Canara HSBC Oriental Bank of Commerce Life Insurance & Dhanlaxmi Bank tie up to sell Life Insurance
Private life insurance company Canara HSBC Oriental Bank of Commerce Life Insurance, the only Company in India selling products exclusively through banks today announced that it has entered into an alliance with Dhanlaxmi Bank. All the life insurance products of Canara HSBC Oriental Bank of Commerce Life Insurance would be made available to customers of Dhanlaxmi Bank and would be sold by the licensed staff of the bank.
Canara HSBC Oriental Bank of Commerce Life Insurance operates a pure bancassurance model and has access to around 115 million customers and a pan-India network of over 9500 branches of the three shareholder banks. Dhanlaxmi Bank is a well diversified bank with a network of 260 branches and 371 ATMs covering 129 cities across India in 15 states and 1 union territory and a customer base of over 2 million. With in-depth local market knowledge, both Canara HSBC Oriental Bank of Commerce Life Insurance and Dhanlaxmi Bank aim to provide long term value creation for its customers. As part of the agreement, the Bank will be a Corporate Agent for 3 years; however, both aim to continue this relationship for long term.
Canara HSBC Oriental Bank of Commerce Life Insurance has bouquet of products catering to multiple customer needs spanning across retirement accumulation and guaranteed lifetime income, savings for child education, comprehensive protection through online and offline plans, savings for multiple needs through guaranteed endowment, and customized investment solution for high net worth individuals.
Announcing the tie up , Mr. Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said, “We are a pure bancassurance Company and our alliance with Dhanlaxmi Bank give us an opportunity to further expand and grow this channel. India continues to remain a very large opportunity given the economic growth pattern, favourable demographic profile, increasing awareness and financial literacy on the need for insurance. Our business model enables us to reach out to the vast population spread across the various parts of the country. We continue to focus on meeting customer needs first and ensure that the life insurance solutions are made available to all segments of the population. We are proud of this association with Dhanlaxmi Bank and we look forward to serving their customer base as well with our wide range of products.”
Speaking on the occasion, Mr. G. Sreeram, Managing Director & Chief Executive Officer, Dhanlaxmi Bank, said “We are delighted to partner with Canara HSBC Oriental Bank of Commerce Life Insurance by way of this distribution tie up. We have consistently enhanced our portfolio to meet the diverse financial needs of our valued customers and this alliance is a step in that direction. With this customers of Dhanlaxmi Bank will get access to bouquet of products which would cover their core financial needs and deliver good value through the range of solutions that the company offers.”
Mr. P. Manikandan, Chief General Manager, Dhanlaxmi Bank added, “We are committed to work jointly with Canara HSBC Oriental Bank of Commerce Life Insurance for offering Life Insurance solutions to our customers. We both enjoy significant trust amongst our customers and we will continue to offer value so that the consumers’ financial needs of protection & investment are met.”