Birla Sun Life ties up with 5 co-operative banks

New Delhi, Mar 16 (UNI) Birla Sun Life Insurance today announced a tie up with five co-operative Banks across India for the sale of life insurance products, in line with its business model relating to seven commercial banks.

The private sector Insurance company has set up a dedicated team within the Organisation to drive the initiative. The company is evaluating possible tie-ups with other co-operative banks in the country, a Birla Sun Life release said here today.

''The strategy will be to sell simple products from its suite initially and move up the value chain with increasing awareness levels among customers and the staff of the banks. The tie-ups are expected to increase BSLIs reach across the various regions in India,'' the release said.

In the North, BSLI has tied up with the 'Indian Mercantile Co-operative Bank, Lucknow, which has 11 branches across the State.

This was the first co-operative bank to commence sales of BSLIs plans in the month of January, 2006.

In Bhopal, the company has entered into a tie-up with 'Krishna Mercantile Co-operative Bank' which has a string base in the city.

In the West, the company has entered into a similar arrangement with the 'Thane Bharat Sahakari Bank', Mumbai, that has 12 branches and has received the license to operate 10 more branches in the State.

To increase the reach in Eastern India, the Insuarnce player has tied up with the 'Nagaland State Co-operative Bank,' which has a network of 25 branches and the Jamshedpur Uraban Co-operative Bank' which has two branches in the city.

The seven Commercial Banks which have a tie-up with Birla Sun Life are -- Citibank, Deutsche Bank, IDBI Bank, Catholic Syrian Bank, Karur Vysya Bank, Development Credit Bank and HBL Global.

The release said BSLI has moved into the second phase of Bancasuure channel of distribution with tie-ups with co-operative banks.

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