SBI Life to take over 200,000 Sahara policies

IRDAI has identified SBI Life Insurance to take over liabilities of about 200,000 policies of Sahara India Life Insurance (SILIC) as the latter failed to comply with regulatory directions, amid deteriorating financial health after being put under restrictions in 2017.

The insurance regulator has appointed a panel of IRDAI members from life, actuary and finance and investments to take necessary steps to ensure smooth transition for all policyholders of Sahara Life.

“SBI Life has been directed to take adequate steps to reach out to SILIC policyholders, with regard to servicing of policies, including setting up of a dedicated cell to address queries of policyholders of SILIC, and also publish necessary details on their website,” IRDAI said.