LIC and IDFC First Bank Tie-Up to Enhance Bancassurance and Digital Insurance
| Event | Details |
|---|---|
| Objective | Increase the contribution of bancassurance and provide life insurance coverage to all by 2047. |
| Agreement Date | July 16, 2024. |
| Parties Involved | Life Insurance Corporation (LIC) of India and IDFC First Bank Ltd. |
| Customers Affected | More than 1 crore customers of IDFC First Bank. |
| Network | Over 3600 branches of LIC and more than 1000 branches of IDFC First Bank. |
| Product Range | Annuity, ULIP, Savings, and Term Insurance. |
| Digital Onboarding | Development phase, aims to enable customers to buy LIC policies online through Bank's website. |
| LIC MD Statement | R Doraiswamy emphasized the collaboration will provide digital-savvy customers with a wide choice of attractive products. |