Max New York Life in pact with co-op bank

Life insurance company Max New York Life (MNYL) and the District Cooperative Central Bank Limited (DCCB) of Mahabubnagar in Andhra Pradesh entered into a strategic referral tie-up on Friday.

As per the tie-up, MNYL's insurance products will be sold through the DCCB's network of 120 branches in Mahabubnagar district. The alliance enables MNYL to reach its customised life insurance solutions to more than 2.5 lakh customers of DCCB.

MNYL stated in a press release that it would tailor its products according to the needs and affordability in the rural areas. Important factors like education of children, daughter's marriage and flexible premium payment options would be taken into account while planning the products for customers of the bank.

All procedures would be simplified to improve customer experience.

"This partnership will enable us to channelise savings of our depositors in a manner that is both safe and rewarding, even as it provides them security against the unforeseen contingencies," DCCB chairman, K Veera Reddy, said.

With a deposit base of Rs 71 crore and loans to the tune of Rs 356 crore, the DCCB has a paid-up capital of Rs 33.5 crore.