The Hindu Business Line : Max New York Life ties up with co-op

Max New York Life (MNYL), the life insurance major, and Hyderabad District Cooperative Central Bank Ltd on Friday announced a tie-up to sell the former's life insurance products through the rural bank.

The tie-up is the second for MNYL, which had earlier entered into a collaboration with the Adilabad District Cooperative Central Bank in Andhra Pradesh. Five more tie-ups are in the pipeline to get a major share in the rural insurance market, said Mr R.P. Singh, Vice-President & Head - Rural Business.

Talking to newspersons after signing the agreement with the Hyderabad District Cooperative Bank, Mr Singh said MYNL has a strategy of tie-ups with rural banks, corporates and agri-input companies to reach the large number of people in the rural areas and grow its business.

The company has a cumulative premium of Rs 35 crore so far with about 350,000 policies sold in the rural areas. With 31 offices in rural centres across the country, MNYL was positioned well to grab opportunities emerging in the rural areas, he said.

Max New York would tailor its products according to the needs and affordability in the rural areas. Factors such as education of children, daughter's marriage and flexible premium payment options would be taken into consideration while planning products for customers of the bank. Products ranging from Rs 50 to Rs 50,000 would be available, Mr Singh said.

The company also plans to train bank personnel on insurance products. In AP, the company was present in five cities and was geared to meet competition, he added.

The President of the Cooperative Central Bank, Mr B.K. Raghava Reddy, said "We have a three-year agreement with a reasonably assured business reward. Our network of 23 branches and 56 cooperative societies in Hyderabad and Ranga Reddy districts will aggressively market the products".

The Bank, poised to do business in excess of Rs 450 crore in the current fiscal, has entered its 50th year of operation.

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