Religare, PNB MetLife tie knot for product offering

Religare Health Insurance and PNB MetLife India Insurance Co. Ltd. have partnered in order to offer a product that would cover health, death and illness, said a top official. “We have tied up with Religare Health Insurance, wherein we will bundle and sell their health insurance policy with our life insurance policy,” said Sameer Bansal, chief distribution officer, PNB MetLife India Insurance Co. Ltd. “The product will be offered during mid-December. It will be a seamless integration [exercise] to ensure that it comes as a single policy to a customer,” Mr. Bansal said. “The tie-up will offer additional earning opportunity for the life insurer’s distribution channel partners,” he said. When asked about the growth plans, he said for FY20 the life insurer had set target of 18-20% growth in top-line, increasing the number of branches from 107 to 200 in two years and policy renewal ratio from 78% to 81%. “Since the base in Tamil Nadu is small, we are posting good growth. We have aggressive plans for Tamil Nadu to expand base and to appoint more agents,” he said.