IDBI Bank as part of business synergies arising out of the partnership between IDBI Bank & LIC of India is working on various initiatives that will prove to be mutually beneficial for establishing long term relationship. Some of the initiatives are detailed as under:
IDBI Bank as a Corporate Agent of LIC will be
able to provide LIC’s entire gamut of insurance offerings to the Bank’s 1.80 Cr customer base spread over
1800 branches across the country. Earlier, IDBI Bank had entered into a service
level agreement with LIC of India for marketing LIC Insurance Policies.
BANCA Business started off with a record
business of 26,116 NOPs with Rs.160 Cr of premium in the month of March 2019.LIC’s diversified
product base wouldenable targeting the HNI customers of the Bank in Metro and
Urban areas and other customers in semi-urban and rural areas.
Bank has introduced a comprehensive current account “LIC-CONNECT” to facilitate
LIC to have quality Service delivery. LIC-Connect offers host of facilities for
collections and payments requirements of LIC, which includes cash/cheque
pickup, electronic fund transfer, bulk payments, statutory payments etc.
Product has been designed specifically to suit the requirements of LIC of India
for operational convenience of LIC Branches.
an aim to become an active channel partner for collection of renewal premium
& for the convenience of policyholders, the Bank has introduced a new
application to facilitate quick payment of LIC renewal premiums at IDBI Bank
Branches. Now, LIC policyholder can visit any of the IDBI Bank Branches across
India to conveniently pay the Policy Premium through Cash & Cheque drawn on
IDBI Bank. This will also provide cross sell opportunity to the Bank.
With a view to build a long-lasting
relationship with 1 lakh plus LIC employees,IDBI Bank has designed and rolled
out retail loan products exclusively for employeesof LIC of India, these
products offer attractive discounts and concessions in Home loan, Auto Loan,
Personal Loan, Education loan etc.
LIC of India has a huge network of more than
11 lakh plus agents. To tap the possible business opportunitiesand building
long lasting profitable relationships with agents, Bank has also offered attractive
concessions in home loan rates and moreover eligible agents will be offered
income earning opportunities by getting associated with the Bank as Business Correspondents
The above initiatives were presented in
detail by Shri Rakesh Sharma, MD & CEO, IDBI Bank during the SDM conference
of LIC held in Mumbai today. On this occasion Shri M.R Kumar, Chairman LIC of
India & IDBI Bank along with the four Managing Directors hasopened their
platinum salary accounts with IDBI Bank. Reciprocally, Shri Rakesh Sharma, MD
& CEOhas signed a proposal to avail life insurance policy from LIC of
India. This exemplary gesture from the top executives of bothIDBI & LIC
would help to cement this relationship further & help the institutions to Strive
Together & Thrive Together.
Shri Rakesh Sharma, MD & CEO of IDBI Bank
added that “with all these initiatives and synergies in place, Bank will be able
to add Rs. 1000 crore to its bottom-line”.
IDBI Bank and LIC of India have formed a Task
Force and BANCA Steering Committee to ensure accomplishment of synergy
initiatives and achieve targets of BANCA business.
IDBI Bank and LIC are committed to serve the
interests of all its stakeholders.