This product was developed in response to the government’s vision to upscale infrastructure development. The Surety insurance provides an assurance to the project owner in the form of a Surety Bond that the contractor would complete the project as per the agreed terms and conditions. The product is designed to insure the contractors for non-performance and financial exposures in case of contractual default. It helps in ensuring the contractors fulfil their obligations in the projects awarded, thereby providing financial security to the beneficiary. By providing project owners with peace of mind on individual projects, surety bonds help to promote successful and efficient project outcomes.

Anand Pejawar, Whole-Time Director, SBI General Insurance said, “The infrastructure sector has witnessed a remarkable growth in recent years, making a substantial contribution to the overall growth in economic activity in India. At SBI General, we are at the forefront of providing innovative risk solutions to our customers. Through SBI General Surety Bond Bima, we are confident that this product will serve as an effective tool for the infrastructure sector. Surety bonds offer financial security, risk mitigation, and peace of mind for all the parties involved in a contractual agreement. They foster trust, stability, and efficient project completion, ultimately contributing to the overall development and prosperity of the nation.”