RBL Bank has joined hands with Life Insurance Corporation of India (LIC), the country’s largest life insurer, for bancassurance business, according to a stock market disclosure today, September 30.
This strategic collaboration will enable RBL Bank customers to access LIC’s comprehensive range of life insurance products through the Bank’s extensive branch network and digital channels, the bank said. Some of these products include term plans, endowment policies, pension and unit-linked insurance.
The partnership underscores the shared commitment of both institutions to expand financial protection and strengthen insurance penetration across India.
“Through the combined strength of a vast network of more than 3600 Branches and Satellite Offices of LIC and over 2000 touchpoints of RBL Bank, including nearly 570 branches and 1474 business correspondent branches, the penetration of life insurance across the country would be made easier, and this will go a long way towards the vision of ‘Insurance for all by 2047’,” RBL Bank said in a regulatory filing.
What is bancassurance?
An agreement between a bank and an insurance provider allows the insurer to market its products to the bank’s clientele. Without needing to hire more salespeople, the insurance company gains from higher sales and a wider customer base. The bank gains from the increased income from the sale of insurance products.
eanwhile, shares of LIC closed at Rs 899.5 per share, up 0.5 per cent today, September 30 on while RBL Bank’s shares last traded at Rs 277.6 apiece today, down 0.7 per cent on BSE.
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