HSBC India teams up with SBI General Insurance

The partnership will see SBI General Insurance offer a range of non-life insurance products to HSBC India customers – including travel, health, property, and motor insurance.

The products will be purchasable through both HSBC India’s branch network, as well as online.

“This bancassurance tie-up with SBI General Insurance aligns with our commitment to providing comprehensive financial solutions under one roof and delivering unparalleled value to our customers,” said Sandeep Batra, Head of Wealth and Personal Banking at HSBC India. “We look forward to serving our customers with top-notch insurance products and excellent service standards.”

The partnership aims to improve access to comprehensive coverage in India, and follows the formation of a similar bancassurance agreement by Axis Bank and Bajaj Allianz General Insurance earlier this year.

Indians have become increasingly enthusiastic about insurance in recent years, with the country’s health insurance sector alone expected to grow from ₹1.3 trillion (US$15.1 billion) in 2024, to around ₹2.0 trillion by 2028.