Punjab National Bank (PNB), the country's second largest state-run lender, has signed a bancassurance agreement with Life Insurance Corporation of India to enable bank customers to have access to the wide range of LIC products, PNB today informed the BSE.
"...The bank has executed an agreement with LIC for bancassurance-Life insurance under the provisions of IRDA's referral arrangement," the bank said in the Bombay Stock Exchange filing.
Under the arrangement, the bank refers customers who want to have a policy to the insurance company and charges a fee.
LIC so far has tied up with 46 banks through this model, including those in the private and public sectors, regional rural banks and co-operative banks.