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.
In a very tech-savvy bank where more than 95 per cent transactions are happening online, it would be a great experience for bank customers to have end to end solution for their varied life insurance needs.
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.
