LIC, Axis Bank in bancassurance tie up

Life Insurance Corporation of India and Axis Bank have entered into a bancassurance partnership wherein the Axis Bank will distribute LIC’s products to its customers. To start with, the bank will distribute LIC’s life insurance products across its branches in West Bengal, Bangalore and Haryana – Panchkula. The bank will also provide post sales services such as premium collection and renewal of policies. According to LIC, the partnership is one of the largest bancassurance partnerships after the recent Insurance Regulatory and Development Authority of India (IRDAI) regulations issued on open architecture framework for banks. LIC bancassurance ED Mukesh Gupta said the the two major reputed organisations coming together would enable them to combine and utilise the synergies for enhancing customer satisfaction and for serving social objectives of the nation. Axis Bank ED and retail banking head Rajiv Anand said that 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 the bank to further expand existing bouquet of offerings and put forth a compelling proposition for the customers, he said.