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Tamilnad Mercantile Bank, an old private sector bank, and Bajaj Allianz Life Insurance, a private life insurer, have entered into a bancassurance partnership.
Through this partnership, new and existing customers of the Bank can now choose from Bajaj Allianz Life’s retail products, including term, savings, retirement, and investment products, according to a statement.
“On getting listed in the Stock Exchanges, Tamilnad Mercantile Bank Ltd., is back to enrich our vision in expanding the network PAN India, with added features in the products and services,” said S Krishnan, MD & CEO, Tamilnad Mercantile Bank,
“We are pleased to enter into a partnership with Tamilnad Mercantile Bank, a prestigious brand in South India. I’m happy to share that we are aligned across several business parameters, the most essential being fulfilling customers’ long-term financial goals through simple yet effective products, seamlessly and transparently,” Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said.
The life insurer will also work closely with the Bank to offer seamless service options to the customers. This includes responses to queries using Whatsapp, a self-service option like the Bajaj Allianz Life LifeAssist App, and well-trained Bank staff managing the life insurance business.
Last week, TMB signed up with Cholamandalam MS General Insurance Company and Max Life Insurance Company to provide general insurance products and life insurance schemes, respectively, to its customers.
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