Working expeditiously on integrating Sahara Life’s policyholders: SBI Life Insurance

SBI Life Insurance has started to expeditiously work on integrating all policyholders of Sahara India Life Insurance Co. Ltd (SILIC) into the former’s systems. 

This follows IRDAI direction on Friday that the policyholder-related assets and liabilities of SILIC be transferred to SBI Life Insurance Company Limited (SBI Life). IRDAI had directed that SBI Life take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.

SBI Life in a statement clarified that IRDAI’s directive is not a merger between the two companies but only a transfer of policyholder related assets and liabilities of Sahara Life Insurance to SBI Life.

“We are pleased to welcome these new customers to the SBI Life Insurance family and assure them of high levels of service and commitment,” SBI Life statement said.

“While the full integration may take some time, we request these policyholders to reach out to us on our helpline number 1800 267 9090 or email us at [email protected],” SBI Life statement added.

SBI Life also said that it will shortly reach out to these policyholders and intimate them of its touch points and manner of servicing for a smooth transition.

Sahara Life’s response 

Meanwhile, Sahara Life Insurance said that IRDAI had earlier, in 2017, ordered the transfer of Sahara Life’s business to ICICI Prudential Life Insurance. However, this decision was later quashed by the Securities Appellate Tribunal (SAT) on July 28, 2017, and the order was in favor of Sahara India Life Insurance. 

Similarly, today, IRDAI has once again ordered the transfer of Sahara Life Insurance business, this time to SBI Life. “However, it is important to note that this matter is currently under judicial consideration with the SAT, and the next hearing is scheduled for June 6, 2023,” a Sahara Life’s spokesperson said.