Bharti AXA Life Insurance on October 21 announced its bancassurance partnership with Utkarsh Small Finance Bank Limited (USFBL) for the distribution of life insurance products through the bank’s network of branches across the country.
With this collaboration, Bharti AXA Life’s insurance plans including protection, health, savings and investment, will be available for purchase to over 3 million customers of the bank across its more than 600 branches in 202 districts spread across 19 states and 2 union territories in the country.
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Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA, said Utkarsh Small Finance Bank's customers will benefit from a diverse range of new-age products offered by the firm.
"We are pleased to partner with Utkarsh Small Finance Bank, which is a growing name in the domestic banking sector. This bancassurance partnership will help further strengthen our distribution and unlock growth opportunities through the Bank’s wide network. This tie-up will help us reach the tier II and tier III markets with insurance solutions thereby increasing insurance penetration in the country," Bharti AXA Life Insurance MD and CEO Parag Raja said.
"Our alliance with Utkarsh Small Finance Bank will also help empower the bank’s customers with protection and holistic financial planning solutions from our comprehensive product portfolio," he added.
Utkarsh Small Finance Bank CEO Govind Singh called this tie-up a significant development. "With Bharti-AXA Life Insurance Co. Ltd, we strengthen our insurance product offering and further diversifying the value proposition to our customers. With this tie-up, the bank is well placed to provide our customers a choice of life insurance products that best suits their needs and convenience," he added.
Varanasi-based USFBL's activities are focused on rural and semi-urban locations.
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