Key Highlights
- RBL Bank enters bancassurance partnership with LIC
- LIC’s insurance products to be available through RBL Bank’s branch and digital network
- Product range includes term plans, endowment, pension, and ULIPs
- Collaboration aims to strengthen insurance penetration across India
- Combined network of 5,600+ touchpoints to boost accessibility
RBL Bank Limited has announced a strategic bancassurance partnership with Life Insurance Corporation of India (LIC), the country’s largest life insurer. The tie-up will allow RBL Bank customers to access LIC’s wide portfolio of life insurance products through the bank’s branches and digital platforms.
Bancassurance is a partnership between a bank and an insurance company, allowing customers to buy insurance products directly through the bank’s branches or digital channels.
Senior officials from both RBL Bank and LIC were present during the announcement of the agreement. The collaboration is aimed at expanding financial protection, strengthening insurance penetration across India, and supporting the national vision of “Insurance for All by 2047.”
Under this partnership, RBL Bank customers can avail a broad range of LIC offerings including term plans, endowment policies, pension schemes, and unit-linked insurance plans (ULIPs).
The combined outreach of LIC’s 3,600+ branches and satellite offices, along with RBL Bank’s 2,000+ touchpoints — including nearly 570 bank branches and 1,474 business correspondent branches — is expected to enhance accessibility and awareness of life insurance products across the country.
Both institutions emphasized their joint commitment to promoting financial inclusion and providing innovative insurance solutions tailored to diverse customer needs.