Max Life, Lakshmi Vilas Bank tie up for distribution of insurance products

Max Life Insurance has tied up with Lakshmi Vilas Bank for distribution of life insurance products through the lender's 400 branches across the country.

It is a 5-year strategic alliance for bancassurance, Max Life Insurance said in a statement.

Lakshmi Vilas Bank has become a corporate agent for Max Life Insurance and will offer a complete bouquet of life insurance solutions and post-sales services to its customers, the insurance company said.

The tie up will help Max Life Insurance reach out to an additional 25 lakh customers of the Chennai-based bank and strengthen its multi-channel distribution network, primarily in southern part of the country, where Lakshmi Vilas Bank has a strong presence, it added.

At present, over 20 per cent of the new business for Max Life comes from south India, it said, adding that of the total 400 branches of Lakshmi Vilas Bank, as many as 320 are located in the region.