ICICI PruLife, StanChart enter into bancassurance tie-up

Standard Chartered Bank today announced that it has entered into a strategic bancassurance partnership with ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life).

This is part of a larger agreement between Standard Chartered Plc and Prudential Plc to expand the term and geographic scope of their pan-Asian bancassurance partnership.

The new 15 year agreement covers India and 10 other markets and has commenced on 1 July 2014, deepens a relationship that was first established in 1998.

Under the terms of this agreement, Standard Chartered Bank will distribute a wide array of ICICI Prudential Lifeâs comprehensive life insurance products through its network of 99 branches across 42 cities.

Sunil Kaushal, Regional Chief Executive, India & South Asia at Standard Chartered Bank said that the alliance with ICICI Prudential Life is a reaffirmation of our commitment to our customers and it enables us to offer them best-in-class life insurance products for their various needs.

Sandeep Bakhshi, Managing Director & CEO, ICICI Prudential Life explained that their (Standard Chartered) customer centric approach is very much in sync with the company's customer first philosophy.