HDFC Life has entered into a corporate agency arrangement with Yes Bank in this regard.
We expect the industry to be able to achieve a flat to slightly positive growth for the entire year if the current trends sustain.
HDFC Life on Tuesday said it has entered into a bancassurance partnership with Yes Bank to sell policies to the bank’s customers. HDFC Life and Yes Bank Limited entered into a corporate agency (CA) arrangement, it said in a release.
This CA arrangement will enable customers of Yes Bank to avail HDFC Life’s wide range of life insurance products, which include solutions for protection, savings and investment, retirement and critical illness, it added.
“There is a huge potential for insurance coverage across life and health protection, savings and annuity products in our country.
“With our bancassurance experience, we aim to offer a comprehensive suite of product solutions and best in class servicing, leveraging our investments in technology. We look forward to working closely with the Yes Bank team for the benefit of their customers,” said Suresh Badami, Executive Director, HDFC Life.
Life insurance is an important financial tool for covering the risk of mortality, morbidity and longevity. Every individual with responsibilities needs adequate life insurance to ensure that their family is financially protected in their absence, the life insurer said.
Rajan Pental, Global Head – Retail Banking, Yes Bank, said the partnership will offer its growing customer base access to HDFC Life’s comprehensive and innovative product suite � through a shared commitment to make a difference in their lives by addressing their unique insurance needs.
“In addition to the strength of the products, HDFC Life and Yes Bank will continue to focus on strengthening the digital and technology platforms to provide differentiated customer experience,” Pental said.