RBL Bank, ICICI Prudential join hands for Bancassurance partnership

RBL Bank and ICICI Prudential have joined hands under a bancassurance partnership. 398 RBL Bank branches across 28 states will distribute ICICI Prudential Life’s protection and savings products. The protection products of ICICI Prudential Life will help the bank’s customers to develop a strong financial plan and its long-term savings products will help the customers of the bank to achieve their financial goals.

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About the Partnership:

• This partnership will allow more than 8.7 million customers of RBL Bank to access and purchase ICICI Prudential Life’s customer-centric protection and long-term savings products.
• It provides financial security to the customers and their families through life insurance cover.
• It will deepen and strengthen the multi-channel distribution network of ICICI Prudential Life.
• It will also accelerate the value creation for the bank and ICICI Prudential Life.

What is Bancassurance?

Bancassurance means selling insurance products through banks. It is an arrangement between a bank and an insurance company, wherein the bank sells the tied insurance company’s insurance products to its clients.

Important takeaways for all competitive exams:

• RBL Bank Ltd Incorporated: 1943, under the Indian Companies Act, 1913
• RBL Bank Ltd MD and CEO: Vishwavir Ahuja.
• RBL Bank Ltd Headquarters: Mumbai, Maharashtra.
• RBL Bank Ltd Tagline: Apno Ka Bank.
• The bank’s name was changed from ‘The Ratnakar Bank Limited’ to ‘RBL Bank Limited’ in August 2014.
• ICICI Prudential Life Insurance Ltd Commenced Operations: 2001.
• ICICI Prudential Life Insurance Ltd HeadOffice: Mumbai, Maharashtra.
• ICICI Prudential Life Insurance Ltd MD & CEO: N S Kannan.

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