Country's largest insurer LIC has inked a pact with private sector Karnataka Bank to sell its insurance policies at the latter's branches.
An agreement was signed today between Life Corporation of India (LIC) and the bank today for selling life insurance products of the former, Karnataka Bank said in a statement.
"Customers needs are changing... Bank is firmly moving in this direction and with today's MoU with LIC, bank will be able to provide vast choice of life insurance products to its customers supported by popular customer centric products of LIC," Mahabaleshwara M S, managing director and CEO of the bank said.
LIC Executive Director Rakesh Kumar said the organisation will strive hard to create customised insurance solutions for the bank's customers.
He said LIC is committed for reaching a new benchmark in claim settlement process.
LIC is the largest insurer of the country with a death claim settlement ratio of over 99.90 per cent.
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