AEGON Religare Life Insurance today announced its first bancassurance tie-up with Nashik District Central Cooperative Bank.
“Maharashtra is an important market for us and we generate significant business from the state. To increase our reach and penetration in Maharashtra, we had been scouting for a partner,” Rajiv Jamkhedkar, chief executive officer, AEGON Religare Life Insurance, said in a release.
Nashik District Central Cooperative Bank has over 200 branches and a share capital of Rs 90 crore. It disbursed over Rs 500 crore of loans in 2009-10. Increasingly, insurance companies are looking to tie up with banks for selling their products, adding another channel to its distribution network.
