SBI Announces Acquisition of Sahara Life Insurance and SBI Life Insurance
SBI has made a significant announcement regarding the acquisition of Sahara Life Insurance and SBI Life Insurance. This acquisition includes approximately 2 lakh insurance liabilities. The immediate effect of this asset acquisition has prompted SBI to issue instructions for its implementation.
IRDA Provides Information on the Transfer of Sahara’s Insurance to SBI Life Insurance
The insurance sector regulator, IRDA, has informed SBI Life Insurance that all insured policies of Sahara India will be transferred to SBI Life Insurance once certain conditions are met. Sahara India will be fully responsible for administering and claiming the insurance policies of SBI Life Insurance policyholders.
Two Lakh Customers to Benefit from the Transfer
Sahara India entered the insurance sector in 2004 and sold more than two lakh insurance policies to its customers. However, in 2017, cases were initiated against Sahara India regarding insurance functioning and fraud. As a result, IRDA prohibited Sahara India from selling policies. During that time, IRDA instructed Sahara India to transfer all policies to SBI Life Insurance, but ongoing cases prevented the transfer. Recently, the Supreme Court issued refund orders on behalf of Sahara, leading IRDA to issue an order for the transfer of all policies to SBI Life Insurance.
Sahara Refund Portal to Launch Today
As a result of the refund orders and the directive from IRDA, every investor of Sahara India will be able to get back their hard-earned money. The Sahara Refund Portal will be launched today, providing a streamlined process for the refund.
Policy Transfer, Not Bank Merger
Despite rumors of a merger between SBI and Sahara India, SBI clarified that only the policy transfer is taking place, not a bank merger. The transfer process has already begun, and SBI has provided a helpline toll-free number and email for any inquiries related to the transfer.
In conclusion, SBI’s acquisition of Sahara Life Insurance and SBI Life Insurance will bring significant changes to the insurance sector. The transfer of policies to SBI Life Insurance will benefit more than two lakh customers, and the launch of the Sahara Refund Portal will ensure a smooth refund process for investors.
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Summary at glance
Sahara India has made a significant announcement regarding the acquisition of SBI Life Insurance Company and Sahara Life Insurance. They have taken on approximately 2 lakh insurance liabilities and have given instructions for the immediate effect of the asset acquisition. The Insurance Regulatory and Development Authority (IRDA) has informed SBI Life Insurance Company that all of Sahara India’s insured policies will be transferred to them. This transfer will only take place after certain conditions are met and Sahara India will be fully responsible for administering and claiming the insurance of the policyholders of SBI Life Insurance. This decision will benefit more than two lakh customers who had purchased insurance policies from Sahara India. Sahara India had entered the insurance sector in 2004 and had faced legal issues regarding the functioning of insurance and fraud cases. As a result, IRDA had barred them from selling policies. Now, with the Supreme Court’s refund orders and IRDA’s instructions, all policies of Sahara India will be transferred to SBI Life Insurance. It is important to note that this is a transfer of policies and not a merger of banks. The process of transferring policies has already begun, and SBI has provided a helpline toll-free number and email for assistance.
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