In a strategic move to enhance bancassurance and pursue its mission to provide life insurance coverage to all by 2047, the Life Insurance Corporation of India (LIC) has entered into a Corporate Agency Arrangement with IDFC First Bank Ltd., one of the country’s most technologically advanced and promising banks.
R Dorai Swamy, Managing Director, LIC, highlighted the significance of this partnership, emphasizing that it will offer IDFC First Bank’s digitally savvy customers a broad range of LIC’s attractive insurance products. This collaboration will benefit over 1 crore customers of IDFC First Bank, who will now have the convenience of purchasing LIC policies through the bank.
Also read: The Reserve Bank of India approves IDFC-IDFC First Bank merger
The initiative to facilitate digital onboarding is already underway. Once the development phase is complete, customers will be able to buy LIC policies online by visiting IDFC First Bank’s website. Given that over 95% of the bank’s transactions occur online, this integration promises a seamless and comprehensive solution for customers’ varied life insurance needs.
The combined strengths of LIC’s vast network, comprising more than 3,600 branches and satellite offices, and IDFC First Bank’s over 1,000 branches, will significantly enhance life insurance penetration across the country. This collaboration is a significant step towards achieving the goal of providing life insurance protection to all by 2047.
