Insurance Space

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.

More credit card bills get loan lifeline.

Banks start monitoring customers who have not been consistent with their payments. “We have an idea about customers’ spending patterns through the transaction monitoring alert system. If a customer spends an average of Rs 8,000 on his credit card every month and suddenly we witness a transaction of Rs 50,000 billed in his name, we call the customer. We inform the customer that he/she has an option to convert it into EMIs, which could weigh lesser on his pocket,” said ICICI Bank head, cards group, Sachin Khandelwal.

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Tags: Life insurance