State-run LIC and private Axis Bank sign bancassurance deal

Firms involved claim to have the “largest bancassurance partnership” to date in India

Insurance News

By Gabriel Olano

Life Insurance Corp., a state-run Indian insurer, has agreed upon a deal with private bank Axis to sell insurance products at the bank’s branches.
The memorandum of understanding signed by the firms claimed that it was the “largest bancassurance partnership in the country after open architecture,” referring to the decision made in 2013-2014 to allow banks to sell products of various insurance companies.
Initially, LIC products will be sold at Axis Bank’s branches in Bengal, Bengaluru, and Panchkula in Haryana.
"The coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction," said LIC executive director for bancassurance, Mukesh Gupta.
"Over the past five years, the life insurance business at Axis Bank has grown at a CAGR of over 25 per cent. The partnership with LIC would enable us to further expand our existing bouquet of offerings," Axis retail banking head, Rajiv Anand, added.

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