New Delhi: Max New York Life Insurance Co (MNYL) has announced a bancassurance partnership with Yes Bank.

Speaking at a press conference, Dennis Pedini, chief executive officer, MNYL, and Rana Kapoor, managing director, Yes bank, signed on Wednesday the agreement under which Yes Bank will offer MNYL's products to its customers.

This is the second such distribution tie-up that MNYL has entered into with a bank, the first one being with Thane Janata Cooperative Bank.

"The tie-up is a win-win for both MNYL and YES Bank," Pedini said.

While it would help expand the distribution network of MNYL, it would give a sizeable fee-based income to Yes Bank.