HDFC Life on Monday announced a bancassurance tie-up with South Indian Bank that will enable customers of the bank to avail a range of life insurance products of the insurer that include solutions for protection, savings and investment, retirement and critical illness.
This bancassurance partnership will strengthen HDFC Life’s business across India, as per a press release. The company is one of the largest life insurance players with a market share of 22.3% (in terms of overall new business premium as on September 30, 2021), the release said. “The insurer has a wide range of products which offer customers the dual benefits of protection as well long term savings based on their life stage requirements.”
Speaking on the partnership, Suresh Badami, executive director, HDFC Life, said “India as a country is largely under insured. The pandemic has further stressed on the need for financial security. Thus life insurance has become a critical product for every individual looking for solutions around protection, morbidity and savings. It is our endeavor to reach out to a larger section of the population with our products. In line with this, we are pleased to announce the partnership with South Indian Bank. We aim to provide their loyal customer base with innovative products and superior levels of service via both the physical and digital routes.”
The company offers end-to-end digital on-boarding to customers along with 24/7 service.
Murali Ramakrishnan, managing director & CEO of South Indian Bank, said,”As South Indian Bank enters into 93 years of existence, partnering with HDFC Life is the continued tradition of building trust with our customers. With insurance getting paramount importance especially during the pandemic, South Indian Bank’s strong customer connect and HDFC Life’s product suite, will ensure the customer is getting the best in class insurance solutions on offer.”
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