DLF Pramerica Life Insurance Co. Ltd. (DPLI) has signed a Memorandum of Understanding (MoU) with Mapusa Urban Cooperative Bank (Mapusa UCB), Goa for a corporate agency partnership.
DLF Pramerica Life Insurance Co. Ltd. is a joint venture between DLF Limited, a leading real estate development company in India, and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S.
The partnership, subject to regulatory approval, will help DLF Pramerica Life to expand its presence to across the state of Goa. Mapusa UCB, which is one of the oldest co-operative banks in Goa, has over 1,25,000 customers across 24 branches. They have close to 50-year track record in banking services.
The MoU was signed today by DLF Pramerica Life Insurance Company’s Managing Director & CEO, Pavan Dhamija and Shri. Ramakant D. Khalap, Chairman, Mapusa UCB.
Commenting on proposed bancassurance partnership, Pavan Dhamija said, “A distribution relationship between Mapusa UCB and DPLI will allow us to address the insurance related needs of the bank’s entire customer base in Goa, a region where we see immense potential for life insurance business.”
“We are confident that our portfolio of innovative and relevant protection oriented products combined with good quality customer service will help us build a strong and satisfied base of customers in all the cities where Mapusa UCB is operational,” he added.
Shri. Khalap said, “We can support DPLI in its endeavour to provide good-quality insurance products and services to our customers in Goa.”
DLF Pramerica is focused on providing life insurance products that cater to different customer needs. This proposed partnership will help DPLI form a strong distribution network to reach out to a large audience. Their life insurance product portfolio includes insurance products, most of which offer additional Riders - Critical Illness Rider and Accidental Death Benefit Rider.