Life Insurance Corporation of India (LIC) has entered into a bancassurance partnership with RBL Bank Ltd., aiming to extend the reach of life insurance products to a wider segment of the Indian population.
The agreement enables RBL Bank customers to access LIC’s suite of life insurance offerings through both physical branches and digital platforms.
The formalisation of the partnership was attended by LIC’s CEO and managing director Shri R. Doraiswamy, RBL Bank’s CEO and managing director Shri R. Subramaniakumar, and other senior representatives from both organisations.
The collaboration is designed to utilise RBL Bank’s network of nearly 570 branches and 1,474 business correspondent outlets, alongside LIC’s more than 3,600 branches and satellite offices, to increase insurance penetration across India.
Under the arrangement, RBL Bank will distribute LIC’s range of products, which includes term insurance, endowment plans, pension solutions, and unit-linked policies.
The institutions indicated that the partnership is aligned with the broader national objective of achieving “Insurance for all by 2047.”
“With this collaboration, both institutions reaffirm their commitment to promoting financial inclusion and delivering best insurance solutions across India,” LIC said in a statement.
The announcement of the bancassurance tie-up follows LIC’s 69th anniversary, celebrated on Sept. 1.
LIC continues to hold a leading position in the Indian life insurance sector, with a 65.83% share of policies and 57.05% share of first-year premium income for the 2024-25 fiscal year. It reported a 6.45% increase in assets under management, totalling Rs. 54.52 lakh crore.
LIC’s product range includes 35 individual plans, 12 group policies, seven individual riders, and one group rider, covering a variety of insurance needs such as endowment, term, child, annuity, group, micro, health, and unit-linked products. These are available via both offline and online channels.
Recent years have seen LIC invest in digital transformation, with more than 24 million users registered on its customer portal and mobile application.
The company has introduced several digital initiatives, including the LIC Digital NRI App, QR code-based payment options, WhatsApp-enabled payment and alert links, and the multilingual LIC Mitra 2.0 chatbot, which supports 10 Indian languages for policy servicing and claims inquiries.
The Jeevan Saakshya app, an AI-driven platform for digital existence certificates, has processed over 50,000 certificates.
LIC’s Golden Jubilee Foundation, established in 2006, has funded 926 projects and awarded over 30,000 scholarships, with total disbursements exceeding Rs. 283 crore.
The insurer also maintains an international presence in 11 countries and operates subsidiaries and associates in various financial services sectors, including housing finance, mutual funds, pension funds, and banking.
LIC’s leadership expressed appreciation for the support of policyholders, shareholders, employees, and agents.
The company reiterated its commitment to maintaining trust and delivering on its obligations, guided by the principle: “Yogakshemam Vahamyaham – Your welfare is our responsibility.”
“This commitment reflects our ongoing efforts to serve our customers with integrity and care,” it said.
