India's Syndicate Bank Ltd. and SBI Life Insurance Co. Ltd. entered into a bancassurance partnership, Press Trust of India reported Jan. 2, citing a release from the bank.

Under the partnership, Syndicate Bank will offer the insurer's protection, wealth creation and savings insurance products to its customers.

As part of the bank's strategy to increase life insurance penetration, it plans to start a pilot project in three districts, said Mrutyunjay Mahapatra, managing director and CEO of the lender.