Life Insurance Corporation (LIC) has tied up with Policybazaar to digitally offer a wide range of Life Insurance and investment products to its customers across India. This is LIC’s first association with a private insurance aggregator, which has mainly relied on its 1.33 million agents for distributing products. To facilitate seamless digital distribution of life insurance products and boost financial inclusion across India.
The benefit of the tie-up:
The alliance will provide insurance services in smaller cities to ensure financial inclusion and social security. It will increase its penetration digitally in rural and remote areas and offer a wide range of term and investment products to the customers.
Important takeaways for all competitive exams:
- Life Insurance Corporation of India Founded: 1956;
- Life Insurance Corporation of India Headquarters: Mumbai, Maharashtra;
- Life Insurance Corporation of India Chairperson: M R Kumar.