Mumbai, June 27 (UNI) Bajaj Allianz Life Insurance and Iffco Tokio General Insurance have entered into a strategic partnership with Maharashtra State Co-operative Bank (MSCB) to distribute life insurance and general insurance, across Maharashtra through the Bank's 50 branches.
Speaking on the occasion, Maharashtra State Co-operative Bank Chairman Manikrao Patil said the partnership is expected to create insurance business worth Rs seven crore, including Rs four crore worth general insurance.
''The tie-up with Bajaj Allianz Life Insurance will enable us to offer insurance and products to our customers,'' he said.
Iffco country head Vijay Mehrotra said the partnership with the bank will help in spreading the insurance benefits.
Bajaj Allianz Life Insurance offers the strongest distribution network across the country through over 1000 branches spread over 950 towns and its strong Bancassurance partnerships, which help it reach out to every corner of the nation.
The Maharashtra State Co-operative Bank's Limited (MSCB) operational area is spread across 31 districts in the state. The Bank has 50 branches and a customer base of three lakh. At present total deposit and advances of the Bank are to the tune of Rs 14,000 crore and Rs 10,000 crore respectively. The bank has also posted a profit of Rs 50 crore as of the last financial year.
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