BoI in search of 3rd partner for life insurance product

Mumbai, Oct 27 (UNI) Bank of India (BoI), which is contemplating launch of own insurance product, is looking for a third partner for the same.

Talking to UNI on the sidelines of announcing the financial results of the bank for the first half of current financial year, bank CMD M Balachandran said, ''We have already zeroed in on Japan-based insurance firm Dai Chi and are holding talks with various banks in the country for a third partner.'' He made it clear that his bank was looking at entering into the life insurance segment only.

At present, the bank is selling the life insurance products of ICICI Prudential. However, as per the norms laid by IRDA (Insurance Regulatory Development Authority), a bank can sell insurance products of a particular insurance firm only. Hence, the bank will have to stop selling the ICICI Prudential products once it comes up with its own product.

Mr Balachandran made it clear that he would prefer to have a public sector bank as the third partner. ''Our talks are in an advance stage and we are likely to find the third partner within a fortnight,'' he said.

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