Image Source: CNBC TV18
Karur Vysya Bank (KVB) has declared the signing of a historic agreement with Life Insurance Corporation of India (LIC), bringing on board India's largest insurer as an added bancassurance partner. The development is poised to significantly augment KVB's insurance business and provide improved value to its diverse customer base throughout the nation.
Key Highlights:
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The alliance allows KVB to sell LIC's full range of life insurance products through its strong branch network, providing customers with dependable protection and investment solutions under one umbrella.
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With this association with LIC, KVB now has a broader choice of life insurance offerings for its customers, in addition to its current tie-ups with other top insurers such as HDFC Life, Aditya Birla Sun Life Insurance, and Bajaj Allianz Life.
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Customers will gain from LIC's heritage, credibility, and large product range of savings, protection, retirement, and investment plans catering to different life stages and requirements.
The deal is likely to propel increased insurance penetration in rural and semi-urban markets by riding on KVB's strong rural and semi-urban presence and LIC's long-standing brand credibility.
This strategic partnership fits KVB's vision of becoming a one-stop financial supermarket offering hassle-free banking and insurance solutions backed by digital convenience and bespoke service.
The industry interprets the decision as a win-win, which will enhance fee income for KVB while reinforcing LIC's market reach and share through the bank's 800+ branches.
With this partnership, Karur Vysya Bank strengthens its focus on enabling customers with end-to-end financial solutions, and LIC gets an effective new distribution channel to serve millions more across India.
Sources: Economic Times, Capital Market, KVB Official Website
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