Axis Bank Ties up with LIC

Life Insurance Corporation of India (LIC) and Axis Bank signed a Memorandum of Understanding to distribute LIC’s multiple life insurance products to their customers. In the preliminary phase, the private sector bank will distribute LIC’s life insurance products across its branches in West Bengal, Bengaluru, and Haryana. The bank will also provide post sales services such as premium collection and renewal of policies.

According to industry experts, this is one of the largest bancassurance partnerships since life insurance policy sale by banks was liberalised, industry behemoth LIC and third largest private sector lender Axis Bank today entered into a tie-up to sell the former's products.