Bank of Maharashtra, LIC sign pact for mktg life insurance products

Mumbai, July 26 (UNI) Bank of Maharashtra (BoM) has signed a pact with Life Insurance Corporation of India (LIC) for marketing of life insurance products.

This Bancassurance pact was signed in the presence of BoM's Chairman&Managing Director M D Mallya and LIC Chairman T S Vijayan at a function here today.

Speaking on the occasion, Mr Vijayan said this alliance marks another prominent step in providing the convenience of financial convergence to banking customers.

He said the customers will enjoy the benefit of getting multiple financial products on a single platform.

He pointed out that the allaince with BoM has 1,300 branches, out of which 914 are in Maharashtra, which will provide great synergy to both the organisations in marketing of financial products.

Further, Mr Vijayan said Bancassurance has emerged as the mainstay of alternate channels contribution, with more than 76 per cent of the total premium brought through this channel.

Till now, he continued, LIC has tied up with 39 leading banks of the country to effectively leverage their large customer base.

Commending the tie-up, BoM's CMD Mr Mallya said the bank would provide service outputs demanded by the customers through this well designed channel that will exceed their expectations.

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