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Karnataka Vikas Grameena Bank (KVGB), a Dharwad-headquartered regional rural bank and Life Insurance Corporation (LIC) of India have renewed their agreement through a memorandum of understanding for bancassurance (for selling life Insurance products through the branches of KVGB) tie-up.
The bank will market LIC’s products through its 639 branches in Dharwad, Gadag, Haveri, Belagavi, Bagalkot, Vijayapura, Uttara Kannada, Udupi and Dakshina Kannada districts.
Quoting P Gopi Krishna, Chairman of KVGB, a statement said the bank is renewing the pact with LIC mainly to increase insurance penetration in rural areas and to provide better deal to customers on service and premium.
Stating that the bank is playing a major role in extending the affordable banking facilities in urban and rural areas through various products and services, he said the bank’s business has crossed ₹30,800 crore by catering to the needs of around 80 lakh customers in nine districts of Karnataka.
K Venkataramana, Senior Divisional Manager of LIC, Dharwad, said the insurane behemoth is offering innovative products with affordable premium and also ensures speedy settlement of claims.
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