DHFL Pramerica Life Insurance and SVC Bank Foray into a Bancassurance Partnership

by Shrutee K/DNS

         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.

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.

About DHFL Pramerica Life Insurance : DHFL Pramerica Life Insurance is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one of India’s largest housing finance companies (the second largest in the private sector) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades.

DPLI has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. For further information on the Company, please visitwww.dhflpramerica.com.

About SVC Bank: Set up in 1906, SVC Bank (SVC Co-operative Bank Ltd.), earlier known as The Shamrao Vithal Co-operative Bank Ltd., has contributed significantly to the development of the cooperative movement in India for over a century. Today, the bank is one of the oldest and most recognized multi-state scheduled entities in the country’s co-operative banking space with a presence across 11 states. It is also the first and only bank to develop and offer ‘Genius’ – a core banking solution to more than 80 other cooperative banks. SVC Bank has already revamped its entire banking system to embrace digitisation and adopt new technologies, mainly to cater to the youth of the country. With a total business of over Rs. 25000 crores plus and a net profit of Rs. 132 crores (FY 17-18), it has proven its strong fundamentals. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. Headquartered in Mumbai, the Bank has a vast spread of 198 branches and has an employee strength of over 2500. For more details visit www.svcbank.com