Vijaya Bank has entered into the corporate agency partnership with general insurer United India Insurance Company for the distribution of non-life insurance products.

Mr HS Upendra Kamath, Chairman and Managing Director, Vijaya Bank, said, “Our loan book is over Rs 51,000 crore, of which at least Rs 30,000 crore have asset backing, that gives us enough scope for in-house business.”

With the collaboration with United India Insurance, the bank will distribute general insurance policies through its over 1,200 branches.

Besides, the bank is also under partnership terms with LIC of India for life insurance products, and the bank is expecting to sold over 3,700 policies mobilising premium of about Rs 12 crore in the one-and-a-half months following the commencement of life insurance policy distribution.

The bank is planning to sell life insurance policies in 8-10 centres currently and is also planning to gradually take it to other centres.