The city-based private sector Karnataka Bank has entered into a MOU with LIC for selling life insurance products of the latter.
Karnataka Bank and LIC inked the corporate agency agreement at the head office of Karnataka Bank here yesterday, a bank release said here.
Bank Managing Director and CEO M S Mahabaleshwara said customer needs were changing and it was necessary for every service unit to meet their expectations.
The bank was firmly moving in this direction and with the MoU with LIC, it would be able to provide vast choice of life insurance products to its customers across all its 769 branches, supported by customer-centric products of LIC.
LIC Executive Director Rakesh Kumar said partnership was an important part of their insurer in the globe and has a death claim settlement ratio of over 99.90 per cent.
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