Kerala's largest private sector bank Federal Bank has tied up with ICICI Prudential Life Insurance Company for distribution of the latter's insurance products.
Bank chairman Mr K P Padmakumar, told mediapersons the life insurance products of ICICI Prudential would be distributed to over two lakh customers across 30 Federal Bank branches in the state and 30 other branches in cities outside the state. To start with, in Kerala the bank would distribute the products through its branches in Ernakulam, Alappuzha, Kottayam and Thrissur. This would later be extended to other areas.
The strategic alliance was an extension of the bank's policy to provide a complete range of financial solutions to customers, Mr Padmakumar said. Earlier, he inaugurated an office of ICICI Prudential in the city. ICICI Prudential managing director Shikha Sharma said the tie-up now threw open new opportunities, particularly in the vast southern market. The company had such distribution agreements with the ICICI Bank, Bank of India and the Punjab and Maharashtra co-operative banks. It had also the Muthoot group as a local corporate agent in the state. Federal Bank would distribute all the 11 base products as also the four riders. The company would consider introducing new products according to the needs of the customers, she added.
ICICI Prudential, a joint venture between ICICI Bank and Prudential Plc, was one among the first players to commence operations after the insurance sector was thrown open to private players two years ago. It had crossed the 1 lakh-mark of policies with a sum assured of over Rs 2,700 crore and a premium income of around Rs 122 crore.