LIC partners with Yes Bank to expand reach through new bancassurance deal

LIC has entered a bancassurance partnership with Yes Bank, giving customers wider access to its life insurance plans as both institutions work toward the "Insurance for All by 2047" vision

The Life Insurance Corporation of India (LIC) has entered into a strategic bancassurance partnership with Yes Bank. This collaboration will enable Yes Bank customers to access LIC’s life insurance products through its branch network and digital platforms, according to a press release on Thursday.

 

How extensive is the combined distribution network? 

Leveraging the combined strength of over 3,600 LIC branches and satellite offices along with Yes Bank’s 1,295 branches and 235 business correspondent outlets, the partnership aims to make life insurance more accessible nationwide and contribute meaningfully to the national vision of “Insurance for All by 2047.” Yes Bank customers will be able to access LIC’s range of term plans, endowment policies, pension products and unit-linked insurance plans.

 

Which new LIC plans have recently been launched? 

Recently, LIC also launched two new plans — Protection Plus and Bima Kavach.

 

What does LIC’s Protection Plus plan offer? 

Protection Plus is a non-par, linked, individual savings plan that offers life cover cum savings throughout the term of the policy. It offers flexibility to choose the type of investment fund, increase or decrease the sum assured and pay “top-up” premiums. Partial withdrawal is allowed after five years from the date of commencement. The proposer can choose the premium amount, based on which the basic sum assured is decided. The base premium can be paid as Regular Pay or Limited Pay.

 

What are the key features of Bima Kavach? 

Bima Kavach is a non-par, non-linked, individual pure-risk plan that provides financial protection to the family of the insured in case of the policyholder’s death during the policy term. It offers two death benefit options — Level Sum Assured and Increasing Sum Assured — and flexible premium payments (single, limited and regular). The policy term can extend up to 100 years, ensuring long-term protection. Benefits can also be received in instalments for added financial convenience. The plan allows the life assured to enhance the life cover at predefined life-stage events, such as marriage or the birth of a child, under the Level Sum Assured option with regular premium payment.