CHENNAI: The Life Insurance Corporation (LIC) of India and Union Bank of India, after its amalgamation with Andhra Bank and Corporation Bank, have announced a Corporate Agency Tie-up by which LIC policies will be distributed through the bank.
The amalgamated Union Bank of India has 1,021 branches in Tamil Nadu and Kerala. The rollout function was held in the Union Bank premises recently. Speaking on the occasion, MH Padmanabham, field general manager Union Bank of India, Chennai, expressed his happiness on entering into an MoU with LIC of India as an insurance partner of Union Bank of India.
The zonal manager of LIC south zone, K Kadiresan expressed his happiness about the tie-up and mentioned how the bank acts as a financial supermarket by offering a basket of products to its account holders whereby they can select products according to their choice.
The bank will market LIC products like Term Insurance, Pension Plans, Children Plans, ULIPs and Endowment Type Plans. He also highlighted the features and benefits of LIC’s policies. BP Das, regional head, Union Bank of India, Chennai North, mentioned how LIC is an absolute necessity and prudent financial investment. E Pulla Rao, DGM, Union Bank of India, Chennai South, proposed the vote of thanks.