Bank of Baroda holds a 44% stake, Andhra Bank 30%, and the remaining 26% is held by L&G
Baroda L&G Life Insurance, the insurance joint venture (JV) supported by Bank of Baroda, Andhra Bank and the UK insurer – Legal and General (L&G), has called for a pitch for its creative and media duties – reported in televisionpoint.com.
The company has declared that it is set to introduce its products (savings insurance, unit linked insurance policies, pure protection and term products) within a few months from now, and plans to empanel three agencies for about three years.
The life insurance JV, with an initial paid up capital of INR2.2 billion, was formed in November 2007. Bank of Baroda holds a 44% stake, Andhra Bank 30%, and the remaining 26% is held by L&G.
Baroda L&G Life Insurance will depend upon the customers of both Bank of Baroda and Andhra Bank, to cash in on the already cluttered Indian life insurance segment.