CURRENT AFFAIRS

Detailed explanation-1: -Kerala-based lender anticipates annual incremental income of ₹20-30 crore. 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: -ICICI Lombard, AU Small Finance Bank enter into bancassurance tie-up-The Hindu BusinessLine.

Detailed explanation-3: -Life insurance and non-life insurance are the two bancassurance services provided by the insurance companies through banks.

Detailed explanation-4: -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-5: -Bancassurance in simple terms means marketing of insurance products under the same roof of a Bank branch. It thus facilitates a customer to carry out all his financial and investment needs with just a visit to his bank branch.