A strategic partnership deal was signed between Lakshmi Vilas Bank and Life Insurance Corporation of India (LIC), India’s largest life insurance player, for bancassurance.
Under this deal the bank’s customers across India will be able to access the wide range of products of LIC. Lakshmi Vilas bank as the corporate agent for LIC has been providing holistic offering of banking services, will now be offering LIC’s best products to its customers through its 274 branches.
K.S.R. Anjaneyulu, managing director & CEO, Lakshmi Vilas Bank said, “With this strategic tie-up, we are now well on our way to offer an assortment of retail banking products to our customers. Given the fast changing market dynamics and its volatility, customers today are seeking avenues for financial security. Through this tie-up we can address this very need of the customers through our products and services and build a universal banking franchise.”
After signing the deal A.K. Dasgupta, MD of LIC India said, “We are keenly looking forward to the partnership with LVB, which is one of the leading schedule commercial banks in India with a strong clientele base, excellence in banking technology and delivery of high quality service, to give new and lasting value proposition to the esteemed customers of LVB through life insurance services.”
To provide all the financial services through one window, the bank has also signed a deal for a bancassurance with Bajaj Allianz General Insurance Co. for general insurance distribution business and arrangements for distributing the mutual fund products of various reputed AMCs