India-based private life insurer DHFL Pramerica Life Insurance (DPLI) has signed a bancassurance pact with SVC Co-operative Bank for the distribution of specialised products to the bank’s customers.
Pursuant to the terms of the agreement, SVC Bank will provide DPLI’s tailored products and services to customers through its network of 198 branch offices as well as online network.
The partnership will focus on offering easy access to simple life insurance products to shorten the insurance protection gap besides boosting the distribution network of DHFL Pramerica Life Insurance.
DHFL Pramerica Life
DHFL Pramerica Life Insurance managing director and CEO Anoop Pabby said: “Our partnership with SVC Co-operative Bank is for the distribution of DHFL Pramerica Life Insurance’s innovative product offerings.
“Together with SVC Co-operative Bank, DHFL Pramerica Life Insurance will continue to work on increasing penetration of life insurance by offering customised products and making insurance more accessible.
“The strong distribution channel is a strategic move towards further enhancing our distribution footprint across the country.”
The life insurer provides its services through 117 branches in 29 states. At present, the company offers 34 life insurance products and protects over 21 million lives.