New Delhi, May 19 -- 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 portfoli...