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

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Hyderabad March 2 Max New York Life (MNYL), a leading life insurance company, on Thursday announced tie-ups with District Cooperative Central Bank Ltd, Khammam, and District Cooperative Central Bank Ltd, Medak, in Andhra Pradesh.

Under the tie-up, the district cooperative banks will sell MNYL's life insurance products and increase the latter's presence in the State.

Khammam District Cooperative Central Bank Ltd has a share capital of Rs 23.48 crore and a customer base of 3 lakhs. With this partnership, the bank will sell MNYL's insurance products through a network of 27 branches and 105 primary agricultural cooperative societies (PACS).

Medak District Central Cooperative Bank Ltd has a share capital of Rs 42.84 crores and caters to 3 lakh customers in the district. With this tie-up, the bank would sell MNYL's insurance products through a network of 21 branches, 67 PACS and 38 ceded societies.

Customer base

The above banks have a strong presence in their respective regions of operation and will enable Max New York Life reach out to about six lakh bank customers spread across 48 branches of the two banks put together, according to a press release.

MNYL will tailor its products according to the needs and affordability of the rural markets.

Important factors such as education of children, daughters' marriage and flexible premium payment options will be taken into account while planning the products for customers of the bank.

All processes and procedures will be simplified to improve customer experience, said Mr R.P. Singh, Vice-President and Head - Rural Business, Max New York Life, after signing the agreement.

The rural business has a strong team of over 303 employees and 2,500 agents. So far there have been three rural bancassurance tie-ups in the country.

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