Dena Bank ties up with Bajaj Allianz

Dena Bank today entered into a tie up with Bajaj Allianz Life Insurance Co. Ltd., one of India’s leading private life insurers, for distribution of their group life insurance product ‘Sarva Shakti Suraksha’ through the Bank’s branches. The Memorandum of Understanding [MoU] was signed by Mr. M.K. Sharma, General Manager, Dena Bank and Mr. A.S. Narayanan, Head – Bancassurance, Group & NRI Business, Bajaj Allianz Life Insurance Co. Ltd., in Mumbai today.

Speaking on the occasion, Mr. Sharma said, "We are proud to be associating with Bajaj Allianz as this tie up will enable us to offer a low cost financial product, suitable to a large segment of the population which can’t afford insurance. It is a part of the measures being taken by the Bank towards the process of financial inclusion.”

Mr. Narayanan said, “It is a matter of great privilege to be associated with Dena Bank, which is a well known name in the banking sector in the country. This association will enable us to strengthen our commitment to reaching out to all strata of the population.”

About Dena Bank:

Dena Bank is a nationalised Bank having its Head Office in Mumbai. The Bank was established on 26th May, 1938 as Devkaran Nanjee Banking Company Pvt. Ltd. and was nationalised in 1969. Dena Bank has a network of over 1200 branches and satellite offices in rural, semi urban, urban and metro areas across the country, with a strong presence in Western India [Gujarat and Maharashtra].

About Bajaj Allianz Life Insurance:

Bajaj Allianz is one of the leading Private Sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited [recently demerged from Bajaj Auto Limited, one of India’s most respected names]. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (over Rs. 55,00,000 crores). At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering you customized products with transparent benefits supported by the best technology is our business philosophy. Bajaj Allianz began its operations in 2001 and today has a pan-India presence with offices and presence in over 1100+ towns in the country. The company has been constantly expanding its operations to be close to their customers.

Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age income profiles. Currently Bajaj Allianz has a strong product portfolio of over 30 flexible products and caters to all kinds of customer needs from ULIPs to Child Plans, from group insurance to health insurance.

Bajaj Allianz has been in the forefront in developing the bancassurance channel in India and continues to have a strong focus on this channel. The company has developed an expertise in dealing with banks of various sizes, cultures, geographical spread and provides customized services to each of them. Bajaj Allianz has efficiently provided seamless integration of processes and faster rollouts to the banks so that it can be mutually beneficial.