Life Insurance Corporation of India (LIC) and Union Bank of India, after its amalgamation with Corporation Bank and Andhra Bank, have announced a corporate agency agreement to distribute LIC policies.
“Union Bank of India can act as a financial supermarket by offering a basket of products to its account holders, whereby they can select products according to their choice,” said K Kadiresan, Zonal Manager, LIC of India, in a statement.
The bank will market LIC products of term insurance, pension, plan, children plan, ULIPs, and endowment schemes.
“It is a very good opportunity for the bank to serve the needy customers, which will benefit by taking LIC products as those policies are having a sovereign guarantee. With an array of different products and superior customer service, the tie-up with LIC of India will be a successful association,” said MH Padmanabhan, Field General Manager, Union Bank of India.