India-based DHFL Pramerica Life Insurance Company (DPLI) has inked bancassurance agreement with private sector lender Dhanlaxmi Bank.
Under the terms of the agreement, the bank will distribute DPLI’s portfolio of retail and group insurance products to its customer base across all its 260 branches in India.
Additionally, the bank has become the corporate agent of DPLI and makes life insurance products more accessible to its customers.
Commenting on the agreement, DHFL Pramerica Life Insurance Company managing director and CEO Anoop Pabby said his company will work to increase penetration of life insurance by offering segmented products through digital and Customer Relationship Management (CRM) capabilities.
DPLI, which currently operates six branches in south India including one in Kochi, expects to consolidate its presence in Kerala, Tamil Nadu, Andhra Pradesh and Karnataka.
DPLI operates as a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation and Prudential International Insurance Holdings (PIIH).