LIC enters into bancassurance tie-up with PNB

Life Insurance Corporation of India on Monday entered into a bancassurance tie-up with Punjab National Bank.

This tie-up would enable PNB customers to have access to LIC’s products across the bank’s branch network in the country. The agreement for the tie-up was exchanged in the presence of the LIC Chairman, Mr T.S. Vijayan, and the PNB Chairman and Managing Director, Dr K.C. Chakrabarty.

Speaking on the occasion, Dr Chakrabarty said that the tie-up would serve the bank’s objective of ensuring financial inclusion in the Indo-Gangetic plain. He said that the bank has no insurance ambitions on its own.

Mr Vijayan said LIC is likely to miss first year premium income business target of Rs 57,000 crore for the current fiscal. As of now, the gap is estimated to be about Rs 10,000 crore.

Source:Businessline