Financial Daily from THE HINDU group of publications
Friday, Oct 11, 2002
Financial Daily from THE HINDU group of publications Friday, Oct 11, 2002 |
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Money & Banking
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Life Insurance DCB to sell Birla Sun Life products Our Bureau
Mr H.D. Sheshadri, CEO & Managing Director, Development Credit Bank Ltd, with Mr Nani Javeri, CEO, Birla Sun Life Insurance, at a press conference in Mumbai.
MUMBAI, Oct. 10 BIRLA Sun Life Insurance has tied up with Development Credit Bank (DCB) for the distribution of its life insurance products. The company will offer its entire range of insurance products to the customers of DCB, leveraging the latter's customer base of 4,00,000 accounts. DCB's focus on strategies to strengthen its retail business with mid-corporates on the corporate banking side, makes it an ideal distribution channel for Birla Sun Life Insurance products, said a press release. While DCB recently tied up with Tata AIG General Insurance company for the distribution of General Insurance products, Birla Sun Life also has bancassurance agreements with Citibank, Deutsche Bank and Bank of Rajasthan. The company is targeting a sale of 90,000 policies with corresponding annualised premium of more than Rs 215 crore in the coming year. Birla Sun Life completed new business with a total sum assured of Rs 1,600 crore for the year ending March 31, 2002, and earned a premium income of Rs 36 crore. It sold around 20,000 policies and covered more than 33,000 lives across individual life and group life business.
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