AXIS Bank signed a memorandum of understanding (MoU), under which Axis Bank branches will be selling LIC’s policies. This is the largest bancassurance partnership after the insurance regulator allowed banks to sell policies of more than one company.
Axis Bank already had a distribution arrangement with Max Life Insurance.
“The coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction,” LIC executive director for bancassurance Mukesh Gupta said.
“Over the past five years, the life insurance business at Axis Bank has grown at a CAGR of over 25 per cent. The partnership with LIC would enable us to further expand our existing bouquet of offerings,” Axis Bank retail banking head Rajiv Anand said.
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