Vijaya Bank signs MoU with LIC

BANGALORE: Vijaya Bank, a public sector bank, has inked a memorandum of understanding(MoU) with Life Insurance Corporation for the distribution of LIC products across India as a corporate agent.

According to a joint statement issued by Vijaya Bank and LIC, the bank has been working on a referral basis and would become a corporate agent.

Mr Albert Tauro, CMD of Vijaya Bank CMD has stated that the partnership agreement will offer wide scope for the enhancement of value addition to the customers along with opportunities for the optimum use of the Bank’s existing infrastructure, apart from providing additional revenue.

Presently, LIC has 70.39% marketshare in premium and 75.17% in the number of policies.