Key Takeaways
- LIC has tied up with IDFC First Bank for banc assurance, enabling 1 crore customers to buy life insurance policies online.
- The combined strength of LIC and IDFC First Bank will make life insurance coverage more accessible across the country, achieving the goal of providing protection to all by 2047.
- This tie-up will provide customers with a wide choice of attractive LIC products, including annuity, ULIP, savings, and term insurance.
New Delhi: Continuing with its endeavor to increase the contribution of banc assurance and its pursuit to provide life insurance coverage to all by 2047, India’s largest government owned LIC has tied-up with IDFC First Bank Ltd, under Corporate Agency Arrangement.
This tie-up will facilitate more than 1 crore customers of IDFC First Bank, who will now be able to buy LIC policies through the bank. The journey of digital on-boarding has already started and is in the development phase and once completed; customers will be able to buy LIC policies online by visiting the bank’s website, LIC said in a statement.
With over 95% of transactions happening online, IDFC First Bank’s tech-savviness will make it easier for customers to access end-to-end life insurance solutions through the bank’s website.
With the combined strength of a vast network of more than 3600 branches and Satellite Offices of LIC and over 1000 branches of IDFC First Bank, the penetration of life insurance across the country would be made easier, and this will go a long way in achieving the goal of providing life insurance protection to all by 2047.
Being the premier insurer of the country, LIC has plans for all segments of society under the umbrella of a variety of products consisting of annuity, ULIP, savings, and term insurance.
On this occasion, LIC’s MD, R Doraiswamy, informed that the coming together of these 2 organisations will provide the digital savvy customers of IDFC First Bank with a wide choice of attractive LIC products.
