Kolkata: Allahabad Bank has entered into a strategic bancassurance tie-up with ICICI Prudential Insurance Co Ltd.

Allahabad Bank CMD B Samal says under the tie-up, his bank will distribute ICICI Prudentials life insurance products in Kolkata. ICICI Prudential will offer its entire bouquet of life insurance products to the customers of Allahabad Bank through its financial service consultants.

ICICI Prudential managing director Shikha Sharma says the bancassurance arrangement model is based on the Referral Model. Under this model, ICICI Prudential will be offering its entire bouquet of life insurance products to the customers who walk into Allahabad Banks branches, she says.

Samal says at the initial stage, Allahabad Bank will offer ICICI Prudentials insurance products from its retail banking boutiques, which are the banks dedicated retail lending outlets. Our retail banking boutiques have a customer base of 1.8 lakh and we expect to sell 5,000 insurance policies in the first six months.

He further says that after the initial launch from Kolkata and Delhi, arrangements will be extended to other cities in Uttar Pradesh, Madhya Pradesh and Bihar.