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Insurance
21-Dec-23
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HDFC Life insurance joins hands with NKGSB Co-Operative Bank for Corporate Tie-Up
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HDFC Life Insurance, one of India's leading insurance companies and NKGSB Co-operative Bank Ltd with 106 years of heritage have entered into a corporate agency tie-up enabling NKGSB Co-operative Bank customers to avail life insurance products of HDFC Life Insurance.
In FY2023, HDFC Life, known for its innovative products and customer-centric approach, has secured over 68 million lives with an overall claim settlement rate of 99.7%.
NKGSB Cooperative Bank is a leading multi-state cooperative bank, has always been at the forefront of adding value to its products by establishing correspondent relationships and strategic alliances.
The bank offers digital banking solutions like mobile banking, internet banking and SMS banking to keep pace with changing times and changing customer habits.
This tie-ups creates an opportunity to penetrate the underserviced segments and access to life insurance products improves. NGKSB customers will be able to avail a bunch of traditional, term, pensions and annuity products of HDFC Life.
Commenting on the launch, Suresh Badami, Deputy MD of HDFC Life Insurance 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.”
Sunil Panse, MD of NKGSB Co-operative Bank said, “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.”
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