Dabur CGU to launch its products

Coimbatore: Dabur CGU Life Insurance Company, promoted by the Indian FMCG major Dabur and the UKs largest insurance group CGNU, expects to launch its insurance products in India in April.

The company is awaiting the final approval from the Insurance Regulatory and Development Authority. Dabur CGU chief executive officer Stuart Purdy told press persons here that his company will have a rural focus and is keen on entering the pension business once the guidelines are in place.

He said Dabur CGU has entered into regional agreements with select banks like ABN Amro Bank, Lakshmi Vilas Bank (LVB) and Canara Bank for distributing its insurance products. LVB chairman K R Shenoy, who was also present at the conference, said his banks decision to distribute Dabur CGUs insurance products is a conscious attempt at diversification.

Purdy said the purchasing power of the rural population is growing and his company is looking on this market as an exciting opportunity. The government has stipulated that all new insurance players will have to sell a minimum of 5 per cent of the policies in the first year rising to 20 per cent in the fifth year to the rural community.