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COIMBATORE, Dec. 6

LAKSHMI Vilas Bank has earned the distinction of being the first corporate agent in the country for marketing of insurance products.

Hitherto, none of the agents or banks that have been marketing life insurance policies had entered into a corporate agency agreement.

The Karur-based bank has entered into an agreement with Dabur CGU Life for marketing Aviva brand life insurance products across the counter on May 28. Following the Insurance Regulatory Development Authority's notification on licensing of corporate agency for marketing of insurance products, the bank took the lead in applying for a licence online.

After signing a supplementary agreement with Dabur CGU Life Insurance Company Pvt Ltd, the Chairman and Chief Executive Officer of LVB, Mr A. Krishnamoorthy, said that the insurance products would be formally unveiled at Chennai on December 18.

The products would include a variety of customised savings, savings-cum-protection and protection products with flexible options and attractive riders.

At the committee meeting held here, the venture partners contemplated introduction of policies for home loan borrowers and the bank's depositors, tailor-made to suit their needs. Mr Krishnamoorthy conceded that the bancassurance sales channel would be one of the key sources of non-interest income stream for the bank in the years to come.

He said that select 25 branches of the bank had been identified for marketing Aviva Life insurance policies in the first phase.

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