Not a merger, only acquisition of life insurance assets/liabilities of Sahara India Life: SBI Life

It shouldn’t be a merger of two life insurance firms however only the switch of life insurance enterprise and policyholder property and liabilities of Sahara India Life Insurance to it, SBI Life Insurance mentioned on Friday.

In a assertion, SBI Life mentioned: “The Insurance Regulatory and Development Authority of India (IRDAI) has, by train of its powers underneath Section 52B (2) of the Insurance Act, 1938, directed that the policyholder associated property and liabilities of Sahara Life Insurance be transferred to SBI Life Insurance Company Ltd.”

This shouldn’t be a merger between the 2 firms however only a switch of the policyholder associated property and liabilities of Sahara Life Insurance to SBI Life, the assertion added.

“We are happy to welcome these new prospects to the SBI Life Insurance household and guarantee them of excessive ranges of service and dedication,” SBI Life mentioned.

It additionally mentioned it’s expeditiously engaged on the method of integrating all these policyholders (of Sahara India Life) in its programs.

“While the complete integration could take a while, we request these policyholders to succeed in out to us on our helpline quantity 1800 267 9090 or e-mail us at saharalife@sbilife.co.in,” SBI Life mentioned.

SBI Life additionally mentioned it should shortly attain out to Sahara India Life policyholders and intimate them of varied contact factors and method of servicing for a easy transition.

(With inputs from IANS)