15, Feb 2024
HDFC Life and Lokmanya Multipurpose Cooperative Society Ltd. enter into a Corporate Agency Tie-up
Mumbai, February 15, 2024: HDFC Life, one of India’s leading insurers, and Lokmanya Multipurpose Cooperative Society have entered into a corporate agency tie-up that would enable the latter to distribute life insurance products of HDFC Life to its customers.
Established in August 1995, Lokmanya Multipurpose Cooperative Society has more than 200 branches across four states – Karnataka, Maharashtra, Goa & Delhi and offers diverse financial products for investment.
There is a need to enhance the reach of life insurance to a significant part of the Indian population and this tie-up is a step in that direction. HDFC Life offers a wide range of life insurance products, designed to meet various life stage needs of individuals. Through this new partnership, HDFC Life could contribute further towards increasing life insurance penetration.
In FY 2023, HDFC Life has secured more than 68 million lives with an overall claim settlement ratio of 99.7%.
Speaking about the new association, Abhijit A. Dixit – Chief Executive Officer, Lokmanya Multipurpose Cooperative Society said, “I am thrilled to announce a significant milestone for our organisation – a new corporate tie-up with HDFC Life. This collaboration makes a strategic partnership aimed at enhancing the value we provide to our customers and employees alike.
This alliance reflects our dedication to delivering unparalleled service and customer benefits. By partnering with HDFC Life, we expect our offerings to provide enhanced value and support to our clientele. This partnership represents an important step forward in our journey towards excellence. Together with HDFC Life, we are confident to achieve greater heights and empower our employees and customers alike.”
Speaking on the launch, Suresh Badami – Deputy Managing Director, HDFC Life said, “We are happy to announce our partnership with Lokmanya Multipurpose Cooperative Society. This is another step towards achieving India’s vision of ‘Insurance for All’ by 2047. We hope to leverage our distribution strength and take our insurance solutions to their entire customer base and add value to the partnership.”
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- By Rabindra
19, Dec 2023
HDFC Life enters into a Corporate Agency tie-up with Karur Vysya Bank (KVB) to offer life insurance solutions to its customers
Mumbai, December 19, 2023: HDFC Life, one of India’s leading life insurers, and Karur Vysya Bank have entered into a Corporate Agency (CA) arrangement, today.
This CA arrangement will enable customers of Karur Vysya Bank to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.
India is largely under-insured. The protection gap in India is higher than that of most developed markets. For every individual with responsibilities, it is necessary to secure themselves and their families financially. Life insurance is a product that not only provides financial security but also enables individuals to save over the long term in a disciplined manner thus fulfilling their long-term financial goals.
HDFC Life constantly endeavors to reach out to individuals across geographies thus ensuring that they are protected with a financial safety net. This partnership with Karur VysyaBank will further strengthen HDFC Life’s efforts towards Insuring India.
Karur Vysya Bank has a 107-year-old banking legacy and has been at the forefront of providing professional banking services and quality customer service. The Bank has a wide presence with a network of 827 branches spread across 20 states and 3 Union Territories.
This partnership will enable both HDFC Life and Karur Vysya Bank to offer superior life insurance products and services to their customers at scale.
Mr. B Ramesh Babu, Managing Director & CEO of the Bank said, “Karur Vysya Bank has always endeavored to offer the best of financial services under one roof. Our Corporate tie-up with HDFC Life will provide one more option to our customers while charting their insurance plans. Since HDFC Life offers claim intimation process online, our customers can avail the services without stepping out of their homes. Together we look forward to creating a seamless experience that aligns with our shared value of trust, reliability and customer-centricity.”
Speaking on the arrangement, Mr. Suresh Badami, Deputy Managing Director of HDFC Life said, “We are delighted to partner with Karur Vysya Bank, a well-respected bank with a rich legacy of over 100 years. This tie-up will enable us to offer our strong product proposition to their customers. We will work closely together to achieve India’s vision of ‘Insurance for All’ by 2047.”
Speaking on the development, Mr.Dolphy Jose, Chief General Manager & Head- Consumer Banking, Karur Vysya Bank said “We are thrilled to announce our strategic partnership with HDFC Life. This collaboration is a testament to our commitment to providing comprehensive financial solutions. This alliance will enable us to offer a diverse range of life insurance products tailored to meet varying needs and our focus remains on simplifying the path to financial wellbeing for our customers.”
