DLF Pramerica Life Insurance Signs Bancassurance Agreement

DLF Pramerica Life Insurance Co. signed a Memorandum of Understanding with Mapusa Urban Cooperative Bank (Mapusa UCB), Goa for a corporate agency partnership, subject to regulatory approval. Founded in 1965, Mapusa UCB is one of the oldest cooperative banks in Goa and today has 24 branches across the state with over 125,000 registered customers. The MoU between the two companies was signed by Mr. Pavan Dhamija, MD & CEO, DPLI and Adv. Ramakant D. Khalap, Chairman, Mapusa UCB. Shri Digambar Kamat, Hon. Chief Minister of Goa was the Chief Guest at the signing ceremony that was held at the Mandovi Hotel in Panjim. 

Talking about the proposed bancassurance partnership, Mr. Dhamija said, “A distribution relationship between Mapusa UCB and DPLI will allow us to address the insurance related needs of the bank’s entire customer base in Goa, a region where we see immense potential for life insurance business.

We are confident that our portfolio of innovative and relevant protection oriented products combined with good quality customer service will help us build a strong and satisfied base of customers in all the cities where Mapusa UCB is operational.”

According to Mr. Davinder Singh, Executive Vice President – Products and Third Party Distribution, DPLI, “Our company’s focus is on ‘life protection’ which is really the fundamental purpose of life insurance. All our products are designed to cater to this specific need.

At the same time, we are building strong distribution and servicing capabilities that are keenly directed towards providing enhanced customer service. Our alliance with Mapusa UCB that has significant presence in Goa is another step in this direction.”

Speaking at the occasion, Adv. Khalap said, “Mapusa UCB has almost a 50-year track record in banking services and a comprehensive understanding of the local customer and his needs. We can therefore support DPLI in its endeavour to provide good-quality insurance products and services to our customers in Goa.”

At the event, Mapusa UCB also announced the launch and go-live of the Bank’s Core Banking platform, linking all branches of the Bank.