HDFC Life, one of India’s largest life insurers, and Karur Vysya Bank signed a Corporate Agency (CA) agreement.
This CA arrangement will allow Karur Vysya Bank customers to access HDFC Life’s extensive portfolio of life insurance products, which includes solutions for protection, savings & investment, retirement, and critical illness.
India is significantly underinsured. India has a larger protection gap than most developed markets. Every individual with duties must financially protect themselves and their family. Life insurance is a product that not only provides financial security but also enables consumers to save in a disciplined manner over the long term, thereby meeting their long-term financial goals.
HDFC Life is continually working to reach out to people across borders, ensuring that they have a financial safety net. This collaboration with Karur Vysya Bank would improve HDFC Life’s efforts to Insure India.
Karur Vysya Bank has a 107-year banking history and has always been at the forefront of providing professional banking services and excellent customer care. The bank has an extensive presence, with 827 branches distributed over 20 states and three union territories.
This collaboration would allow HDFC Life and Karur Vysya Bank to provide outstanding life insurance products and services to its consumers on a large scale.
B Ramesh Babu, Managing Director & CEO of the Bank said, “Karur Vysya Bank has always endeavored to offer the best of financial services under one roof. Our Corporate tie-up with HDFC Life will provide one more option to our customers while charting their insurance plans. Since HDFC Life offers claim intimation process online, our customers can avail the services without stepping out of their homes. Together we look forward to creating a seamless experience that aligns with our shared value of trust, reliability and customer-centricity.”
Speaking on the arrangement, Suresh Badami, Deputy Managing Director of HDFC Life said, “We are delighted to partner with Karur Vysya Bank, a well-respected bank with a rich legacy of over 100 years. This tie-up will enable us to offer our strong product proposition to their customers. We will work closely together to achieve India’s vision of ‘Insurance for All’ by 2047.”
Speaking on the development, Dolphy Jose, Chief General Manager & Head- Consumer Banking, Karur Vysya Bank said “We are thrilled to announce our strategic partnership with HDFC Life. This collaboration is a testament to our commitment to providing comprehensive financial solutions. This alliance will enable us to offer a diverse range of life insurance products tailored to meet varying needs and our focus remains on simplifying the path to financial wellbeing for our customers.”
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