Punjab National Bank's Foray Into Insurance Business
merisarkar news service New Delhi March 04, 2011
PNB forays into insurance biz: Kamath
The bank had invited Expression of Interest from intending insurance companies for strategic partnership in Insurance business with the Bank on 28.12.2010.
The Bank received overwhelming response from Indian and International Insurance companies proposing different models.
After evaluation of the various models received, the Bank has decided to participate in the life insurance venture through a
"corporate agency tie-up along with equity participation in an existing Indian life insurance company".
Accordingly, RFPs have been issued to following ten insurance companies who had proposed this model: 1. Aegon Religare Life Insurance. 2. Aviva India Life Insurance 3. Bharti AXA Life Insurance 4. Birla Sun Life Insurance 5. DLF Pramerica Life Insurance 6. Future Generali Life Insurance 7. HDFC Life Insurance 8. Max New York Life Insurance 9. Met Life Insurance 10. Reliance Life Insurance
The bank will finalise the partner for Life Insurance business based on the evaluation of the proposals submitted by these insurance companies.
