HDFC Life inks pact with Vijaya Bank to sell insurance products

HDFC Life Insurance Company inked an agreement with Vijaya Bank to tap customers of the state-owned lender.

The tie-up between between the insurer and the lender will ensure a greater reach and penetration through 2,129 branches of the bank spread across the country, HDFC Life said in a statement.

Vijaya Bank's network of 2,129 branches across the country will further strengthen HDFC Life's presence, thereby enabling the insurer to reach out to a wider and diverse section of the population with need-based life insurance solutions, it added.

"The partnership promises to improve the overall business of both the organizations. For Vijaya Bank, the main products are deposits and loans and now the choice of Life Insurance products will be a value addition to our customers.

"It will increase customer satisfaction and eventually lead to customer delight. We believe that this is a long term, mutually beneficial relationship for both organizations," said Sankara Narayanan, MD & CEO, Vijaya Bank.

HDFC Life operates through 163 bancassurance partners, 26 non-traditional distribution partners and an agency force of over 77,000 individuals.

"Our large and multi-channel distribution network is a strong differentiator. Riding on Vijaya Bank's pan India network, we aim to service the semi-urban and rural geographies that typically have low insurance penetration," HDFC Life MD & CEO Amitabh Chaudhry said.