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Our Bureau

Kolkata , Dec. 2

NATIONAL Insurance Company Ltd (NIC) has tied up with Birla Sun Life Insurance Company (BSLI) for joint product promotions. NIC is the largest non-life insurer in the country.

To begin with, the companies will market three product packages combining both life and non-life solutions. The premium earnings for the jointly packaged products during the first year of operation are expected to be Rs 500 crore. Both the companies have decided not to strike similar arrangements with any other insurance company.

Announcing the first ever private-public sector tie-up in the insurance sector, the NIC Chairman cum Managing Director, Mr H.S. Wadhwa, told reporters here on Thursday that the company had been negotiating with a cross section of life insurers, including Life Insurance Corporation, for the last few years to forge an alliance for comprehensive insurance solutions. "However, we have received a serious response from Birla Sun Life only."

Stating that both companies would be distributing the jointly packaged products through a vast retail network, including bancassurancechannels and corporate agents, Mr Wadhwa said that in the first year of operation, NIC may take the larger share of the revenue.

"BSLI is yet to expand its network across the country and runs selective operations in places. Accordingly, we expect to share Rs 300 crore of the total expected premium earning of Rs 500 crore in the first year."

Mr Nani Javeri, CEO of BSLI, who was also present, said that initially, the popular life insurance plans such as money-back, endowment, term and credit protection will be packaged with mediclaim, personal accident and householders' insurance.

More Stories on : Alliances & Joint Ventures | General Insurance | Life Insurance

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