Home Brand News HDFC Life and Vijaya Bank ink a Bancassurance deal

HDFC Life and Vijaya Bank ink a Bancassurance deal

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HDFC Li fe Insu ran ce Company , one o f India’s most
pro fi table p rivate li fe insu rers and Vi jaya Bank , a p remier Nati onali zed
Bank announ ced thei r corporate agen cy tie-up .
Vi jaya Bank ha s a pan India presen ce wi th 2129 b ran ches, spanning all States
and Union Terri tories in the coun t ry . HDFC Li fe ha s a mul ti -channel di stribu tor
set up that ensures g rea ter rea ch and penet ration , wi th 163 ban ca s su ran ce
pa rtners , 26 non-t radi tional di stribu tion pa rtners and an agency force o f more
than 77 ,000 individual s .
Thi s tie-up between HDFC Li fe and Vi jaya Bank i s a unique one involving a large
priva te li fe insu rer wi th one o f the fa stest g rowing public sector banks. It i s
among the few par tnerships to be announced post the revi sion o f the corporate
agency norms in Ap ril 2016 . Vi jaya Bank’s ne twork o f 2129 bran ches a cros s the
coun t ry will further st reng then HDFC Li fe’s p resen ce , thereby enabling the
insurer to rea ch ou t to a wider and diverse section o f the population wi th need –
based li fe insu ran ce solu tion s .
Shr i Sankara Narayanan , Manag ing D irector & CEO , V i jaya Bank said , “We
are very posi tive abou t ou r new tie-up wi th one o f the best Li fe In su rance
companies o f India – HDFC Li fe. The partnership promi ses to improve the
overall business o f both the organi zation s . For Vi jaya Bank , the main p rodu ct s
are Deposi ts and Loans and now the choi ce o f Li fe Insuran ce p rodu ct s will be a
value addi tion to ou r cu stomers . It will increa se cus tomer sati s fa ction and
even tually lead to cus tomer deligh t . We believe that thi s i s a long term ,
mu tually bene fi cial relation ship for both organi zation s .”
Shri Amitabh Chaudhry, Managing Director & CEO, HDFC Life sai d , “We a re deligh ted
to pa rtner wi th Vi jaya Bank , one o f the coun t ry’s most repu ted Banks . Ou r large
and mul ti -channel di stribu tion network i s a st rong di f feren tiator. Riding on
Vi jaya Bank’s pan India ne twork , we aim to servi ce the semi -u rban and ru ral
geog raphies that typi cally have low insu ran ce penet ration . In line wi th the
Governmen t’s agenda for the Insuran ce sec tor , our endeavour ha s been to rea ch
ou t to the maximum number o f Indians and servi ce the need to finan cially
protect thei r families from un foreseen ci rcum stances . Cu s tomer -cen tri ci ty i s at
the hea rt o f all ou r ini tiatives in both the organi zation s and we hope that the
synergies will open up a ple thora o f opportuni ties for fu tu re .”

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