ICICI Prudential Life & Ujjivan SFB enters Bancassurance Partnership

Current Context: ICICI Prudential Life Insurance and Ujjivan Small Finance Bank (Ujjivan SFB) have indeed entered into a bancassurance partnership on 13th December 2023.

• This strategic move aims to expand their reach and provide insurance solutions to a wider audience.
• Under this partnership, Ujjivan SFB will offer the entire suite of ICICI Prudential Life’s customer-friendly protection, long-term savings, and retirement products to its customers through its extensive network of 700+ branches across 26 states and Union Territories.
• This collaboration leverages the relationship between insurance companies and banks, allowing insurers access to the extensive customer base of the banking sector.
• This partnership is a significant contribution to the evolving bancassurance setups in India.
• The bancassurance market in India, valued at US$ 99.1 Billion in 2023, is projected to exhibit a commendable CAGR of 6.2% during the period from 2024 to 2032.

Question:

Q.1 How many branches does Ujjivan SFB have across 26 states and Union Territories?
a. 500+
b. 600+
c. 700+
d. 800+