Insurers, particularly those promoted by non-banking companies, are likely to see a major boost in insurance distribution, as banks can now start selling products of multiple insurers.
On Tuesday, Future Generali Life, which did not have a bancassurance partner, announced a partnership with Saraswat Bank, which has a tie-up with HDFC Life for distribution of life insurance products.
Industry experts say that other non-bank-promoted insurers, such as Birla Sun Life, Reliance Life, Bajaj Allianz, Aegon Life and Shriram Life, are also likely to get into similar tie-ups with leading banks.
