The Hindu Business Line : SBI Life ties up with co-op bank

Ahmedabad, Oct. 19 As part of its efforts to penetrate the semi-urban and rural areas of Gujarat, SBI Life Insurance, a joint venture between State Bank of India and Cardif-A BNP Paribas Company, on Friday announced a strategic bancassurance tie-up with the Valsad District Co-operative Bank Ltd (VDCB).

The tie-up is a referral arrangement wherein SBI Life products will be available throughout all the 43 branches of VDCB.

The life insurance major will offer its entire product portfolio, which ranges from protection, saving and endowment plans to pension and unit-linked life insurance plans to the banks customers, according to a release here.

Mr Anand Pejawar, Country Head-Bancassurance, said the tie-up would enhance integrated bancassurance reach. SBI Life plans to reach out to the semi-urban and rural markets through the cooperative bank route.

VDCB has a customer base comprising over 10,000 individuals, 11,000 societies and about 60 local bodies. It is the apex cooperative bank for Valsad district in South Gujarat, traditionally known for the cultivation of Alphonso mangoes, castor oilseeds, dyes and bricks.

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