The deal will give the bank’s customers access to an array of life insurance products related to protection, savings and health.
Indian Bank will work with the life insurer to ensure sales training, product support and operational processes are in order to offer policies to its customers.
Sanjeev Nautiyal, chief executive of SBI Life Insurance, said: “Bancassurance, as a channel, has been a strong differentiator for us and we continue to explore more opportunities through partnerships with credible organisations.
“The tie-up, besides bolstering SBI Life’s presence will also help provide more holistic financial planning solution to the bank’s customers.
“We are confident that the partnership will further empower us in making insurance reachable to more consumers across the county.”
SBI Life Insurance is a joint venture between State Bank of India (SBI), and French firm BNP Paribas Cardif.
Indian Bank offers wealth management services across its 2,900 branches across the country.