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LIC partners with Policybazaar.com for product distribution
February 04, 2022
Ahead of its much-awaited Initial public offer (IPO), state-owned insurance behemoth Life Insurance Corporation (LIC), has partnered with insurance aggregator Policybazaar.com for distribution of its products. This is LIC’s first relationship with a protection aggregator, and in any case depends intensely on its huge agency force of 1.33 million specialists for appropriating its items.
In a statement, Policybazaar.com said they bring held hands with LIC to the table for a wide scope of term and investment products to buyers. “This connection targets working with seamless digital distribution of life insurance products across the country “, the organization said.
Sarbvir Singh, CEO, Policybazaar.com said, “With this partnership, our essential target is to grow our compass, particularly in the more modest urban communities to guarantee financial inclusion and government social security. LIC has led the disaster protection portion in the nation thus this union will give an intensified reach to individuals.”
Policybazaar.com, the leader foundation of PB Fintech, is the biggest online insurance marketplace in the country which distributes products of 51 insurance agencies, which incorporate life, general, and standalone health insurance companies.
LIC’s individual agents sourced almost 97% of its new business premium (NBP) in the initial half-year of FY22 from its items on an independent premise. Further, in FY21, these singular specialists of LIC had obtained 94% of its NBP from individual products. In FY20, this number remained at 95%, and in FY19, it was 96%.
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