Not a merger, only acquisition of life insurance of Sahara India: SBI Life
SBI Life Insurance said on Friday that this is not an amalgamation of two life insurance companies, but only the transfer of the life insurance business, the assets of the policyholders and the liabilities of Sahara India Life Insurance Company to it.
In a statement, SBI Life said: “The Insurance Regulatory and Development Authority of India (IRDAI), by exercising its powers under Section 52B (2) of the Insurance Act 1938, has directed that the assets and liabilities of the policyholder of Sahara transfer life insurance To SBI Life Insurance Company Ltd.”
The statement added that this is not a merger between the two companies, but merely a transfer of assets and liabilities related to the policyholder of Sahara Life Insurance to SBI Life.
SBI Life said, “We are delighted to welcome these new clients to the SBI Life family of insurance and assure them of our high levels of service and commitment.”
It also said that it is urgently working on the process of integrating all policyholders (of Sahara India Life) into its systems.
“While full consolidation may take some time, we ask policyholders to reach out to us on our helpline number 1800 267 9090 or email us at [email protected],” said SBI Life.
SBI Life also said that it will soon communicate with Sahara India Life policyholders and update them on various touch points and service method for a smooth transition.
– Jans
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First published: Jun 02 2023 | 11:39 p.m ist