LIC partners with IDFC First Bank to offer online life insurance policies, providing wide product choice for customers

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Life Insurance Corporation of India has entered into a tie-up with IDFC First Bank Ltd under corporate agency arrangement.

This tie-up will facilitate more than 1 crore customers of IDFC First Bank to buy policies online by visiting the bank’s website, India’s largest life insurer said in a statement.

Following the agreement, more than one crore customers of IDFC First Bank will be able to buy policies through the bank. The agreement is part of efforts to increase the contribution of bancassurance and in pursuit to provide life insurance coverage to all by 2047, the insurer said in a release on the agreement signed on Tuesday.

The journey of digital on-boarding has already begun and is in development phase. On completion, IDFC First Bank customers will be able to buy policies online by visiting the bank’s website. It is a tech-savvy bank with more than 95% transactions taking place online, LIC said.

In a strategic move to enhance bancassurance and pursue its mission to provide life insurance coverage to all by 2047, the Life Insurance Corporation of India has entered into a Corporate Agency Arrangement with IDFC First Bank Ltd., one of the country’s most technologically advanced and promising banks.\

R Dorai Swamy, Managing Director, highlighted the significance of this partnership, emphasizing that it will offer IDFC First Bank’s digitally savvy customers a broad range of attractive insurance products. This collaboration will benefit over 1 crore customers of IDFC First Bank, who will now have the convenience of purchasing policies through the bank.

The initiative to facilitate digital onboarding is already underway. Once the development phase is complete, customers will be able to buy policies online by visiting IDFC First Bank’s website. Given that over 95% of the bank’s transactions occur online, this integration promises a seamless and comprehensive solution for customers’ varied life insurance needs.

The combined strengths of LIC’s vast network, comprising more than 3,600 branches and satellite offices, and IDFC First Bank’s over 1,000 branches, will significantly enhance life insurance penetration across the country. This collaboration is a significant step towards achieving the goal of providing life insurance protection to all by 2047.

This collaboration aims to streamline the process for over 1 crore IDFC First Bank customers to purchase policies conveniently via the bank’s website, as highlighted in a statement by India’s largest life insurer.

With over 95% of the bank’s transactions taking place online, anticipates providing the bank’s customers with an exceptional end-to-end solution for their diverse life insurance requirements.

R. Doraiswamy, Managing Director, expressed enthusiasm about the alliance, emphasizing that it will grant IDFC First Bank’s customers access to a wide range of products.

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