HDFC Life and Vijaya Bank ink a Bancassurance Deal

By Tricitynews

Chandigarh 02nd August:- HDFC Life Insurance Company, one of India’s most profitable private life insurers and Vijaya Bank, a premier Nationalized Bank announced their corporate agency tie-up.

Vijaya Bank has a pan India presence with 2129 branches, spanning all States and Union Territories in the country. HDFC Life has a multi-channel distributor set up that ensures greater reach and penetration, with 163 bancassurance partners, 26 non-traditional distribution partners and an agency force of more than 77,000 individuals.

This tie-up between HDFC Life and Vijaya Bank is a unique one involving a large private life insurer withone of the fastest growing public-sectorbanks. It is among the few partnerships to be announced post the revision of the corporate agency norms in April 2016. Vijaya Bank’s network of 2129 branches across the country will further strengthen HDFC Life’s presence, thereby enabling the insurer to reach out to a wider and diverse section of the population with need-based life insurance solutions.

Sankara Narayanan, Managing Director & CEO, Vijaya Bank said that we are very positive about our new tie-up with one of the best Life Insurance companies of India–HDFC Life. The partnership promises to improve the overall business of both the organizations. For Vijaya Bank, the main products are Deposits and Loans and now the choice of Life Insurance products will be a value addition to our customers. It will increase customer satisfaction and eventually lead to customer delight. We believe that this is a long term, mutually beneficial relationship for both organizations.

Amitabh Chaudhry, Managing Director & CEO, HDFC Life said that we are delighted to partner with Vijaya Bank, one of the country’s most reputed Banks. Our large and multi-channel distribution network is a strong differentiator. Riding on Vijaya Bank's pan India network, we aim to service the semi-urban and rural geographies that typically have low insurance penetration. In line with the Government's agenda for the Insurance sector, our endeavour has been to reach out to the maximum number of Indians and service the need to financially protect their families from unforeseen circumstances. Customer-centricity is at the heart of all our initiatives in both the organizations and we hope that the synergies will open up a plethora of opportunities for future.