This is great news for the policy holders of Sahara Life Insurance. IRDAI has given permission to transfer the business of Sahara Life to SBI Life.
The business of Sahara India Life Insurance will now be transferred to SBI Life Insurance. Insurance regulator IRDAI has approved the transfer of the business. Under this deal, SBI Life will now take over the responsibility of the policy holders of Sahara Life Insurance. This is good news for about 2 lakh policy holders.
History of Sahara Life
Please tell that Sahara Life Insurance got registration permission in the year 2004. Due to financial and regulatory difficulties, the insurance regulator appointed an administrator in 2017. After this it was said that the company cannot even issue a new policy.
Relief to 2 lakh policy holders
The regulator said that every necessary step will be taken into consideration for the smooth transition of 2 lakh policy holders of Sahara India Life Insurance Corporation. SBI Life was also asked to keep in mind the convenience of the policy holders and ensure that there is no problem.
SBI Life’s impressive growth
SBI Life is the country’s largest private sector insurance company. Its market share is about 8 percent. In the financial year 2022-23, the company’s new business premium was Rs 29 thousand 587 crore. On an annual basis, it registered a growth of 16.22 per cent.
