Sahara India Life Insurance will transfer its policyholder-related assets and liabilities to SBI Life. Policyholders will be contacted by SBI to ensure a seamless transition.
According to SBI Life Insurance, there is no deal to merge the two life insurance firms; rather, Sahara India Life Insurance will transfer its life insurance business, as well as the assets and liabilities of its policyholders, to it.
The Insurance Regulatory and Development Authority of India (IRDAI), acting in accordance with its authority under Section 52B (2) of the Insurance Act, 1938, has ordered that the assets and liabilities of Sahara Life Insurance that are related to policyholders be transferred to SBI Life Insurance Company Ltd.
According to the announcement, there would be no merger between the two businesses; rather, Sahara Life Insurance will transfer its policyholder-related assets and liabilities to SBI Life.
SBI Life Insurance said, “We are glad to welcome these new clients to the SBI Life Insurance family and to reassure them of our high standards of service and dedication.
Additionally, it stated that it is working quickly to incorporate all of these Sahara India Life policyholders into its systems.
Sahara Life@sbilife.co.in is the email address to contact SBI Life. “While the full integration may take some time, we request these policyholders to reach out to us on our helpline number 1800 267 9090 or email us at firstname.lastname@example.org,” SBI Life stated.
In order to ensure a seamless transition, SBI Life also stated that it will soon contact Sahara India Life policyholders to inform them of different touch points and servicing methods.