Life Insurance Corp. of India (LIC), the nation’s pioneer in life insurance coverage, and Policybazaar.com have joined fingers to supply a variety of time period and funding merchandise to shoppers. LIC brings alongside a legacy and a singular product area of interest for many years. The two firms formally initiated the enterprise on 3 February.
According to a press launch, “This landmark affiliation aims at facilitating seamless digital distribution of life insurance products across the nation. The occasion was graced by the presence of top management from both companies, including Dinesh Bhagat, zonal head, LIC-North Zone and Sarbvir Singh, chief executive officer, Policybazaar.com. Among other dignitaries were J.P.S. Bajaj, regional manager (marketing), North Zone; Pankaj Kumar Saxena, regional manager (B&AC); Kumar Kuntal, regional manager (B&AC) and Dhruv Sarin, chief business officer-POSP, and Sajja Praveen Chowdary, business head, term insurance, 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 mentioned, “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 individuals. We are delighted to accomplice with them and stay up for offering safety to individuals throughout age teams, demographics and areas.”
The Indian financial system is various, and the one-size-fits-all strategy doesn’t apply to insurance coverage wants as properly. Though the Indian financial 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.
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