Date:21/01/2004 URL: http://www.thehindubusinessline.com/2004/01/21/stories/2004012101501000.htm

Back Oriental risk products at post offices

Our Bureau

New Delhi , Jan. 20

ORIENTAL Insurance Co Ltd has signed a memorandum of understanding with the Department of Posts for distribution of its insurance products through the postal network.

The MoU was signed in the presence of the Minister of State for Finance, Mr Anandrao V. Adsul, and the Minister of State for Communications and IT, Mr S.U. Thirunavukkarasar.

Oriental Insurance products would soon be available through the network of 1.5 lakh post offices.

According to Oriental Insurance, the revenue expected from this tie-up could exceed Rs 500 crore in the first year. The Department of Posts would get a commission of about 15 per cent of the premium.