DHFL Pramerica Life Insurance signs Dhanlaxmi Bank as its Bancassurance partner

• Dhanlaxmi Bank to make DPLI’s Retail and Group life insurance products available across its branch network

• DPLI consolidates its business in Southern region of India

Trivandrum -DHFL Pramerica Life Insurance Company Ltd. (DPLI) a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. and Prudential International Insurance Holdings, Ltd. (PIIH), today announced its Bancassurance tie-up with Dhanlaxmi Bank, the 90 year old private sector Bank for the distribution of its extensive portfolio of Retail  and Group life insurance products to their diversified customer base across 260 branches in India. According to the agreement, Dhanlaxmi bank will become the Corporate Agent of DPLI and make life insurance products more accessible to Dhanlaxmi Bank’s customers.

Speaking on the occasion, Mr. G Sreeram, Managing Director and Chief Executive Officer, Dhanlaxmi Bank said “We are delighted to partner with DHFL Pramerica for bringing in best-in-class life insurance products for different customer segments. Year after year, we have consistently enhanced our portfolio to meet the diverse financial needs of our valued customers. With this alliance, customers of Dhanlaxmi bank will get easy access to bouquet of products which would cover their core financial needs and deliver good value."

 Mr. Anoop Pabby, Managing Director and CEO, DHFL Pramerica Life Insurance said, “We are delighted to announce our partnership with Dhanlaxmi Bank for distribution of DPLI’s innovative product offerings supported by seamless customer service experience. Together with Dhanlaxmi Bank, DPLI will continue to work on increasing penetration of life insurance by offering segmented products, supported through digital & CRM capabilities and making insurance more accessible. With this tie up, DPLI is in a strong position to consolidate its presence in the states of Kerala, Tamil Nadu, Andhra Pradesh, and Karnataka. The Southern region is an important market for DPLI and this strong distribution channel is a strategic move towards further strengthening our presence in the region and enhancing our distribution footprint across the country.”

The Chief General Manager, Dhanlaxmi Bank, Mr. P Manikandan also added, "We are committed to work jointly with DHFL Pramerica as this will further increase the insurance penetration. We both enjoy significant trust amongst our customers and we will continue to offer "value" so that the consumers financial needs are met.

Currently, DPLI has six branches in Southern region of India with presence in Chennai, Coimbatore Bangalore, Belgaum, Hyderabad, and Kochi. The Company currently protects over 15 million lives and now has 103 branch offices across India. It has 28 life insurance products and six riders in its products basket, fulfilling a gamut of life insurance needs from child’s future protection to retirement in its portfolio.

About Dhanlaxmi Bank
Dhanlaxmi Bank, established in 1927, is one of the major old generation private sector banks in India. Dhanlaxmi Bank, with its rich heritage over 89 years, has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver best service and demonstrate responsibility that we have grown from strength to strength. Be it in the number of customers, the scale of business, the breadth of our product offerings, the banking experience we offer or the trust that people invest in us. Our focus has always been on customizing services and personalizing relations. Our technology is at par with all other leading competitors. Our customer outlets stood at 680 with 260 branches and 371 ATMs and 49 Business Correspondents, covering 129 cities across India in 15 states and 1 union territory. Bank is honoured to be bankers to scores of Government, Quasi-government, Body Corporates, Statutory Bodies Institutions under the Centre and State governments. In the state of Kerala, we have the privilege to be bankers to many reputed organizations viz. Travancore Devaswom Board (which manages Sabarimala and other 1248 temples), Cochin Devaswom Board (comprising of 400 Temples), Guruvayoor Devaswom Board, Mata Amrithanadamayi Math (one of the largest Public Trusts in India) and all connected institutions, devotees and well-wishers of the Math and scores of such other Government – Quasi Government organizations from central and state government. In fact, the bank’s guiding principle since inception was “Relationships forever”. It’s way of doing business has always been about putting the customer first. Today, the Bank is proud to reiterate this commitment while striving to build a lasting relationship with over 2 million constituents. Bank is following the “branch centric model”, which makes the branches “one-stop-shop” for the customer needs.

At Dhanlaxmi Bank, we address the entire spectrum of financial needs at all life stages of our customers. From Banking Accounts to Demat Services, Investment Advisory to Retail Finance, Forex, Insurance to Distribution of Mutual Funds products, we have the products, experience, infrastructure, and the commitment to deliver pragmatic end-to-end solutions to suit their needs. We are a leading player in dispensation of micro and agri credit among Kerala-based Banks. The Bank serviced a business Rs. 17,890 crore as on 31 March 2017, comprising deposits of Rs. 11,294 crore and advances of Rs. 6596 crore. The bank has a strong management team led by Shri G Sreeram, Managing Director & CEO.

About DHFL Pramerica Life Insurance (DPLI)
DPLI is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one of India’s largest housing finance companies (the second largest in the private sector) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades.

DPLI has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. For further information on the Company, please visit www.dhflpramerica.com

About DHFL

DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE Triple A rated and reckoned as one of India’s leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.

Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The company’s wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India’s smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further information, please visit www.dhfl.com

About PFI

PFI*, a financial services leader with ,1.334 trillion of assets under management as of June 30, 2017, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. Prudential International Insurance Holdings & Prudential Financial Inc. of the United States are not affiliated with Prudential Plc, a Company incorporated in the United Kingdom. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.pramericafinancial.com

^*Pramerica and the Rock Logo are proprietary service marks and may not be used without the permission of the owner.