Mumbai, June 21
MAX New York Life has signed a referral bancassurance agreement with Kapol Co-operative Bank.
The company already has tie-ups with Thane Janata Sahakari Bank, New India Co-operative bank, Kalupur commercial co-operative bank and Yes Bank.
Kapol Co-operative bank will offer Max New York Life's products across its 15 branches.
Mr V. Viswanand, Head, Bancassurance, Max New York Life, said co-operative banks, given their geographical focus, have strong customer relationships.
Max New York Life has a capital base of Rs 466 crore and has sold a total of 5,09,000 policies so far. The company has been hiking its capital by Rs 100 crore every year.
"With the interest rate declining and a squeeze on margins in recent years, it has become imperative for banks to seriously look towards fee-based income options," he said.
Kapol Co-operative Bank has a customer base of about 2,50,000. The bank has set itself a business target of Rs 1 crore for Max New York Life in the next one year.