Money & Banking

KVGB renews pact with LIC for bancassurance

Our Bureau Mangaluru | Updated on September 17, 2019 Published on September 17, 2019

Karnataka Vikas Grameen Bank (KVGB), a regional rural bank headquartered in Dharwad, and Life Insurance Corporation (LIC) of India have renewed an agreement to sell life insurance products through the branches of KVGB.

A press release by the bank said here that KVGB will market LIC’s products through its 636 branches.

P Gopi Krishna, Chairman of KVGB, said the bank is renewing the pact with LIC mainly to increase insurance penetration in rural areas and to provide better deal to customers both in terms of service and premium.

Stating that the bank is playing a major role in extending affordable banking facilities in urban and rural areas through various products and services, he said the business of the bank has crossed ₹25,000 crore. The bank caters to the needs of around 80 lakh customers, he said.

Sanjay Bhargav, Regional Manager, zonal office of LIC, Bengaluru, said the Dharwad division of LIC collected ₹119 crore as first premium from 45,776 policies up to August 31 of 2019-20. Applauding the work done by KVGB, he urged it to popularise life insurance products so that more people in villages could derive the benefits of insurance coverage.

IG Kumar Goud, General Manager of KVGB, and HK Ravikiran, Senior Divisional Manager of LIC, signed the pact in Dharwad.

Published on September 17, 2019
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