Update on Dabur CGU-LVB bancassurance project

CHENNAI, OCT. 6. The project committee of Dabur CGU and Lakshmi Vilas Bank has discussed an action plan for the proposed bancassurance tie-up as the Insurance Regulatory and Development Authority's (IRDA) approval for entering the life insurance business is awaiting clearance.

The bancassurance of LVB, subject to the approval of the Reserve Bank of India, will be dedicated to providing marketing and selling of insurance product that provide quality protection with value pricing. The distribution plan includes pricing and generating sales from the chosen branches of the bank. The action plan also focussed on addressing the social sector and rural segment and provide products to the self-help groups.

The bank proposes to identify 25 branches in the first phase and another 25 in the second phase spread over metro, urban, semi- urban and rural areas and set up insurance boutiques.

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