Karur Vysya Bank partners with Bajaj Allianz Life
Karur Vysya Bank (KVB) forms a strategic partnership with Bajaj Allianz Life to offer life insurance solutions to its customers. The insurer’s products will be available at the bank’s 780 branch offices, spread across India.
Bajaj Allianz Life through its affordable and new-age life insurance solutions will enable the bank’s new and existing customers to avail of the living benefits of life insurance and achieve their life goals in a planned manner.
Under this partnership, all retail and group products of Bajaj Allianz Life will be made available to the bank’s customers, including savings, retirement, investment, protection and critical illness life insurance products.
Earlier this week, the bank has also partnered with Star Health & Allied Insurance to make available the health insurance products across all its branches. To date, for life insurance products, KVB has partnered with Aditya Birla Life Insurance and this time, with Bajaj Allianz Life.
For non-life insurance products, it has partnered with Bajaj Allianz General Insurance, ICICI Lombard General Insurance & Digit Insurance. Also, for health insurance products, it has formed partnerships with Aditya Birla Capital Health Insurance, Max Bupa Health Insurance and Star Health & Allied Insurance.
KVB currently services over seven million individual customers through a network of 780 branches and ATM as well as cash recyclers’ network of 2,223 spread across 22 Indian states and Union Territories.
On the financial front, KVB’s net interest income declined marginally to Rs 2,348 crore from Rs 2,363 crore in FY19. Its net profit grew 11 per cent YoY to Rs 235 crore. Its deposits and advances dipped by 1 per cent and 5 per cent YoY, respectively in FY20. The gross NPA stood at 8.68 per cent and the net NPA was at 3.92 per cent.
On Wednesday, during the morning session, the stock of KVB surged 5.6 per cent to Rs 36.55 from its previous close of Rs 34.60 on BSE.