AU Small Finance Bank (AU SFB), the largest small finance bank in India, has formed a strategic partnership with Life Insurance Corporation of India (LIC), the country’s largest life insurer. This collaboration is aimed at supporting the national vision of ‘Insurance for All by 2047’, which seeks to increase insurance penetration and provide financial protection to India’s underserved population.
Through this partnership, AU SFB will distribute LIC’s comprehensive range of life insurance products, including term insurance, endowment plans, whole life policies, pension and annuity products, and child-specific plans. These products cater to a broad spectrum of protection and retirement needs, making them accessible to a wide range of customers. The distribution of these products will take place across AU SFB’s extensive network of 2,456+ banking touchpoints, spanning 21 states and 4 union territories.
The partnership is expected to significantly expand LIC’s reach into rural and semi-urban regions, where access to insurance products is often limited. By leveraging AU SFB’s vast network and customer base, LIC aims to deepen its penetration in these areas and provide financial protection to a larger segment of the population. The collaboration is also in line with the government’s vision of increasing insurance penetration and promoting financial inclusion.
The partnership between AU SFB and LIC is a significant development in the Indian insurance sector, as it brings together two major players with a strong presence in the country. AU SFB’s extensive network and LIC’s comprehensive range of insurance products make for a powerful combination, one that is likely to have a positive impact on the insurance landscape in India. With this partnership, both companies aim to make insurance more accessible and affordable for the masses, ultimately contributing to the country’s goal of achieving ‘Insurance for All by 2047’.