Trivandrum: DHFL Pramerica Life Insurance Company (DPLI) today announced its Bancassurance tie-up with Dhanlaxmi Bank, the Thrissur based 90-year-old private sector Bank for the distribution of its extensive portfolio of Retail and Group insurance products to their customer base across all its 260 branches in India. According to an agreement, Dhanlaxmi Bank has become the Corporate Agent of DPLI and make life insurance products more accessible to its customers.
Speaking at a press conference in Thiruvananthapuram today, G Sreeram, MD & CEO of Dhanlaxmi Bank said, “We are delighted to partner with DHFL Pramerica for bringing in best in class life insurance products for our different customer segments. The agreement envisages pan India distribution through our branches which would serve as a point of contact. We have consistently enhanced our portfolio to meet the diverse financial needs of our valued customers. With this alliance, our customers will get easy access to a bouquet of products which would cover their core financial needs and deliver good value. We expect an income of about Rs. 20-30 crores annually from this venture.”
Anoop Pabby, MD & CEO of DPLI said, “Together with Dhanlaxmi Bank, DPLI will continue to work on increasing the penetration of life insurance by offering segmented products. With this tie-up, we are in a strong position to consolidate presence in the states of Kerala, Tamil Nadu, Andhra Pradesh and Karnataka. The southern region is an important market for DPLI and this strong distribution channel is a strategic move towards further strengthening our presence in the region and enhancing our distribution footprint across the country.”
Currently DPLI has six branches in south India including one in Kochi. P Manikandan, CGM, Dhanlaxmi Bank and Rajesh Sood, EVP & CDO, DPLI were also present on the occasion.
Kerala Biz News