Karur Vysya Bank onboards SBI Life Insurance as additional bancassurance partner in life insurance category

The shares of Karur Vysya Bank rose almost a percent on Friday, a day after the lender announced its tie-up with SBI Life. The Karur Vysya Bank on Thursday, March 23 said it has tied up with SBI Life Insurance Company, the insurance arm of State Bank of India, as a bancassurance partner. The bank will be selling the latter’s slew of life insurance products in the country.

Under this arrangement, banks earn additional revenue by the sale of insurance products via commission, whereas insurance companies can reach a wider set of customers without increasing their manpower.

The stock price of SBI Life were trading one percent lower at this hour.