- The largest Bancassurance partnership in the country after open architecture.
- Service and support mechanism for the Bank’s customers through its branches.
Life Insurance Corporation of India , India’s largest life insurance company with a market share of 76.8% in policies and 70.4% in first premium, and Axis Bank, India’s third largest private sector bank with widespread network of 3006 branches (including extension counters), today signed an MoU to distribute LIC’s multiple life insurance products to their customers. This is one of the largest Bancassurance partnerships after the recent IRDA regulations issued on open architecture framework for banks. 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.
Mr. Mukesh Gupta, Executive Director, Bancassurance,
LIC expressed that, “The coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction and for serving social objectives of the nation.”
Mr. Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank added, “Banks have increased their role in Insurance distribution with Bancassurance being the biggest contributor. Over the last five years the Life Insurance business at Axis Bank has grown at a CAGR of over 25%. The partnership with LIC would enable us to further expand our existing bouquet of offerings and put forth a compelling proposition for our customers.”
The bank will continue to invest in disruptive technologies to translate customer requirements into actionable insights and accordingly advice on the best fit policies from India’s leading insurance companies.
About Axis Bank: Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 3,006 domestic branches (including extension counters) and 12,871 ATMs across the country, as on 30
th June 2016, the network of Axis Bank spreads across 1,855 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
About LIC of India: LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. The market share in First year Premium (FYP) was 70.44 % in March 2016 and similarly, in Number of Policies it stood at 76.84 % in March 2016.
LIC is today an internationally recognized financial conglomerate, servicing its customers through its corporate office in Mumbai, 8 zonal offices, 113 divisional offices, 2048 branch offices, 1401 satellite offices, 1240 Mini Offices, 73 customer zones, 25 MASH (Metropolitan Area Service Hub) centers, 30557 premium acceptance points, 2137 Life Plus offices and 10,61,560 agents.
The Corporation is also present in 13 countries through branch offices in Fiji, Mauritius and the United Kingdom, and wholly owned subsidiary in Singapore, joint venture companies in Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia and chief agents’ offices in Bahrain, Dubai, Kuwait, Abu Dhabi, Oman and Qatar.
LIC’s mission is “to ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.” We take pride in our achievement of settling over 99% claims. No wonder LIC remains one of the Most Trusted and Valuable Brand in the country.
Photo Caption: Mr. Mukesh Gupta, Executive Director, Bancassurance, LIC and Mr. Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank at the MOU ceremony
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