LIC and Policybazaar come together to accelerate insurance growth

LIC, the country’s pioneer in life insurance and Policybazaar. com have joined hands to offer a wide range of term and investment products to consumers. LIC brings along a legacy and a unique product niche for decades. The two companies formally initiated the Business on February 3, 2022.

This landmark affiliation aims at facilitating seamless digital distribution of life insurance products across the nation. The occasion was graced by the presence of top management from both companies, including Shri Dinesh Bhagat, Zonal Head, LIC - North Zone and Shri Sarbvir Singh, CEO, Policybazaar.com. Among other dignitaries were Shri JPS Bajaj, Regional Manager (Marketing), North Zone; Shri Pankaj Kumar Saxena, Regional Manager (B & AC); Shri Kumar Kuntal, Regional Manager (B & AC) and Shri Dhruv Sarin, Chief Business Officer - POSP, and Shri Sajja Praveen Chowdary, Business Head, Term Insurance, Policybazaar.com.

LIC has been the pioneer &a dominant player in the life insurance segment ensuring financial protection for India’s masses. Policybazaar’s digital distribution channels will further help in accelerating insurance awareness and penetration across the length and breadth of India. 

Commenting on the alliance, Sarbvir Singh said, “With this alliance, our strategic objective is to expand our reach, especially in the smaller cities to ensure financial inclusion and social security. LIC has spearheaded the life insurance segment in the country and so this alliance will provide an amplified reach to people. We are delighted to partner with them and look forward to providing protection to people across age groups, demographics and locations.” 

The Indian economy is diverse, and the one-size-fits all approach does not apply to insurance needs as well. Though the Indian economy still ranks among the underpenetrated insurance markets, this comes as a milestone in the journey of ensuring insurance accessibility further for all.