The Mou was signed by Indian Post Chief Postmaster General Karnataka Circle MP Rajan and ICICI Prudential Life Insurance Sr Vice President & Head Sales Anup Rao.
Addressing the media, Rao said, “There is tremendous scope in this arrangement as the Indian Post has over 9,800 offices in the State, a majority of which are in the rural areas.”
The policies will be available initially in around 70 post offices.
Rajan “This move will be beneficial to both parties. It will benefit us tremendously as we will refocus and broaden our activities. ”
The referral tie-up will include a commission of 7.5 per cent of the premium amount being paid to the post office for new policies, subsequently followed by 4.5 per cent on renewal of the policy. The post office will also receive Rs 25 for every policy mooted through them.
Published 23 October 2009, 16:56 IST