Union Bank to market HDFC Standard Life products

Thiruvananthapuram: Union Bank of India launched the marketing of life insurance and pension products from HDFC Standard Life in the Thiruvananthapuram region on Monday.

At a function here, P K Bansal, assistant general manger with the UBI central office in Mumbai, handed over a few policies to the assured, out of the 525 policies mobilised by the bank.

This is one of the latest in the bank's initiatives in its quest to become a one-stop shop for all financial services, Mr Bansal said. Earlier, the bank had inked an agreement with HDFC Standard Life to market their products. The bank has also signed an agreement with the New India Assurance to market its non-life products.

Some 100 marketing officers have since been given mandatory training as required under the IRDA (Insurance Regulatory and Development Authority) approval terms. The bank sees immense potential in the Corporate Insurance Agency to boost its fee.