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Karur Vysya Bank and Bajaj Allianz Life Insurance announce strategic partnership

Posted On: 2020-07-07 23:24:46


Karur Vysya Bank has entered into a corporate agency partnership with Bajaj Allianz Life, one of India's leading life insurance companies, to offer life insurance solutions to the Bank's customers.

Through this partnership, Karur Vysya Bank will provide Bajaj Allianz Life's value-packed life insurance solutions to its customers and enable them to achieve their life goals in a planned manner. Bajaj Allianz Life through its affordable and new-age life insurance solutions will empower the Bank's new and existing customers to avail the living benefits of life insurance. The insurer's products will be available at the Bank's 780 branch offices spread across India.

Speaking about the partnership, Mr. J Natarajan, President & Chief Operating Officer, Karur Vysya Bank said "KVB has been aligned with Bajaj Allianz to market their non-life products since the past 17 years. When KVB wanted to provide additional options to customers for their life insurance needs, Bajaj Allianz Life emerged as a natural choice. KVB has been attracting new clientele through its end-to-end paperless digital journey by granting in-principle sanctions for retail loans in 15 minutes. These customers besides existing customers too would now not need to look beyond KVB for the entire range of financial requirements."

Tarun Chugh, MD & CEO, Bajaj Allianz Life said, "We are pleased to partner with a customer-centric brand like Karur Vysya Bank who like us is committed to meet the financial goals of its customers. Our partnership will help in making value-packed and affordable life insurance solutions accessible to a large number of people. With our tech-enabled servicing solutions and comprehensive life insurance products, we look forward in enabling the life goals of Karur Vysya Bank's customers."

Under this partnership, all retail and group products of Bajaj Allianz Life will be made available to the Bank's customers, including Savings, Retirement, Investment, Protection and Critical Illness life insurance products.

Shares of KARUR VYSYA BANK LTD. was last trading in BSE at Rs.34.6 as compared to the previous close of Rs. 33.95. The total number of shares traded during the day was 110693 in over 543 trades.

The stock hit an intraday high of Rs. 34.9 and intraday low of 34. The net turnover during the day was Rs. 3811716.

Shares of BAJAJ FINSERV LTD. was last trading in BSE at Rs.6596.7 as compared to the previous close of Rs. 6283.55. The total number of shares traded during the day was 75288 in over 13844 trades.

The stock hit an intraday high of Rs. 6630 and intraday low of 6278.05. The net turnover during the day was Rs. 487064068.


Source: Equity Bulls

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