Partnership Overview
SBI Life Insurance and Jammu & Kashmir Bank (J&K Bank) have entered into a strategic corporate agency tie‑up that will enable customers to purchase SBI Life’s full suite of protection, savings, retirement and child plans at any of the bank’s more than 1,000 branches across Jammu & Kashmir and Ladakh. The agreement is intended to deepen insurance awareness, improve financial literacy and expand insurance penetration in regions that have historically had limited access to life‑insurance products.
Signatories and Leadership Comments
The corporate agency agreement was signed by Mr. Budhaditya Banerjee, Regional Manager – Institutional Alliances (Chandigarh Region) of SBI Life, and Mr. Masood Ahmad Lankar, Deputy General Manager – Cross Selling of J&K Bank, in the presence of Mr. Santosh Chacko, President – Business Strategy of SBI Life, and Ms. Anita Nehru, General Manager – DAC & Cross Selling of J&K Bank. SBI Life’s Managing Director & CEO, Mr. Amit Jhingran, stated that the partnership reflects a shared commitment to building financial resilience for families and supports the IRDAI vision of “Insurance for All by 2047”. J&K Bank’s Managing Director & CEO, Mr. Amitava Chatterjee, highlighted that adding SBI Life to its portfolio of insurance partners expands the bank’s ability to offer need‑based life‑insurance solutions, reinforcing its customer‑centric approach and social‑empowerment banking philosophy. President‑Business Strategy Santosh Chacko emphasized that the collaboration seeks to make life insurance an essential pillar of responsible financial well‑being.
Strategic Rationale and Expected Impact
The tie‑up aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) target of universal insurance coverage by 2047. By leveraging J&K Bank’s extensive branch network, SBI Life aims to increase insurance penetration in Jammu & Kashmir and Ladakh, promote financial literacy, and help households plan for long‑term financial security.
Company Profiles
J&K Bank – Established in 1938, the bank is one of India’s oldest private‑sector banks. Headquartered in Srinagar, it operates a technology‑driven ecosystem with approximately 5,000 banking touch points, including 1,008 branches. The bank offers retail, agriculture, MSME and corporate banking products, advanced digital services, and a range of insurance, investment and wealth‑management solutions through strategic partnerships and its wholly‑owned subsidiary JKB Financial Services Ltd.
SBI Life Insurance – Incorporated in October 2000 and registered with IRDAI in March 2001, SBI Life is a leading life‑insurer with an authorized capital of ₹20.0 billion and paid‑up capital of ₹10.0 billion. As of 30 June 2026, the company reported assets under management of ₹5,248.5 billion. It operates 1,241 offices, employs 29,055 staff, and maintains a distribution network of approximately 293,443 agents, 81 corporate agents, nine bancassurance partners covering more than 40,000 partner branches, 161 brokers, and other marketing firms. In FY 2025‑26, SBI Life’s CSR initiatives directly benefited over 20,500 beneficiaries.
Regulatory and Vision Alignment
The partnership is positioned as a step toward the IRDAI’s “Insurance for All by 2047” initiative, aiming to bring comprehensive life‑insurance solutions to families that previously had limited access. Both entities underscore the role of insurance in safeguarding family aspirations and ensuring financial continuity.