Vijaya Bank has entered into a corporate agency agreement with Life Insurance Corporation of India for the distribution of bancassurance products of LIC.
Addressing presspersons here, Ashok Kumar Shetty, Assistant General Manager of Vijaya bank, Chennai Regional office, said the agreement with LIC offered immense scope to enhance value addition to its eight million customers. The initial response had been encouraging with large number of customers evincing interest in various LIC products being distributed by the bank, Mr. Shetty said.
The bank has 77 branches under the Chennai region covering the entire Tamil Nadu, Puducherry and Portblair. This enables the bank to reach 4.43 lakh existing customers for marketing LIC products. In Chennai city alone, the bank has 31 branches.
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M. Prasannan, Divisional Manager, LIC of India, said the two major entities could serve the social objectives of the nation through their vast network.