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ICICI Prudential Life and Saraswat Co-operative Bank sign bancassurance partnership

Posted On: 2018-09-18 17:24:45

ICICI Prudential Life, one of the largest private sector life insurance Company in India, and Saraswat Co-operative Bank (Saraswat Bank), a century old and India's largest urban co-operative bank, have come together to offer life insurance products ranging from protection to wealth creation.

Through this partnership, over 280 Saraswat Bank branches in Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka will offer the entire range of Protection and Savings products of ICICI Prudential Life. Some of the key protection products include ICICI Pru iProtect Smart, a first of its kind term insurance plan providing cover against 34 critical illnesses and ICICI Pru Heart / Cancer Protect, a health insurance plan covering a range of Heart ailments and Cancer. Long term saving products which enable customers to achieve their financial goals include ICICI Pru Future Perfect, ICICI Pru Savings Suraksha and ICICI Pru Cash Advantage too will be offered to the Bank's customers.

Mrs. Smita Sandhane, Managing Director, Saraswat Co-Operative Bank said, "We are very pleased to enter into this alliance with ICICI Prudential Life. It gives us the opportunity to provide our customers with the best in class life insurance products which will take care of their protection and saving needs. Since customer centricity forms the core philosophy of both the companies, it is going to be a mutually benefitting collaboration and we are looking forward to work closely with ICICI Prudential Life."

Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, "We are happy to partner with Saraswat Co-operative Bank, which is a trusted 100 year old name in the banking sector. We believe our customer centric protection products will enable the Bank's customers to mitigate the uncertainties of life and provide a financial safety net to their families. Our savings products will also enable them to efficiently build wealth over the long term. Through our digital platform, we can facilitate a paperless onboarding and deliver superior service to our customers. We believe this partnership will help the Bank enhance the value of its franchise and enable us to further strengthen our multi-channel distribution network."

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.359.1 as compared to the previous close of Rs. 364.45. The total number of shares traded during the day was 54037 in over 1660 trades.

The stock hit an intraday high of Rs. 363 and intraday low of 357.1. The net turnover during the day was Rs. 19441604.

Source: Equity Bulls

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