Shriram Life Insurance Co. Ltd. (SLIC), a joint venture between Shriram Group and Sanlam Group of South Africa, has inked a memorandum of understanding (MOU) with Tamil Nadu Co-operative State Agriculture & Rural Development Bank Limited.
The objective is to jointly promote, market and distribute life insurance products to all their customers. In addition to procuring business under traditional endowment plans and unit-linked insurance plans of the company, the cooperative bank will insure their borrowers and agricultural land owners under the Shriram Credit Guard Plan. This plan ensures repayment of loan amount to the bank in case of the untimely death of the land owner.
SLIC, according to Akhila Srinivasan, Managing Director, is the only private company to report under-writing profits.
Following its tie up with the Tamil Nadu agri bank, the joint venture, she said, would now be able to extend its footprint to the untapped rural market and provide life insurance cover to every household in Tamil Nadu.