SBI Life plans to sell policies to NRIs

SBI Life Insurance is planning to sell policies to NRIs abroad, it is trying to obtain permission from foreign regulators for marketing of their products and most probably would launch the pension schemes in February.

As per the current trend Indian insurance companies can sell policies to NRIs either by directly paying the insurance premium in forex or through the internet. Inspite of having overseas branches of SBI it is unable to market the products directly as the required regulatory permission has to be obtained.

If it get the nod from the foreign regulatory bodies it would have an upper hand as SBI and othe PSU bank have a total of 93 branches abroad and 17 representative offices.