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Public Sector lender Vijaya Bank today tied up with the Life Insurance Corporation for distribution of LIC products across the country as a corporate agent.
An Memorandum of understanding to this effect was signed here today.
Hitherto the bank had been functioning an a referral basis and henceforth it would be a full fledged corporate agent, a joint statement by Vijaya Bank and LIC said here today.
Speaking on the occasion, Vijaya Bank CMD Albert Tauro said that the MOU offered immense scope to enhance value addition to the customers as well as opportunities for the optimum use of the Bank’s existing infrastructure, apart from providing additional revenue.
With more than 8 million customers spread across over 1192 pan India CBS networked branches, the Bank will have immense scope for catering to the varied Life Insurance requirements of the customers, through the quality products of LIC of India, he observed.
LIC Managing Director A.K. Dasgupta said that the coming together of the two major entities would enable them to combine and utilise the strengths of both the organisations for enhancing customer satisfaction and for serving the social objectives of the nation.
He observed that even after a decade of opening up of the insurance sector, LIC remains the Market leader with a current market share of 70.39 per cent in premium and 75.17 per cent in the number of policies.
--UNI
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