Mumbai: In a significant move aimed at enhancing life insurance penetration and promoting financial inclusion, RBL Bank has entered into a strategic bancassurance partnership with Life Insurance Corporation of India (LIC), the country’s largest life insurer. This collaboration will enable RBL Bank customers to seamlessly access LIC’s full suite of life insurance products through the Bank’s extensive branch network and digital platforms.
Strategic Tie-Up Announced in Mumbai
The partnership was formally announced in Mumbai in the presence of senior executives from RBL Bank and LIC of India. The alliance marks a powerful synergy between one of India’s leading private sector banks and the most trusted life insurance provider in the country.
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Access to Comprehensive Life Insurance Solutions
As part of the agreement, RBL Bank customers will now be able to avail a wide range of LIC products, including:
- Term Insurance Plans
- Endowment Policies
- Pension Schemes
- Unit-Linked Insurance Plans (ULIPs)
These offerings will be made available through over 570 RBL Bank branches, 1,474 business correspondent touchpoints, and LIC’s vast network of more than 3,600 branches and satellite offices across India.
Supporting “Insurance for All by 2047” Vision
The partnership aligns with the Government of India’s vision of “Insurance for all by 2047”. By combining the digital and physical infrastructure of both institutions, the collaboration aims to significantly enhance access to life insurance in both urban and rural markets, offering simplified and affordable solutions to underserved segments.
Commitment to Financial Inclusion
Speaking on the occasion, representatives from both organizations highlighted their shared commitment to promoting financial protection, deepening insurance awareness, and delivering customer-centric insurance solutions.
This partnership represents a strategic step forward in building a financially secure India, combining LIC’s legacy and trust with RBL Bank’s agility and customer reach.
About LIC
The Life Insurance Corporation of India (LIC) is a statutory corporation established under the LIC Act of 1956. It is India’s largest insurance company and the largest institutional investor. LIC’s primary goal is to provide life insurance and financial security to individuals, with a focus on spreading insurance widely, especially in rural areas.
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