Non-life insurer Reliance General Insurance Company has nailed a bancassurance tie-up down with Shamrao Vithal Co-operative Bank (SVCB), media reports say.
Reliance officials said the company would sell its insurance products to the customers of SVCB with a network of 194 branches.
Bancassurance tie-up forms an important part of Reliance General’s growth strategy and the company has plans to have similar tie-ups with other cooperative banks as well to expand its distribution footprint across the country.
This move follows the recent IRDA guidelines that allow banks to tie-up with multiple insurance companies.