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Vijaya Bank, HDFC Life in bancassurance pact

Vijaya Bank and HDFC Life Insurance has signed an agreement under which the bank will sell the insurance company’s products through its branches. Amitabh Chaudhry, MD & CEO, HDFC Life, said the two entities aim to service the semi-urban and rural geographies that typically have low insurance penetration. HDFC Life already has 163 bancassurance partners, 26 non-traditional distribution partners and an agency force of more than 77,000 individuals. Sankara Narayanan, MD & CEO, Vijaya Bank said that apart from deposits and loans, the bank’s customers will now get access to life insurance products. Vijaya Bank’s network of 2129 branches across the country will further strengthen HDFC Life’s presence, thereby enabling the insurer to reach out to a wider and diverse section of the population with need-based life insurance solutions.

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