SBI Life, Sundaram Finance team up

Mumbai: SBI Life has signed a memorandum of understanding with the Chennai-based Sundaram Finance Ltd for marketing insurance products.

Says SBI Life MD and CEO R Krishnamurthy This is the first corporate agency arrangement for SBI Life. Sundaram Finance will distribute our products on an exclusive basis, while SBI Life will develop tailor-made products for customers of the various group concerns of Sundaram Finance.

SBI Life will look for more such corporate agency tie-ups with reputed and reliable companies. Krishnamurthy says such tie-ups are essential to supplement bancassurance, once the legislations are in place.

Says Sundaram Finance MD G K Raman: The tie-up with SBI Life will enable the company to offer customers life insurance products, in addition to its prevailing suite of products.

Besides a strong presence in retail financial services, Sundaram Finance has a customer-base of nearly half a million. With an asset base of Rs 2,000 crore, the company is primarily engaged in hire purchase of trucks and other automobiles. Its 110 branches will also be used to sell products of SBI Life.