Max New York Life ties up with IndianOil for product sale in rural areas
New Delhi   11-Jul-2008
After entering into an agreement with Indian Railways as part of brand promotion exercise, Max New York Life Insurance on Thursday tied-up with IndianOil for selling insurance product in rural market through IndianOil's 2000 Kisan Seva Kendras across the country. "The tie-up will bring insurance to the masses and help boost financial security. Emerging markets have immense need for financial protection and long -term saving instruments but are currently underserved. This tie-up will help reach out to such diverse and widely spread population”, said Max New York Life Deputy Managing Director Rajesh Sud. "The company will initially set up 100 such kendras across four states including Punjab, Haryana, Gujarat and western UP and based on the initial feedback the company would eventually extend this model arid in another one year we hope to utilise all Kendras for increasing our reach and awareness level about the insurance products,” he added. In the amount of business expected in the rural area, the company hopes to go past the IRDA benchmark of 19 per cent. "IndianOil, through its KSKs, have been reaching vital fuel and non fuel products in the rural areas and this venture will help Max make available its insurance products to the hinterland," said KR Suresh, IndianOil general manager, retail sales. This tie-up will help KSK to move up the value chain by making life insurance available to the rural consumers, he further added. The group plans to make insurance texts available to the consumer in the vernacular language, keeping in view the financial illiteracy. The group also intends to provide need and aspiration based products. Both the companies refused to comment on the revenue sharing pattern between the two companies.