Canara HSBC Oriental Bank of Commerce Life Insurance ties up with Dhanlaxmi Bank

Private life insurance company Canara HSBC Oriental Bank of Commerce Life Insurance, has entered into an alliance with Dhanlaxmi Bank. All the life insurance products of Canara HSBC Oriental Bank of Commerce Life Insurance would be made available to customers of Dhanlaxmi BankBSE -2.57 % and would be sold by the licensed staff of the bank. Anuj Mathur, chief executive officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said the bancassurance products have been showing good growth, particularly the traditional products. "We are a pure bancassurance company and our growth rate was 40% last year. For the first quarter in the current fiscal, the growth has been 50%,’’ he said. Canara HSBC Oriental Bank of Commerce Life Insurance has access to around 115 million customers and a pan-India network of over 9500 branches of the three shareholder banks.

Dhanlaxmi Bank has a network of 260 branches and 371 ATMs covering 129 cities across India in 15 states and 1 union territory and a customer base of over 2 million. As part of the agreement, the bank will be a corporate agent for 3 years; however, both aim to continue this relationship for long term. Speaking on the occasion, G. Sreeram, MD and CEO, Dhanlaxmi Bank, said “We have consistently enhanced our portfolio to meet the diverse financial needs of our valued customers and this alliance is a step in that direction. With this, customers of Dhanlaxmi Bank will get access to bouquet of products which would cover their core financial needs and deliver good value through the range of solutions that the company offers."