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Not a merger, only acquisition of life insurance assets/liabilities of Sahara India Life: SBI Life
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IANS | 04 Jun, 2023
It is not a merger of two life insurance companies but only the transfer
of life insurance business and policyholder assets and liabilities of
Sahara India Life Insurance to it, SBI Life Insurance said on Friday.
In a statement, SBI Life said: "The Insurance Regulatory
and Development Authority of India (IRDAI) has, by exercise of its
powers under Section 52B (2) of the Insurance Act, 1938, directed that
the policyholder related assets and liabilities of Sahara Life Insurance
be transferred to SBI Life Insurance Company Ltd."
This is not a
merger between the two companies but only a transfer of the
policyholder related assets and liabilities of Sahara Life Insurance to
SBI Life, the statement added.
"We are pleased to welcome these
new customers to the SBI Life Insurance family and assure them of high
levels of service and commitment," SBI Life said.
It also said it
is expeditiously working on the process of integrating all these
policyholders (of Sahara India Life) in its systems.
"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
saharalife@sbilife.co.in," SBI Life said.
SBI Life also said it
will shortly reach out to Sahara India Life policyholders and intimate
them of various touch points and manner of servicing for a smooth
transition.
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