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Name the Bank,that had signed a bancassurance agreement with Life Insurance Corporation of India (LIC) to lend LIC’s insurance products?
- a)State Bank of India
- b)IDBI Bank
- c)Yes Bank
- d)ICICI Bank
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Name the Bank,that had signed a bancassurance agreement with Life Insu...
IDBI Bank and Life Insurance Corporation of India (LIC) signed a bancassurance agreement under which the lender will offer LIC’s insurance products at its branches.As part of the agreement, IDBI Bank will become the preferred bank for LIC premium payments and also function as premium point to boost sale of LIC products, thereby gaining from fees and float income.The State-owned life insurer, LIC, acquired a majority stake in IDBI Bank, and the bank has also appointed LIC Chairman Hemant Bhargava as its non-executive whole-time Chairman.
Most Upvoted Answer
Name the Bank,that had signed a bancassurance agreement with Life Insu...
Bank with Bancassurance Agreement with LIC
Bank: IDBI Bank
Explanation:
Benefits of Bancassurance Agreement between IDBI Bank and LIC:
- Bancassurance agreement allows IDBI Bank to offer LIC's insurance products to its customers.
- This partnership enables IDBI Bank to provide a wide range of insurance products such as life insurance, health insurance, and pension plans to its customers.
- Customers of IDBI Bank can now conveniently purchase LIC's insurance products through the bank's branches.
- Bancassurance agreement helps in expanding the product portfolio of IDBI Bank and enhances its customer offerings.
- This collaboration enables IDBI Bank to leverage LIC's expertise in the insurance sector and provide tailored insurance solutions to its customers.
- By offering LIC's insurance products, IDBI Bank can strengthen its relationship with customers and attract new customers looking for insurance solutions.
Overall, the bancassurance agreement between IDBI Bank and LIC is a strategic move that benefits both parties by expanding their product offerings and enhancing customer satisfaction.
Bank: IDBI Bank
Explanation:
Benefits of Bancassurance Agreement between IDBI Bank and LIC:
- Bancassurance agreement allows IDBI Bank to offer LIC's insurance products to its customers.
- This partnership enables IDBI Bank to provide a wide range of insurance products such as life insurance, health insurance, and pension plans to its customers.
- Customers of IDBI Bank can now conveniently purchase LIC's insurance products through the bank's branches.
- Bancassurance agreement helps in expanding the product portfolio of IDBI Bank and enhances its customer offerings.
- This collaboration enables IDBI Bank to leverage LIC's expertise in the insurance sector and provide tailored insurance solutions to its customers.
- By offering LIC's insurance products, IDBI Bank can strengthen its relationship with customers and attract new customers looking for insurance solutions.
Overall, the bancassurance agreement between IDBI Bank and LIC is a strategic move that benefits both parties by expanding their product offerings and enhancing customer satisfaction.
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Name the Bank,that had signed a bancassurance agreement with Life Insurance Corporation of India (LIC) to lend LIC’s insurance products?a)State Bank of Indiab)IDBI Bankc)Yes Bankd)ICICI Banke)None of theseCorrect answer is option 'B'. Can you explain this answer?
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