Prabhu Life receives Mahalaxmi Bikas Bank as bancassurance partner; IPO of Rs 60 crore also coming soon

Prabhu Life Insurance has entered into bancassurance deal with Mahalaxmi Bikas Bank with the aim that the development bank would facilitate the sales of the life insurance policies and services of the insurance company through its different branches.

The agreement for the same was signed between Acting CEO of the insurance company Mr. Kishor Prasad Lamichhane and CEO of the development bank Mr. Krishna Raj Lamichhane amid a program.

The life insurance company has reinstated its earlier declaration to issue IPO shares worth of Rs 60 crore to the general public to meet the requirement of paid up capital set by Insurance Board at Rs 2 arba for all the life insurance companies.