HDFC Life on Monday announced a bancassurance tie-up with South Indian Bank that will enable the bank’s customers to avail a range of life insurance products from the insurer including protection, savings and investments, retirement and critical illness. Solutions included.
According to a press release, this Bancassurance partnership will strengthen HDFC Life’s business across India. The company is one of the largest life insurance players with a market share of 22.3% (in terms of total new business premiums as on September 30, 2021), the release said. “The insurer has a wide range of products that offer the dual benefits of long term savings along with protection to the customers depending on their standard of living requirements.”
Speaking on the partnership, Suresh Badami, Executive Director, HDFC Life said, “India as a country is largely under insurance. The pandemic has further emphasized the need for financial security. Thus life insurance has become a must-have product for everyone looking for a solution to protection, illness and savings. It is our endeavor to reach out to a large section of the population with our products. In line with this, we are pleased to announce our partnership with South Indian Bank. We aim to provide their loyal customer base with innovative products and superior levels of service through both physical and digital avenues.”
The company provides complete digital on-boarding along with 24/7 service to the customers.
Murali Ramakrishnan, Managing Director and CEO, South Indian Bank said, “As South Indian Bank enters 93 years of existence, the partnership with HDFC Life is an ongoing tradition of building trust with our customers, especially in the wake of the pandemic. While giving utmost importance to insurance, South Indian Bank’s strong customer connect and HDFC Life’s product suite, will ensure that the customer is getting best-in-class insurance solutions on offer.”
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,