HDFC Life, Vijaya Bank sign a Bancassurance deal

Private insurer HDFC Life Insurance Company and public sector lender Vijaya Bank on Thursday announced their partnership under which bank customers will be offered need-based life insurance solutions.

Vijaya Bank has a pan India presence with 2,129 branches, and HDFC Life has a multi-channel distributor set up that ensures greater reach and penetration, with 163 bancassurance partners, 26 non-traditional distribution partners and an agency force of more than 77,000 individuals.

This tie-up is among the few partnerships to be announced post the revision of the corporate agency norms in April 2016. Vijaya Bank’s network across the country will further strengthen HDFC Life’s presence, thereby enabling the insurer to reach out to a wider and diverse section of the population with need-based life insurance solutions.

Sankara Narayanan, Managing Director and CEO of Vijaya Bank said, “We are very positive about our new tie-up, and this promises to improve the overall business of both the organisations. For Vijaya Bank, the main products are Deposits and Loans and now the choice of Life Insurance products will be a value addition to our customers. It will increase customer satisfaction and eventually lead to customer delight."

Amitabh Chaudhry, Managing Director and CEO of HDFC Life said, “Riding on Vijaya Bank's pan India network, we aim to service the semi-urban and rural geographies that typically have low insurance penetration."