Triveni SRI and Max Life ink strategic tie up

New Delhi, May 26 (UNI) Global life insurance major Max New York Life (MYNL) and Triveni SRI, a wholly-owned subsidiary of Triveni Engineering, today signed a strategic tie-up to sell life insurance products through Triveni's rural retail stores - Triveni Khushali Bazaar (TKB).

The tie-up will strengthen MYNL's rural presence in West Uttar Pradesh - a prosperous sugar belt.

MYNL will tailor its products according to the needs and affordability in the rural areas taking into account important factors like childrens education, daughter's marriage and flexible premium payment options while planning the products for customers of TKBs.

''Given the huge size of the rural market and the increasing propensity to save, the potential that exists in the rural market is enormous. We have strong belief in the vision and approach of Triveni SRI and are confident that the business model that we have put in place will ensure that life insurance products are available to the rural and semi-urban customers in the same need-based manner that has installed Max New York as the quality player,'' said Mr Gary Bennett, MD and CEO of MYNL, after signing the agreement.

Mr Dhruv Sawhney, CMD of Triveni SRI said, ''It is a win-win partnership for us and for Max New York Life based on a strong value match, long-term focus and complementarity of approach. We will ensure the true value of life insurance to our customers through Triveni Khushali Bazaar.'' MYNL will have a reach to as many as 3.5 lakh rural families in West UP. It will also train Triveni SRI's 700 Marketing and Cane Development officials to create awareness about the need and importance of life insurance amongst farmers.

TKB, a rural agri-super store chain for the farming and rural community, will sell MYNL's insurance products through a network of 11 rural malls that are present in West UP districts of Meerut, Muzaffarnagar, Saharanpur, Khurja, Baghpat and Bulandshahar, Mr Sawhney said and added that the strength of TKBs will be increased to 45 in the next one year.

The area of focus of Triveni Engineering is sugar and engineering. Started in 1930s, they are now a Rs 10 billion company with a strong rural network and specialisation in sugar, turbines, gears and gearboxes manufacture and water and wastewater treatment with an annual turnover of Rs 1100 crore.

Max New York Life Insurance Company Ltd is a joint venture between Max India Ltd, a multi-business corporate, and New York Life International, a global expert in life insurance. They have a network of 92 offices in 67 cities across India.

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