30 July 2016 Current Affairs GK: 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.
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