SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, plans to foray into the West Asian market by the next financial year. The move is aimed at tapping the Indian diaspora in the region.
The insurance company is in talks with local partners for distributing its products. However, the exact model of operation is yet to be worked out.
In an interaction with Business Standard, SBI Life Insurance MD and CEO U S Roy said, “We are planning to foray into the West Asian market to tap the Indian expatriates. The exact model is yet to be worked out for distribution. However, we are working out the modalities and very soon an announcement will be made in this regard.”
On the domestic front, the company is planning to launch its Dhanraksha Policy on a pilot basis in Punjab on August 25, which would be later replicated to other parts of the country. The policy protects customers to the extent of their loan liabilities.
