State Bank of Sikkim & SBI Life Insurance to offer insurance solutions to Sikkim residents

By Gloria Mathias

SBI Life Insurance, a private life insurer in India, signed a bancassurance pact with the State Bank of Sikkim (SBS) at the bank’s headquarters in Gangtok, Sikkim.

The agreement highlights SBI Life’s commitment to make insurance solutions accessible to the residents of Sikkim, through its trusted bancassurance partner.

Ensuring greater reach and penetration, the partnership will see an extensive distribution network of the State Bank of Sikkim spread across the state to offer SBI Life’s diverse range of protection, wealth creation and savings insurance products to its customers.

Speaking about the bancassurance partnership, P. Wangdi Bhutia, Managing Director, State Bank of Sikkim, said, “We, at the State Bank of Sikkim, are honoured to embark on this transformative journey with SBI Life, one of the leading private life insurers in the country. With SBI Life’s diverse range of insurance solutions and our extensive presence across the State, we are ready to address the holistic financial needs of residents of Sikkim. This partnership signifies our dedication to ensuring a secure & prosperous future for our customers, we are thrilled to embark on this path of mutual growth & excellence.”

G Durgadas – President-Zone 3, SBI Life Insurance, said, “We are delighted to partner with the State Bank of Sikkim under the Corporate Agency tie-up. This collaboration marks a significant step forward in our mission to liberate individuals through life insurance and financial planning solutions. State Bank of Sikkim, with its deep-rooted presence and understanding of the local market, serves as a meaningful trustworthy partner for us to reach and serve the residents of Sikkim with our wide range of insurance solutions.”

He further added, “We look forward to strengthening the financial future of the bank’s customers with our products and tech-enabled services. We are confident that this partnership will enable us to further expand the insurance market. Together, we strive to enhance financial inclusion and security in the region.”