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Max Life Insurance Company Ltd. (Max Life) has entered into a bancassurance partnership with CSB Bank (CSB), a private sector bank in India.
This partnership aims to offer a range of savings, protection, retirement, and group life insurance plans to more than 2.5 million CSB customers.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement.While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.
Commenting on the partnership, Sumit Madan, Chief Distribution Officer, Max Life, said, “Max Life is deeply committed to expanding its distribution channels, with a focus on addressing the financial protection needs of diverse demographics across India. Our partnership with CSB Bank is a significant step in our mission to bring life insurance to the underserved, ensuring that every Indian has access to the security they deserve. This partnership will allow us to provide our diverse insurance solutions to the bank’s customers, empowering them to achieve their aspirations and protect their loved ones at every lifestage.”
Narendra Dixit, Head – Retail Banking, CSB Bank, said, “We are elated to partner with Max Life as we take a step towards providing a diverse range of financial solutions for our customers. This partnership marks a significant step forward in our mission to offer a broader spectrum of insurance products and services, further enriching our customer experience and financial well-being.”
Insurance regulator IRDAI had in 2022 widely thrown open the bancassurance channel for insurers as part of its overall effort to increase insurance penetration in the country and achieve the long-term goal of ‘insurance for all’ by 2047, when the country will celebrate its golden jubilee of independence.
The regulator had paved the way for corporate agents to have distribution tie up with maximum of nine life insurers, nine general insurers and nine health insurers. Also, insurance marketing firms (IMF) can now enter into tie up with as many as six life, general and health insurers.
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