It is not a merger of two life insurance companies but only the transfer of life insurance business and policyholder assets and liabilities of Sahara India Life Insurance to it, SBI Life Insurance said on Friday.
In a statement, SBI Life said: "The Insurance Regulatory and Development Authority of India (IRDAI) has, by exercise of its powers under Section 52B (2) of the Insurance Act, 1938, directed that the policyholder related assets and liabilities of Sahara Life Insurance be transferred to SBI Life Insurance Company Ltd."
This is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance to SBI Life, the statement added.
"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 said.
It also said it is expeditiously working on the process of integrating all these policyholders (of Sahara India Life) in its systems.
"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 saharalife@sbilife.co.in," SBI Life said.
SBI Life also said it will shortly reach out to Sahara India Life policyholders and intimate them of various touch points and manner of servicing for a smooth transition.