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SBM Bank India Joins Hands with ICICI Prudential Life to Boost Retail Financial Services Reach.

Banking & Finance | Dated: 25 May 2025

In May 2025, Mumbai-based SBM Bank India, a wholly owned subsidiary of the State Bank of Mauritius (SBM), announced a strategic bancassurance partnership with ICICI Prudential Life Insurance Company Limited—also headquartered in Mumbai.

🎯 Key Highlights:

  • - ICICI Prudential is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
  • - This alliance marks a significant step in SBM Bank India’s journey to evolve into a "financial supermarket" by offering a comprehensive suite of retail financial products.

💡 Other Important Facts:

  • (i) The collaboration will allow ICICI Prudential Life Insurance to offer its comprehensive range of insurance products, including term insurance plans, long-term savings solutions, and retirement planning options, to SBM Bank India’s diverse customer base such as Retail, Wealth, Private Banking, Digital, Asset-focused, and Non-Resident Indian (NRI) clients.
  • (ii) Aiming to deliver a seamless and efficient customer experience, the partnership is underpinned by advanced technology integration. It also builds on ICICI Prudential’s strong performance metrics, including a 99.3% claim settlement ratio in FY2024-25 and an average claim processing turnaround of just 1.2 days.
  • (iii) India’s insurance penetration remains at 3.7% in FY24, significantly below the global average of 7%, indicating vast untapped potential in the sector.

📚 Test Your Knowledge:

Recently, which bank partnered with ICICI Prudential Life Insurance to expand its retail financial services portfolio?

Correct Answer: SBM Bank India

🚀 Quick Recap: