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Our Bureau

Hyderabad, Dec. 14 Max New York Life, a leading life insurance company, and Anantapur District Cooperative Central Bank announced a referral tie-up on Friday.

Max New York Life will utilise the branch network of the bank to sell its life insurance products and further strengthen its presence in Andhra Pradesh.

The Anantapur District Cooperative Central Bank Ltd, would showcase Max New York Life’s products through a network of 19 branches and 98 primary agricultural cooperative societies, according to a press release.

This alliance enables Max New York Life to offer its customised life insurance solutions to more than three lakh customers of the Anantapur bank.

The bank has a paid up capital of Rs 34 crore (2005-2006), a deposit base of Rs 74 crore, and advances and loans of Rs 621 crore.

“The relationship will help us expand our presence in the important market of Andhra Pradesh, and provide protection and wealth creation products to those customers who may not be reached through traditional channel,” said Mr R. P. Singh, Senior Vice-President and Head – Rural Business, Max New York Life, after signing the agreement in Anantapur.

Mr Tarinela Konareddy, Chairman, The Anantapur District Cooperative Central Bank Ltd, said, “This bancassurance agreement marks a positive development in our business expansion strategy and is the first step in what we are confident would be a long-term relationship between our bank and Max New York Life.”

This is the 13th rural bancassurance tie up in India and 12th in Andhra Pradesh apart from one rural corporate agency tie up for Max New York Life.

More Stories on : Life Insurance | Andhra Pradesh

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