BANKING AFFAIRS

Detailed explanation-1: -DHFL Pramerica Life Insurance Company has signed on Kerala-based Dhanlaxmi Bank as its bancassurance partner, under which the latter will distribute retail and group life insurance products to its customers across 260 branches in India.

Detailed explanation-2: -Pramerica Life Insurance Limited (PLIL) is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Piramal Capital and Housing Finance Limited (“PCHFL”)* and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI).

Detailed explanation-3: -Definition: Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients.

Detailed explanation-4: -Bancassurance arrangements are common in Europe, where the practice has a long history. European banks, such as Crédit Agricole (France), ABN AMRO (Netherlands), BNP Paribas (France), and ING (Netherlands), dominate the global bancassurance market.