Reliance General Insurance Company Ltd has entered into a bancassurance deal with Shamrao Vithal Co-operative Bank (SVCB), a co-operative bank.
According to Reliance, its insurance products will now be distributed through SVCB’s 194 braches all over India.
This is the fourth bancassurance deal of Reliance General, as it already has deals with IndusInd Bank, Bank of India and Andhra Bank. Rakesh Jain, the company’s CEO, expects these alliances to boost the business’ top line by up to 10%.
“We are delighted to have SVC Bank on board. This tie-up will enable RGI to leverage SVC Bank's unparalleled retail and SME pan-India customer base, robust distribution network and strong brand name,” Jain added.
The move follows the Insurance Regulatory and Development Authority of India’s recent guideline change, allowing banks to enter bancassurance deals with multiple insurance carriers, allowing a bank to offer its customers a diverse and well-rounded portfolio of insurance products.
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