Money & Banking

LIC-UBI announce corporate agency pact

Our Bureau. Chennai | Updated on July 21, 2020 Published on July 21, 2020

Life Insurance Corporation of India (LIC) and Union Bank of India, after its amalgamation with Corporation Bank and Andhra Bank, have announced a corporate agency agreement to distribute LIC policies.

“Union Bank of India can act as a financial supermarket by offering a basket of products to its account holders, whereby they can select products according to their choice,” said K Kadiresan, Zonal Manager, LIC of India, in a statement.

The bank will market LIC products of term insurance, pension, plan, children plan, ULIPs, and endowment schemes.

“It is a very good opportunity for the bank to serve the needy customers, which will benefit by taking LIC products as those policies are having a sovereign guarantee. With an array of different products and superior customer service, the tie-up with LIC of India will be a successful association,” said MH Padmanabhan, Field General Manager, Union Bank of India.

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Published on July 21, 2020
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