ASSURANCE: Life assurance and grocery shopping will now be available under the same roof, with the introduction of Tesco Personal Finance's new life policy. Tesco's term life cover is being billed as the cheapest in the market and will be sold initially through 10 stores and online. By the autumn, all 76 Tesco stores would display marketing material for the life assurance product, said Mr David Crimmins of Tesco Personal Finance.

The new life product is underwritten by Hibernian Life & Pensions. A male non-smoker aged 39 would pay a monthly premium of €39.94 for €200,000 cover for a term of 25 years.

A spokeswoman for Hibernian said the company was pleased with the new partnership.

With more than 1 million transactions taking place in Tesco outlets every week, Tesco Personal Finance expects to find a broad market for its new product.

"Obviously we are trying to attract those people who do not have any insurance or feel they are not sufficiently covered under their present policy," Mr Crimmins said.

Tesco Personal Finance introduced a Visa card two years ago, which has been taken up by some 11,000 customers.

The company had delayed introducing more personal finance products while the euro changeover took place. There are now plans to introduce a third product later this year. The company sells a wide range of products through its British stores and website, including travel and pet insurance, loans and investment products.

Tesco Personal Finance was formed in 1997 as a joint venture between Tesco and the Royal Bank of Scotland group. Some 19 per cent of British Tesco customers are also Tesco Personal Finance customers.

Meanwhile, Tesco Ireland has announced the development of a new state-of-the-art supermarket at Ardkeen, Waterford, which will be open for business in spring 2003. The new supermarket will bring 150 permanent new jobs to Waterford. Some 380 car-parking spaces will be available at the supermarket, including disabled and parent- and-child spaces. Local property developer Mr Noel Frisby, of Frisby Construction, is involved in the development.