INSURANCE FOR ALL -ECONOMY
WHY IN NEWS?
LIC enters into tie-up
with IDFC First Bank under corporate agency arrangement
Tie-up Agreement:
·
Date: Agreement
signed on July 16, 2024.
·
Parties
Involved: Life Insurance Corporation (LIC)
of India and IDFC First Bank Ltd.
·
Purpose:
Facilitate the purchase of LIC policies by over 1 crore customers of IDFC First
Bank through the bank.
Digital On-boarding:
·
Development
Phase: Digital on-boarding for LIC
policies is in development.
·
Future
Plans: Customers will be able to buy LIC
policies online via the bank’s website once the development is completed.
LIC and IDFC First Bank Combined Strength:
·
Branches: LIC has
over 3600 branches and satellite offices; IDFC First Bank has over 1000
branches.
·
Goal: Increase
life insurance penetration across the country, aiming for full coverage by
2047.
LIC Product Range:
·
Products: Annuity,
ULIP, Savings, and Term Insurance.
·
Target
Segments: Plans for all segments of society.
Digital Savvy Customers:
·
Statement
by LIC’s MD: R. Doraiswamy highlighted the
partnership’s benefit to digital-savvy customers of IDFC First Bank, offering a
wide choice of attractive LIC products.
1. About LIC:
·
Full Name: Life Insurance
Corporation of India (LIC).
·
Type: Indian public sector life
insurance company.
·
Headquarters: Mumbai, India.
2. Establishment:
·
Date: Established on September 1,
1956.
·
Legislation: Created by the Life
Insurance of India Act, which nationalized the insurance industry.
·
Merger: Over 245 insurance
companies and provident societies were merged to form LIC.
3.Size:
4. Ownership and Control:
5.Offices:
Zonal Offices: Eight zonal offices located in Delhi, Chennai, Mumbai,
Hyderabad, Kanpur, Kolkata, Bhopal, and Patna.