LIC partners with Policybazaar for widening customer reach digitally

The tie-up aims at facilitating seamless digital distribution of life insurance products across the nation.

The insurance giant LIC on February 3 declared a tie-up with insurance aggregator Policybazaar.com to increase the reach of its products.

“LIC, the country’s pioneer in life insurance and Policybazaar.com have joined hands to offer a wide range of term and investment products to consumers,” a joint statement announced, further putting that this partnership has been formally launched from today onwards.

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“Policybazaar’s digital distribution channels will further help in accelerating insurance awareness and penetration across the length and breadth of India,” the statement further explained. The tie-up aims at facilitating seamless digital distribution of life insurance products across the nation.

Policybazaar’s Chief Executive Officer Sarbvir Singh told the tie-up is founded on the strategic goal to widen our reach, primarily in the smaller cities to ensure financial inclusion and social security.

Singh further explained that LIC has spearheaded the life insurance sector in the country and so this partnership will provide an amplified extent to people. He also said, “We are delighted to partner with them and look forward to providing protection to people across age groups, demographics and locations.”

However, it is the first time that the Life Insurance Corporation of India has got into a partnership with a private insurance aggregator to widen its footprint. The insurance sector guardian has so far depended on its vast resource of over 1.3 million agents to expand its customer base.