The agreement gets Fidelity access to more than 5,500 agents of BAFDL that plans to increase this number to 3 lakh within this financial year.
Fidelity International India-Head Ashu Suyash and BAFDL CEO JK Bhagat signed the MoU here during a press briefing. Fidelity has generated business worth Rs 7,800 crore in last three years of existence in India.
It provides nine different mutual fund and other products in the market, which would now be promoted and distributed by BAFDL.
"Mutual funds are an under owned investment product in India due to lower market penetration. This is due to the less number of insurance agents against the agents who sell mutual funds. The tie-up with Bajaj Allianz will help us offer mututal fund products along with the Bajaj Allianz insurance products," Ashu Suyash. She added, the move will also help the company to build a strong customer base across the country.
