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LVB enters into strategic partnership with LIC for bancassurance

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Announcement Banking

Lakshmi Vilas Bank (LVB) has entered into a strategic partnership for bancassurance with India’s largest life insurance player, Life Insurance Corporation of India (LIC). This tie-up will enable the Bank’s customers across India to have access to the wide range of products of LIC. As the corporate agent for LIC, Lakshmi Vilas Bank which provides a holistic offering of banking services, will now offer LIC’s best in class products to customers across its 274 branches.

The MoU for this partnership was exchanged by Mr. K.S.R. Anjaneyulu, MD & CEO of Lakshmi Vilas Bank and Mr. A.K. Dasgupta, MD of LIC of India. From LIC  Shri V.K.Sharma Zonal Manager South Zone, Shri A.K.Sahoo Executive Director Bancassurance, were present. The top management of LVB too was  present at MoU exchange function in Coimbatore on Thursday.

 

Mr. K.S.R. Anjaneyulu, Managing Director & CEO, Lakshmi Vilas Bank said, “With this strategic tie-up, we are now well on our way to offer an assortment of retail banking products to our customers. Given the fast changing market dynamics and its volatility, customers today are seeking avenues for financial security. Through this tie-up we can address this very need of the customers through our products and services and build a universal banking franchise.”

Speaking on the occasion, Mr. A.K. Dasgupta, MD of LIC India, said, “We are keenly looking forward to the partnership with LVB, which is one of the leading schedule commercial banks in India with a strong clientele base, excellence in banking technology and delivery of high quality service, to give new and lasting value proposition to the esteemed customers of LVB through life insurance services”.

To facilitate all the financial services under one roof, the bank had already tied up for a bancassurance pact with M/s.Bajaj Allianz General Insurance Co. Ltd for general insurance distribution business and arrangements for distributing the mutual fund products of various reputed AMCs.

Lakshmi Vilas Bank has a national presence serving 1.6 million satisfied customers through its 274 branches, spread across 15 states and 1 union territory. During the year Bank had launched VISA International Debit Card and won the Hitachi Diamond award for the best use of innovative technology. It had so far opened 178 ATMs and plans to open another 100 ATMs during the current year. LVB has decided to grow aggressively in wealth management, NRI, SME, Agri sectors, DP, online trading activities, etc. to provide a broader range of products to customers.

About LIC
Life Insurance contracts are essentially long term in nature and therefore, the brand is important. A brand which is considered strong, solid and long standing and Trusted/Trust worthy to hand over life’s savings. The customer should feel assured that even when he is no more the life insurance company would be there to pay claim to take care of his family left behind.

LIC serves through 2048 Branches and 993 Satellite Offices (SO) spread across the Country. 175 branches and 108 SOs in Tamil Nadu. Every LVB branch can be mapped to the nearest LIC office to facilitate smooth New Business completion and Policy/Customer service. All the branch offices are self sufficient to handle/complete servicing starting from New Business (NB) Completion to final claim payments.

Products: About 47 products catering to all needs, age groups and customer aspirations. Unit linked policies such as Market Plus-1, Profit Plus, Child Fortune Plus which have been outperforming the market and relatively stable even when markets turn volatile. A strong conventional policy portfolio consisting of plans which are popular brands in themselves & household names such as Jeevan Anand, Jeevan Tarang, Endowment, Jeevan Saral, New Janaraksha (for rural areas) Sovereign Guarantee for the monies invested in LIC under Section 37 of LIC Act 1956.

About Lakshmi Vilas Bank:
Lakshmi Vilas Bank is a leading, fast-growing private sector bank in India, with an over 8 decades old lineage. The Bank caters to the need of both consumer and corporate clients and has a robust technology platform supporting multi–channel delivery capabilities. The Bank enjoys the patronage of several lakh customers across India through a network of 274 branches and over 178 ATMs spread over 15 states and 1 union territory.

The Bank’s focus is on delivering customer delight by maintaining the highest standards of service. As a full service bank, Lakshmi Vilas Bank has a wide product portfolio such as business credit, SME credit facilities, NRI Services, home loans, rental loans, education loans and online banking. It offers a wide array of mutual fund products from 10 asset management companies (AMCs). The Bank also offers life insurance and general insurance products.

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First Published: Jun 17 2010 | 7:38 PM IST

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