HDFC Life and NKGSB Co-Operative Bank Enter into a Corporate Tie-Up
Dec 21, 2023
BusinessWire India
Mumbai (Maharashtra) [India], December 21: HDFC Life, one of India's leading insurers, and NKGSB Co-operative Bank Ltd, having a legacy of 106 years, have entered into a Corporate Agency tie-up enabling NKGSB Co-operative Bank customers to avail life insurance products of HDFC Life.
NKGSB Co-operative Bank is a leading multi-state co-operative bank and has always been at the forefront of adding value to its products by establishing correspondent relationships and strategic alliances. Keeping pace with changing times and changing customer habits, the bank offers digital banking solutions such as mobile banking, internet banking and SMS banking to its customer base.
India remains vastly under-insured, both in terms of penetration and density. Such tie-ups are good for the consumers, as access to life insurance products improves. This distribution creates an opportunity to penetrate the underserviced segments. NGKSB customers will be able to avail a bouquet of traditional, term, pensions and annuity products of HDFC Life.
In FY 2023, HDFC Life, known for its innovative products and customer-centric approach, has secured more than 68 million lives with an overall claim settlement ratio of 99.7%.
Speaking about the new association, Sunil Panse, MD of NKGSB Co-operative Bank expressed, "NKGSB Co-operative Bank with a Banking legacy of 106 years is delighted to enter into strategic and momentous alliance with HDFC Life Insurance Company to provide life insurance solutions that cater to various needs of individuals - protection, pension, savings, investment and annuity. This alliance reflects our Bank's commitment in ensuring the well-being and financial security of its valued customers."
Speaking on the launch, Suresh Badami, Deputy MD of HDFC Life said, "We are delighted to announce our partnership with NKGSB. Given their rich legacy and loyal customer base, we hope to leverage our bancassurance expertise and strong product proposition and work closely together towards achieving India's vision of 'Insurance for All' by 2047."
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