IDBI Bank after being taken over by the Life Insurnace Corporation (LIC), is now acting as a corporate agent of the corporation since 27th February, 2019 and in the first month i.e. March, 2019 the corporation has procured 20,980 policies with premium of Rs.139.70 crore.
In 2019-2020, till date, they have completed new business of 1929 policies and premium of Rs.30.21 crore and are occupying No. 1 rank among all bancassurance partners of the corporation.
Rakesh Sharma, MD & CEO IDBI Bank shared his vision on the bank’s association with LIC and the synergies that can happen between LIC offices and IDBI Bank outlets while addressing LIC's 59th All India senior divisional managers’ conference
“With increased association with LIC of India in opening of Accounts and resultant balances, IDBI Bank shall move faster towards healthier balance sheet.'' he said.
The event deliberated LIC's strategies on various aspects of marketing, customer servicing, Information Technology, HR, International Operations and new initiatives for the current financial year.
LIC has registered a market share of 74.71 per cent in number of policies and 66.24 per cent in first year premium income for the year 2018-19 and achieved the highest ever first year premium income of Rs 1,42,191.69 crore.