Life Insurance coverage Corp. of India (LIC), the nation’s pioneer in life insurance coverage, and Policybazaar.com have joined palms to supply a variety of time period and funding merchandise to shoppers. LIC brings alongside a legacy and a novel product area of interest for many years. The 2 firms formally initiated the enterprise on 3 February.
Based on a press launch, “This landmark affiliation goals at facilitating seamless digital distribution of life insurance coverage merchandise throughout the nation. The event was graced by the presence of prime administration from each firms, together with Dinesh Bhagat, zonal head, LIC-North Zone and Sarbvir Singh, chief government officer, Policybazaar.com. Amongst different dignitaries have been J.P.S. Bajaj, regional supervisor (advertising and marketing), North Zone; Pankaj Kumar Saxena, regional supervisor (B&AC); Kumar Kuntal, regional supervisor (B&AC) and Dhruv Sarin, chief enterprise officer-POSP, and Sajja Praveen Chowdary, enterprise head, time period insurance coverage, Policybazaar.com.”
LIC has been the pioneer and a dominant participant within the life insurance coverage section guaranteeing monetary safety for India’s lots. Policybazaar’s digital distribution channels will additional assist in accelerating insurance coverage consciousness and penetration throughout the size and breadth of India.
Sarbvir Singh stated, “With this alliance, our strategic goal is to broaden our attain, particularly within the smaller cities to make sure monetary inclusion and social safety. LIC has spearheaded the life insurance coverage section within the nation and so this alliance will present an amplified attain to folks. We’re delighted to associate with them and look ahead to offering safety to folks throughout age teams, demographics and areas.”
The Indian economic system is various, and the one-size-fits-all method doesn’t apply to insurance coverage wants as effectively. Although the Indian economic system nonetheless ranks among the many underpenetrated insurance coverage markets, this comes as a milestone within the journey of guaranteeing insurance coverage accessibility additional for all, as per the press launch.
Supply: Live Mint