LIC on Thursday inked an MoU with Bangalore-based Vijaya Bank for distribution of its life insurance products on a referral basis.
Vijaya Bank has become the ninth public sector bank to have inked an MoU of the kind with the Life Insurance Corporation (LIC).
Vijaya Bank CMD Albert Tauro said that the agreement would help Vijaya Bank become a 'one-stop' solution for its customers, offering a variety of financial services and products.
With more than 7.5 million customers and a pan-India presence through 1,163 branches, Vijaya Bank hopes to contribute to the incremental business of LIC.
A K Dasgutpa, LIC (India) MD, said that the insurance major has a customer base of over 30 crore and bancassurance forms a major component of its business strategy for the future. Partnering with Vijaya Bank would help both the entities match synergies and provide insurance solutions in a way that would be beneficial for all.
LIC had collected total first premium to the tune of Rs 42,960.44 crore, and had paid up total claims amounting to Rs 50,535 crore in 2009-10.
The total income generated was Rs 2,47,310 crore while the total investment had crossed 11 lakh crore.