Development Credit Bank joins hands with Birla Sun Life

Mumbai: Birla Sun Life Insurance has tied up with Development Credit Bank (DCB) for distributing its life insurance products. The company will offer its entire range of insurance products to the customers of DCB, leveraging the latter's customer-base of 4,00,000 accounts.

DCB's focus on strategies to strengthen its retail business with mid-corporates on the corporate banking side makes it an ideal distribution channel for Birla Sun Life Insurance products, says a press release.

While DCB recently tied up with Tata AIG General Insurance Company for the distribution of general insurance products, Birla Sun Life also has bancassurance agreements with Citibank, Deutsche Bank and Bank of Rajasthan. The company is targeting a sale of 90,000 policies with corresponding annualised premium of more than Rs 215 crore in the coming year.

Birla Sun Life completed new business with a total sum assured of Rs 1,600 crore for the year ending 31 March 2002 and earned a premium income of Rs 36 crore. It sold around 20,000 policies and covered more than 33,000 lives across individual life and group life business.