Working expeditiously on integrating Sahara Life’s policyholders: SBI Life Insurance

SBI Life Insurance Work began urgently to integrate all policyholders of Sahara Life Assurance India Limited (SELIC) into the previous systems.

This follows IRDAI trend on Friday The assets and liabilities relating to the policyholder of SILIC are transferred to SBI Life Insurance Company Limited (SBI Life). IRDAI has directed that SBI Life assume policy responsibilities for approximately two of SILIC’s policies, backed by the policyholders’ assets, with immediate effect.

SBI Life clarified in a statement that IRDAI directive is not a merger between the two companies but only the transfer of the policyholder-related assets and liabilities of Sahara Life Insurance to SBI Life.

“We are delighted to welcome these new customers to the SBI Life Insurance family and assure them of our high levels of service and commitment,” said the SBI Life statement.

“Although 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],” the SBI Life statement added.

SBI Life also said it will soon communicate with these policyholders and share with them its contact points and method of service for a smooth transition.

Sahara Life’s response

Meanwhile, Sahara Life Insurance said IRDAI had earlier, in 2017, been ordered to transfer the Sahara Life business to ICICI Prudential Life Insurance. However, this decision was later overturned by the Securities Appeal Court (SAT) on July 28, 2017 and the matter was in favor of Sahara India Life Assurance.

Similarly, IRDAI today again ordered the transfer of Sahara Life Insurance, this time to SBI Life. “However, it is important to note that this matter is currently in judicial review with the SAT, with the next hearing scheduled for June 6, 2023,” a Sahara Life spokesperson said.