DHFL Pramerica Life Insurance and SVC Bank foray into a Bancassurance partnership

·         SVC Bank (SVC Co-operative Bank Ltd.) to make DHFL Pramerica Life Insurance’s Retail and Group life insurance products available across its branch network

New Delhi, August 08, 2018 - DHFL Pramerica Life Insurance, one of the leading life insurance companies in India recently entered into a Bancassurance partnership with SVC Co-operative Bank Limited, one of the oldest Urban Co-operative Bank in India for the distribution of specialized products to its customers. Under this agreement, SVC Bank will offer DHFL Pramerica Life Insurance’s customized products and solutions to its customers through its extensive pan India network of 198 branches as well as online network. The objective of this partnership is to offer easy access to simple life insurance products, thereby improving the insurance protection gap and strengthening the distribution network of DHFL Pramerica Life Insurance.

DHFL Pramerica Life Insurance and SVC Bank foray into a Bancassurance partnership

Speaking on the alliance, Mr. Anoop Pabby, Managing Director and CEO, DHFL Pramerica Life Insurance said, “We are delighted to announce our partnership with SVC Co-operative Bank for the distribution of DHFL Pramerica Life Insurance’s innovative product offerings. This partnership is in line with our strategy to grow our business on the back of simple, customer-centric solutions. 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.”

Commenting on the partnership, Mr. Ajit Venugopalan, Managing Director, SVC Bank said “We welcome DHFL Pramerica Life Insurance as our Bancassurance partner. This partnership will see the amalgamation of our rich banking legacy with DPLI’s proven business models based on customer centricity. Looking forward to a long and fruitful relationship where our customers will benefit the most.”

Mr. Rakesh Singh, Head Retail Banking, SVC Bank said, “This partnership is in line with our endeavour to expand our service offerings, add more Bancassurance partners and become a Retail Banking Supermarket, providing all financial services under one roof. DHFL Pramerica Life Insurance’s addition to our bancassurance channel will give our customers more options to choose from, thereby helping the customer in making informed financial and insurance decisions to meet short term and long term financial goals.”

DHFL Pramerica Life Insurance has been steadily gaining leadership position in the life insurance industry. Spread across the country with 117 branches in 29 states with close to 10,000 agents, the company currently protects over 21 million lives. As of today, the company has 34 life insurance products and 6 riders in its product basket, fulfilling a gamut of life insurance needs including child’s future, protection and retirement planning.