SBM Bank India ties up with ICICI Prudential for life insurance products

SBM Bank India has tied up with ICICI Prudential Life Insurance Company to offer an array of life insurance products to the bank’s customers.

In a statement, SBM Bank India said on Monday this bancassurance partnership will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement.

Nikhil Rajadhyaksha, Head – Retail Banking at SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion.

“By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection,” Rajadhyaksha also said.

SBM Bank India has 22 branches across India, including its recently opened branch in Tivri, Naigaon, Maharashtra.

As on March 31, 2025, ICICI Prudential Life Insurance Company had an asset under management (AUM) of ₹3.09 lakh crore and a total in-force sum assured of ₹39.43 lakh crore with over 9 crore lives covered.

ICICI Pru Life gets ₹3.67 crore GST order

ICICI Prudential Life Insurance has said it has received an order from GST Commissioner (Appeals) upholding tax demand of about ₹3.67 crore.

On July 2, 2024, Central Goods and Service Tax (CGST) authorities in Mumbai had passed an order in this regard. The order denied part of service tax credit, which the company migrated to the GST regime in the 2017-2018 fiscal year, when GST was launched.

Subsequently, the company had filed an appeal before the Commissioner (Appeals).

In a regulatory filing, ICICI Prudential said: "the company has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, on April 17 upholding the tax demand."

The order includes GST liability of over ₹1.83 crore and penalty of an equal amount.

"The company shall file an appeal against the said order before appropriate authority," ICICI Prudential Life said.

As on March 31, 2025, ICICI Prudential Life Insurance had an AUM of ₹3.09 lakh crore. and a total in-force sum assured of ₹39.43 lakh crore with over 9 crore lives covered.