HDFC Life signed a bancassurance (Bank-Insurance) agreement with South Indian Bank to enable customers of the South Indian Bank to avail HDFC Life’s life insurance products and services to the customers of South Indian Bank. This bancassurance arrangement will enable customers of the South Indian Bank to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness. This bancassurance partnership will further strengthen HDFC Life’s business across India.
About the agreements:
- HDFC Life is one of the largest life insurance players with a market share of 22.3% (in terms of Overall New Business Premium as on September 30, 2021). The insurer has a wide range of products that offer customers the dual benefits of protection as well long term savings based on their life stage requirements.
- HDFC Life is targeting to provide the customer with innovative products and superior levels of services through the physical and digital routes.
- The Company offers end to end digital on-boarding to customers along with 24/7 service. This unique combination of simple products and superior quality service makes for a compelling customer proposition.
Important takeaways for all competitive exams:
- South Indian Bank Founded: 29 January 1929;
- South Indian Bank Headquarters: Thrissur, Kerala;
- South Indian Bank MD & CEO: Murali Ramakrishnan.