DHFL Pramerica Life Insurance Signs Dhanlaxmi Bank as Bancassurance Partner
DHFL Pramerica Life Insurance Company Ltd. (DPLI) a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. and Prudential International Insurance Holdings, Ltd. (PIIH), today announced its Bancassurance tie-up with Dhanlaxmi Bank, the 90 year old private sector Bank for the distribution of its extensive portfolio of Retail and Group life insurance products to their diversified customer base across 260 branches in India. According to the agreement, Dhanlaxmi bank will become the Corporate Agent of DPLI and make life insurance products more accessible to Dhanlaxmi Bank’s customers.
Speaking on the occasion, Mr. G Sreeram, Managing Director and Chief Executive Officer, Dhanlaxmi Bank said “We are delighted to partner with DHFL Pramerica for bringing in best-in-class life insurance products for different customer segments. Year after year, we have consistently enhanced our portfolio to meet the diverse financial needs of our valued customers. With this alliance, customers of Dhanlaxmi bank will get easy access to bouquet of products which would cover their core financial needs and deliver good value.”
Mr. Anoop Pabby, Managing Director and CEO, DHFL Pramerica Life Insurance said, “We are delighted to announce our partnership with Dhanlaxmi Bank for distribution of DPLI’s innovative product offerings supported by seamless customer service experience. Together with Dhanlaxmi Bank, DPLI will continue to work on increasing penetration of life insurance by offering segmented products, supported through digital & CRM capabilities and making insurance more accessible. With this tie up, DPLI is in a strong position to consolidate its 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.”
The Chief General Manager, Dhanlaxmi Bank, Mr. P Manikandan also added, “We are committed to work jointly with DHFL Pramerica as this will further increase the insurance penetration. We both enjoy significant trust amongst our customers and we will continue to offer “value” so that the consumers financial needs are met.
Currently, DPLI has six branches in Southern region of India with presence in Chennai, Coimbatore Bangalore, Belgaum, Hyderabad, and Kochi. The Company currently protects over 15 million lives and now has 103 branch offices across India. It has 28 life insurance products and six riders in its products basket, fulfilling a gamut of life insurance needs from child’s future protection to retirement in its portfolio.
