Bandhan Life Insurance, following its acquisition of Aegon Life and subsequent rebranding earlier this year, has announced a strategic partnership with Bandhan Bank to distribute life insurance products through the bank’s expansive network of 1,700 branches. This move aims to bolster Bandhan Life’s focus on new business and expand its distribution capabilities.
Initially, the partnership will see around 550 bank branches offering two new life insurance products tailored for Bandhan Bank customers, with plans to extend this to all 1,700 branches by the end of the year. “We aim to partner with 2-3 more banks and explore other multi-channel distribution strategies in due course,” said Bandhan Life MD & CEO Satishwar B.
While Aegon Life primarily focused on online channels, Bandhan Life will emphasize offline distribution for growth. The company expects to generate Rs 300 crore in new premium business within the first year under its new identity. Bandhan Life’s current assets under management stand at Rs 4,500 crore, with an annual renewal premium of Rs 300 crore.
Also Read: IndiaFirst Life Insurance Names Vivek Zakarde as Head of Data Operations
Additionally, Bandhan Life is developing insurance savings products specifically designed for the microfinance customers of Bandhan Bank. These products will be distributed through Bandhan Bank’s network of over 4,000 small service centers.
The company also plans to expand its physical presence by opening around 20 offices nationwide within the next year, from its current locations in Mumbai and Kolkata.
