Shriram Life Insurance Co. Ltd. (SLIC), a joint Venture between Shriram Group and Sanlam Group, South Africa, today signed an MOU with Tamil Nadu Cooperative State Agriculture & Rural Development Bank Limited (TNCSARD), Chennai.
The MoU was signed by Ms. Akhila Srinivasan, Managing Director, SLIC and Mr. M. Tharmalingam, Special Officer & Additional Registrar, TNCSARD in the presence of Mrs. Nandakumari- Joint Registrar GM, TNCSARD Bank Ltd, Mrs. Indirani – Joint Registrar GM, TNCSARD Bank Ltd., Mr. M K Asaithambi – DGM, TNCSARD Bank Ltd., Mr. K Shanmugam – DGM, TNCSARD Bank Ltd and Mr. S.P. Raghunathan – Director, Shriram Group, Mr. S.K. Choudhury – Executive Director, SLIC. All Regional Managers of the Bank were also present. The primary objective of this agreement is to jointly promote, market and distribute life insurance products to all their customers.
Commenting on the occasion, Ms. Akhila Srinivasan, Managing Director, SLIC said, “Being one of the fastest growing private players in the insurance sector and the only company to report underwriting profit, we at SLIC, are glad to enter this association with TNCSARD bank. With the wide spread network of the bank, SLIC will now be able to extend its footprint to the untapped rural market and provide life insurance cover to every household in Tamil Nadu.”
On signing this MoU, Mr. M. Tharmalingam, Special Officer & Additional Registrar, TNCSARD bank, said, “With the signing of this agreement, TNCSARD bank becomes the sole corporate agent to sell SLIC products to all our customers. We are confident that this initiative would generate additional revenue for the bank, through the commission based system developed by SLIC.”
In addition to procuring business under Traditional Endowment Plans & Unit Linked Insurance Plans of the company, TNCSARD bank will also insure their borrowers and agricultural land owners under the Shriram Credit Guard Plan. This plan ensures the repayment of loan amount to the bank in case of the untimely death of the land owner.
