LIC has entered into the deal at a time when it is preparing to launch its long awaited initial public offering (IPO).
Life Insurance Corporation (LIC), the country’s largest insurer, on Thursday, February 3, announced an agreement with insurance aggregator platform Policybazaar.Com to increase the reach of its insurance products. LIC has entered into the deal at a time when it is preparing to launch its long awaited initial public offering (IPO).
Following the agreement, a joint statement issued by the two companies said, “LIC has joined hands with Policybazar.com, a leading company in the field of life insurance, to launch its insurance and investment products to the maximum number of customers.” The partnership between the two companies has officially started from today, the statement said.
The partnership aims to “facilitate seamless digital distribution of life insurance products across the country”. The policy distribution’s digital distribution channels will help accelerate insurance awareness and penetration across the country, “the statement said.
Sarabbir Singh, chief executive officer (CEO) of PolicyBazar, said the partnership was based on a strategic objective. “Our goal is to” expand our reach, especially in small towns, to ensure financial inclusion and social security, “he said.
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“LIC has been at the forefront of the country’s life insurance sector and so this partnership will provide a wide reach to the public. We are happy to partner with them and protect people of all ages, populations and locations.