LIC, Vijaya Bank ink MoU for share out insurance products

by Simranjeet Singh

LIC on Thursday inked a MoU with Bangalore-based Vijaya Bank for sharing of its life insurance products on an appointment basis.

Vijaya Bank has become the 9^th public sector bank to have inked a MoU of the kind with the Life Insurance Corporation (LIC).

Vijaya Bank CMD Albert Tauro said that the union would help Vijaya Bank become a 'one-stop' solution for its clients, offering a range of financial services and products.

With more than 7.5 million customers and a pan-India attendance through 1,163 branches, Vijaya Bank hopes to add to the incremental business of LIC.

A K Dasgutpa, LIC (India) MD, said that the insurance major has a customer support of over 30 crore and banc assurance forms a major component of its business strategy for the future. Partnering with Vijaya Bank would help both the entities match synergies and provide insurance solutions in a method that would be helpful for all.

LIC had collected total first premium to the tune of Rs 42,960.44 crore, and had paid up total claims amounting to Rs 50,535 crore in 2009-10.

The total income generated was Rs 2, 47,310 crore while the total investment had crossed 11 lakh crore.