While New York Life and ING have exited Indian insurance business, Manulife...
In a new development, ING Life Insurance has tied up with Visakhapatnam District Central Co-operative Bank in Andhra Pradesh to offer insurance products to its customers.
Vizag Co-op Bank is one of the oldest co-operative banks with over 60,000 customers. ING Life will get access to this customer base to sell its insurance products. The bank’s 28 branches are spread across districts like Visakhapatnam, Narsipatnam, Yelamanchili, Anakapalli.
ING Life India started insurance business in September 2001 and is in its 10th year of operations. It is a joint venture between ING Insurance International B.V. (26%), Exide Industries (50%) and other share holders like Ambuja Cements Limited and Enam Group, together holding a total of 24%.
The insurance company distributes its products like Term insurance plans, single-premium and regular premium Unit-linked insurance plans or ULIPs, Savings Plans, Retirement Plans, and Unit-linked Child plans through Alternate Channel, TIED Agency Force.
Commenting on the tie-up, T K Uthappa who is the India Director – Sales of ING Life said, “ING Life India has a strong network of tie-ups with co-operative banks across India. We have been keen to develop our network in Andhra Pradesh, and this tie-up gives us the right start in the region to reach out to our customers to help them manage their financial future.”
B Satya Rao, Chairman of Visakhapatnam District Central Co-operative Bank, said that this tie up will enable the bank to add one more service to their customers by offering life insurance products.
This is the fifth district central co-operative bank that ING Life Insurance has tied-up with.