PTI

New Delhi: In a bid to penetrate deeper into the country’s hinterland, Max New York Life Insurance entered into an agreement with Indian Oil Corp to sell insurance products through the latter’s rural outlets.

Under the agreement, IOC would make available around 2,000 Kisan Seva Kendras across the country for the sale of insurance products to the rural masses, Max New York Life Deputy Managing Director Rajesh Sud told reporters.

“This tie-up is a step towards furthering our reach in emerging markets and serve these markets more efficiently,” he said.

To begin with, the company would set up offices at 100 such kendras across four states including Pujab and Haryana, he said, adding, eventually based on the initial feedback the company would expand it to 2,000 outlets.

Sud said, “in another one year we hope to utilise all kendras for increasing our reach and awareness level about the insurance products.”

Besides, the company with the paid-up capital of Rs1,232 crore plans to set up 100 rural branches during the year which would be ramped up to 300 by the end of next year.

Earlier during the week, the company entered into an agreement with Indian Railways as part of brand promotion exercise.

As per the agreement, Chennai, Bangalore and Trivandrum Rajdhanis has been allowed to brand the entire train.