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ING Vysya ties up with Bharat Overseas Bank
Chennai, Mar 24: Chennai-based Bharat Overseas Bank would sell the insurance products of ING Vysya life insurance company under an agreement signed today.
Chennai, Mar 24: Chennai-based Bharat Overseas Bank would sell the insurance products of ING Vysya life insurance company under an agreement signed today.
Yvo Metzelaar, managing director, ING Vysya Life, and G Krishna Murthy, chairman of the bank, signed the agreement.
Murthy told reporters later that BOB would be initially offering ING Vysya's life products in 10 centres adding that at least 10 lakh polices were expected to be issued in the 2003-04 fiscal, 35 lakh in 2004-05 and 60 lakh in 2005-06.
The bank expected a commission income of at least Rs 30 lakh in the first year, Rs 100 lakh in the second year and Rs 180 lakh in the third year of the tie up. Initially, 20 of the bank's employees by ING Vysya Life would be marketing the products."This number would go up to 60 in the third year," he said.
According to Metzelaar, the tie-up gives the company the opportunity to leverage the 2.5 lakh strong customer base of the bank which, he said, would have access to personalised bancassurance products of ING Vysya. Bureau Report
Murthy told reporters later that BOB would be initially offering ING Vysya's life products in 10 centres adding that at least 10 lakh polices were expected to be issued in the 2003-04 fiscal, 35 lakh in 2004-05 and 60 lakh in 2005-06.
The bank expected a commission income of at least Rs 30 lakh in the first year, Rs 100 lakh in the second year and Rs 180 lakh in the third year of the tie up. Initially, 20 of the bank's employees by ING Vysya Life would be marketing the products."This number would go up to 60 in the third year," he said.
According to Metzelaar, the tie-up gives the company the opportunity to leverage the 2.5 lakh strong customer base of the bank which, he said, would have access to personalised bancassurance products of ING Vysya. Bureau Report