-Mumbai region, SBI Life Insurance, in the presence of MD & CEO of SBI Life, Mahesh Kumar Sharma and Ravi Krishnamurthy, President-Zone 1 of SBI Life, and among others.

Ravi Krishnamurthy said, “With this partnership with Yes Bank, we aim to provide financial security for consumers and further reduce the protection gap in India.” He said that life insurer is establishing its strategic associations with banks, brokers, corporate agents, insurance marketing firms and others for strengthening its distribution channels and for making easy access to insurance policies for all.