HDFC Life, one of India’s premier insurers, and NKGSB Co-operative Bank Ltd have entered into a Corporate Agency tie-up, allowing NKGSB Co-operative Bank customers to access HDFC Life life insurance products.
NKGSB Co-operative Bank is a leading multi-state co-operative bank that has always been on the cutting edge of adding value to its products through correspondent partnerships and strategic alliances. To keep up with changing times and client habits, the bank provides its customers with digital banking alternatives such as mobile banking, online banking, and SMS banking.
In terms of penetration and density, India remains significantly under-insured. Such collaborations benefit consumers as access to life insurance products improves. This distribution provides an opportunity to reach underserved markets. Customers of NGKSB will be able to access HDFC Life’s traditional, term, pension, and annuity products.
HDFC Life, known for its innovative products and customer-centric strategy, secured more than 68 million lives in FY 2023, with an overall claim settlement percentage of 99.7%.
Speaking about the new association, Sunil Panse, MD of NKGSB Co-operative Bank expressed, “NKGSB Co-operative Bank with a Banking legacy of 106 years is delighted to enter into strategic and momentous alliance with HDFC Life Insurance Company to provide life insurance solutions that cater to various needs of individuals – protection, pension, savings, investment and annuity. This alliance reflects our Bank’s commitment in ensuring the well-being and financial security of its valued customers.”
Speaking on the launch, Suresh Badami, Deputy MD of HDFC Life said, “We are delighted to announce our partnership with NKGSB. Given their rich legacy and loyal customer base, we hope to leverage our bancassurance expertise and strong product proposition and work closely together towards achieving India’s vision of ‘Insurance for All’ by 2047.”
