Dhanalakshmi Bank and Bajaj Allianz join hands in a strategic partnership

• First new generation private sector bank to partner with one insurance brand that offers both life insurance and general insurance products
• Launches a co-branded insurance product ‘Dhanam Suraksha’ that will be available exclusively for the banks customers

Dhanalakshmi Bank, one of the oldest private sector banks in India join hands with Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, which marks the beginning of a pioneering initiative, the first in the Bancassurance sector. This is for the first time, where a new generation private sector bank will offer both life and non-life insurance products of a single brand – Bajaj Allianz. In another first Bajaj Allianz has also launched a co-branded product “Dhanam Suraksha” - a health insurance with a family floater plan, which will be available exclusively for the banks customers.
Features of Dhanam Suraksha:
Ø      A Family Floater cover health insurance plan
Ø      Proposer gets a 1 Lakh personal accident (Death only) cover benefit.
Ø      Sub-limits of hospitalization expenses
Ø      No Medical test upto 45 years of age. 
Through this new alliance, Dhanalakshmi Bank, which has been present in the country for over 80 years, will make available the co-branded product “Dhanam Suraksha” in addition to the wide range of Bajaj Allianz insurance products and services like motor insurance, health insurance, home insurance, life insurance to its customers through its pan India network of 181 branches and 26 Extension Counters. 
Mr. Amitabh Chaturvedi, MD & CEO, Dhanalakshmi Bank, said "We have chosen Bajaj Allianz as our partner on account of their reputation as responsive business associate. As a strategic decision, our bank is keen on distribution of insurance products as compared to managing insurance business. We are confident that the range of their products and quality of service will attract a large number of customers. This is a strategic tie-up which will not only be a value add to us but also make us one of the largest insurance product distributor in the country." 
Commenting on the association, Kamesh Goyal, Country Manager, Allianz & CEO, Bajaj Allianz Life Insurance said, “We welcome Dhanalakshmi Bank, as our valued partner, which is one of the oldest and most respected private sector banks in India. I must congratulate them for this bold initiative of partnering with a single brand that offers life insurance and non-life insurance products to their customers.The partnership will not only help us to leverage the inherent synergies of the bank at the regional level but also bolster our commitment to serving the customers on an all India level.”
Also speaking on the occasion, Swaraj Krishnan, CEO, Bajaj Allianz General Insurance, said, “The tie-up with Dhanalakshmi Bank is an important milestone for Bajaj Allianz. We have developed flexibility in our system and infrastructure to serve bancassurance partner of all size and culture. This partnership reinforces our position as a partner of choice in the bancassurance area.”
Also present at the event was Ms Ekta Chaudhury, the winner of the Pantaloons Femina Miss India pageant, who was given the honour of being the first policy holder of this exclusive co-branded product – Dhanam Suraksha. Ekta was very excited and happy to launch the insurance product and also be the first customer.

The relationship will enable both insurance companies to leverage the strong pan India network of the Dhanalakshmi Bank and boost the distribution reach of their products in the urban and the semi-urban parts of the country.
About Bajaj Allianz   
Bajaj Allianz is one of the leading Private Sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited, one of India’s most respected names). Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (over Rs. 55,00,000 crores).
At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering you customized products with transparent benefits supported by the best technology is our business philosophy.
Bajaj Allianz began its operations in 2001 and today has a pan-India presence with over with offices and presence in over 1100+ towns in the country. The companies have been constantly expanding its operations to be close to their customers.
Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age-income profiles. Currently Bajaj Allianz has a strong product portfolio of over 30 flexible products and caters to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. There are further simple and need-based products in the pipeline. In 08-09, Bajaj Allianz Life Insurance was the only life insurance company to generate profits of Rs.45 crores. The company has 7.4 million in-force policies and the Gross Written Premium was Rs.10624 crores.
Bajaj Allianz General Insurance is one of the leading private general insurance companies in India and is offering various general insurance products like motor insurance, home insurance, health insurance and also unique insurance plans such as wedding insurance, Event Insurance, Film insurance.
Bajaj Allianz General Insurance has received a rating of “iAAA”, which is the highest rating for claims paying ability from ICRA Limited (an associate of Moody’s Investors). This rating has been affirmed for the last two years consecutively.
As on 31st March 2009, the company garnered Rs.2649 crores, a growth of over 10% over the last year. During the year, the company once again emerged as the only private general insurance company to cross Rs.100 crore mark in Profit before Taxes by generating Rs.150 crores. The company issued over 7.6 million policies which reflect our capability to handle volumes and strong infrastructure. The company also paid claims worth Rs.1980 crores in the fiscal 08-09.

About Dhanalakshmi Bank
Dhanalakshmi Bank was incorporated on 14th November 1927 by a group of enterprising entrepreneurs at Thrissur, the cultural capital of Kerala with a Capital of Rs.11,000 and 7 employees. It became a Scheduled Commercial Bank in the year 1977. Today it has attained national stature with 181 branches and 26 Extension Counters spread over the States of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Gujarat, Delhi and West Bengal.
The Bank has recently received approval from the Reserve Bank of India for opening 66 branches and 380 ATMs across the country during the calendar year 2009.This will increase the number of customer outlets from the current level of 279 to 725. Further, the Bank has also been permitted by RBI to open 5 Regional Offices in Kerala at Thiruvananthapuram, Ernakulam,Thrissur, Palakkad and Kozhikode and 2 Central Processing Centers at Thrissur and Hyderabad.
The Bank serviced a business of Rs.8212 crores as on 31.03.2009 comprising deposits of Rs.4969 crores and advances of Rs.3243 crores. The Bank made a net profit of Rs.57.45 crores for the year ended 31st March 2009. Its Capital Adequacy Ratio as on 31.03.2009 was 14.44%.