LIC signs up Axis Bank as bancassurance partner

Posted on:30 Jul 2016 18:27:21

LIC signs up Axis Bank as bancassurance partner
30 July 2016 Current Affairs: India's largest insurer Life Insurance Corporation of India (LIC) has signed an agreement with private sector lender Axis Bank as its bancassurance partner wherein the bank will distribute LIC's products to its customers.

In the preliminary phase, the bank will distribute LIC’s life insurance products across its branches in West Bengal, Bangalore and Haryana  Panchkula. Additionally, the bank will also provide post sales services such as premium collection and renewal of policies.

From April 1, norms have been revised under which corporate agents like banks are allowed to tie-up with three life, three non-life and three standalone health insurance companies. Earlier, the bancassurance model where banks sold insurance meant that they could only sell products of one life, one non-life and one standalone health insurer. Apart from LIC, Axis Bank also has a tie-up with Max Life Insurance in the life insurance space.

Over the last five years the Life Insurance business at Axis Bank has grown at a CAGR of over 25 per cent. The partnership with LIC would enable us to further expand our existing bouquet of offerings and put forth a compelling proposition for our customers.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs July 2017

21 JULY
NEWS
20 JULY
NEWS
19 JULY
NEWS
18 JULY
NEWS

Current Affairs June 2017

30 JUNE
NEWS
29 JUNE
NEWS
28 JUNE
NEWS
27 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS