Jammu and Kashmir Bank has partnered with SBI Life Insurance to distribute a wider range of life and health insurance products across its extensive branch network, enhancing financial inclusion in the region.
Jammu and Kashmir Bank has broadened its insurance distribution business through a new corporate agency partnership with SBI Life Insurance, giving customers access to a wider range of life cover through the lender’s branch network of more than 1,000 locations.
The arrangement will allow the bank to offer SBI Life products across protection, savings, retirement and child insurance, with the aim of improving access in Jammu and Kashmir, Ladakh and other areas where the bank has a presence. SBI Life’s existing product range also includes health and corporate offerings, underscoring the breadth of the insurer’s portfolio.
The agreement was signed by Budhaditya Banerjee, regional manager for institutional alliances at SBI Life, and Masood Ahmad Lankar, deputy general manager for cross-selling at J&K Bank, in the presence of senior executives from both companies. Amit Jhingran, SBI Life’s managing director and chief executive, said the partnership supports the company’s push to strengthen financial resilience and raise insurance awareness, while also aligning with the national aim of “Insurance for All by 2047”.
Amitava Chatterjee, J&K Bank’s managing director and chief executive, said adding SBI Life to the bank’s insurance partners would give customers more choice and help the lender deepen its customer-focused approach. The move also fits a wider trend among banks in India to use their branch networks to grow bancassurance revenue, a model that lets lenders distribute insurance products without taking ownership stakes in the insurers.
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