Kalupur bank to sell Max New York products

Kalupur Commercial Co-operative Bank (KCCB) has become the first Gujarat co-operative bank to foray into bancassurance after it signed a deal with Max New York Life Insurance for bancassurance partnership on Thursday.

The bank will offer Max New York's products across its 28 branches spread across Gujarat and Mumbai.

Rajesh Sud, director of agency, bancassurance and direct sales of Max New York Life, said, "Kalupur Commercial Co-operative Bank has performed extremely well and it is a pleasure for us to be associated with the bank. Gujarat is of special importance for us as Ahmedabad has the highest sales productivity for max New York," Sud added.

Ambubhai Patel, chairman, Kalupur Commercial Co-operative Bank, said that the bank aims at a commission income of at least Rs 25 lakh in the first year as the bank hops to collect insurance premium of around Rs 1 crore in the first year.

"At a time when co-operative banks like ours are competing with private sector banks, cross selling of insurance products will help us a great deal."

He added that the bank took the decision to sell insurance products through its branches after a three-month long negotiations.

"We have had several firsts to our credit. Besides an association with the Ahmedabad Municipal Corporation (AMC), we have also has a tie-up with the Gujarat Electricity Board for accepting bills and most recently, the state government has chosen us to sell stamp paper," Patel said.

Kalupur Co-op Bank is the third bank in the country with which Max New York Life has signed a bancassurance pact.