Date:22/11/2006 URL: http://www.thehindubusinessline.com/2006/11/22/stories/2006112203050200.htm

Back Max New York Life ties up with AP rural bank

Our Bureau

Hyderabad , Nov. 21

Max New York Life and Adilabad District Cooperative Central Bank Ltd on Wednesday announced a strategic tie-up to sell life insurance products through the rural bank.

The tie-up will strengthen the insurance company's rural presence in Andhra Pradesh. Through this partnership, the bank will sell Max New York Life's insurance products through a network of 19 branches and 60 cooperative societies in the rural areas of Adilabad district.

"Given the huge size of the rural market and the increasing propensity to save, the potential that exists in the rural market is enormous. Our business model will help us tap this true potential," said Mr R.P. Singh, Vice-President and Head - Rural Business, Max New York Life, after signing the agreement.

Mr K. Prem Sagar Rao, President, Adilabad District Cooperative Central Bank Ltd, said, "Bancassurance as a channel offers a great opportunity to cooperative banks like us to deepen and strengthen our customer relationships by securing their dreams and enabling them to tide over the uncertainties of life."

The insurance company will tailor its products according to the needs and affordability in the rural areas.