Shriram Life looks at banks to sell products

Shriram Life is exploring tie ups with banks to sell its products as soon as possible to increase its reach as well as its customer base.

“The banking channel has been untapped so far for us. We are in talks with banks for a tie up to sell our products. A couple of banks have shown keen interest but we are waiting for the regulation through which banks will be allowed to sell policies of multiple companies,” Shriram Life Insurance chief executive officer and whole time director Manoj Kumar Jain told Deccan Herald.

We are hopeful that in the last quarter of the current financial year we will be able to sell through banks, Jain added.

As far as new product portfolio is concerned, Jain said that the company is certainly keen on launching a pension product soon.

“Four to five products are in the pipeline for us. We are looking at launching a pension plan very soon. We are also looking at launching a simplified product under the unit linked insurance plan (ULIP),” Jain said.

Shriram Life, which derives 60 per cent of its business from South and 40 per cent from the rest of India is also looking to change this ratio going forward.