On December 9, 2020 RBL Bank Ltd & ICICI Prudential Life Insurance Ltd entered into a bancassurance partnership to offer a range of life insurance products, i.e., protection and long-term savings products of ICICI Prudential Life to the customers of RBL Bank.
About the Partnership
i.This partnership will allow more than 8.7 million customers of RBL Bank to access and purchase ICICI Prudential Life’s customer-centric protection and long-term savings products.
ii.It provides financial security to the customers and their families through life insurance cover.
iii.It will deepen and strengthen the multi-channel distribution network of ICICI Prudential Life.
iv.It will also accelerate the value creation for the bank and ICICI Prudential Life
About Products of ICICI Prudential Life Insurance”
- The products of ICICI Prudential Life will be distributed by RBL Bank through its network of 398 branches spread across 28 states.
- In addition to this, RBL bank will distribute the products through it’s internet and mobile banking touch-points.
- The protection products of ICICI Prudential Life will help the bank’s customers to develop a strong financial plan and its long-term savings products will help the customers of the bank to achieve their financial goals.
It is expected that the range of products of ICICI Prudential Life will complement the offerings of the bank.
What is Bancassurance?
It is and arrangement between a bank and an insurance company, wherein the bank sells the tied insurance company’s insurance products to its clients
i.In recent times a lot of new insurance products are being introduced in the market and many partnerships are executed for insurance products.
ii.This is because there is a growing awareness among customers about the protection and also the need to secure financially themselves and their families following the pandemic.
Highlights about RBL Bank Ltd
i.ICICI Prudential Life Insurance is the 1st private life insurance company to cross the Rs 1 trillion mark for Assets under Management (AUM).
ii.It has been ranked as one of the most valuable brands in India seven times by BrandZ.
iii.RBL Bank is one of the fastest growing private sector banks of India with an expanding presence across the country.
Recent Related News:
ICICI (Industrial Credit and Investment Corporation of India) Lombard Insurance Company Ltd has entered into a Bancassurance tie-up with Yes Bank to sell its insurance products. Through this agreement, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank’s Customers across 28 States and 8 Union Territories.
About RBL Bank Ltd:
Incorporated in – 1943 under the Indian Companies Act, 1913
Managing Director (MD) and Chief Executive Officer (CEO)– Vishwavir Ahuja
Headquarters– Mumbai, Maharashtra
Tagline– Apno Ka Bank
The bank’s name was changed from ‘The Ratnakar Bank Limited’ to ‘RBL Bank Limited’ in August 2014.
About ICICI Prudential Life Insurance Ltd:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Commenced Operations– 2001
HeadOffice– Mumbai, Maharashtra
MD & CEO– N S Kannan