HDFC Life and NKGSB Co-Operative Bank announce corporate partnership

By Gloria Mathias

HDFC Life, an Indian insurer, and NKGSB Co-operative Bank have entered into a corporate agency tie-up, enabling NKGSB Co-operative Bank customers to avail of life insurance products from HDFC Life.

NKGSB Co-operative Bank is a multi-state co-operative bank and has been at the forefront of adding value to its products by establishing correspondent relationships and strategic alliances. Keeping pace with changing times and changing customer habits, the bank offers digital banking solutions such as mobile banking, internet banking, and SMS banking to its customer base.

India remains vastly underinsured, both in terms of penetration and density. Such tie-ups are good for consumers, as access to life insurance products improves. This distribution creates an opportunity to penetrate the underserved segments. NGKSB customers will be able to avail themselves of a bouquet of traditional, term, pension, and annuity products from HDFC Life.

In FY 2023, HDFC Life claims to have secured more than 68 million lives with an overall claim settlement ratio of 99.7%.

Speaking about the new association, Sunil Panse, MD of NKGSB Co-operative Bank shared, “NKGSB Co-operative Bank, with a banking legacy of 106 years, is delighted to enter a strategic and momentous alliance with HDFC Life Insurance Company to provide life insurance solutions that cater to various needs of individuals; protection, pension, savings, investment, and annuity. This alliance reflects our bank’s commitment to ensuring the well-being and financial security of its valued customers.”

Speaking at the launch, Suresh Badami, Deputy MD of HDFC Life said, “We are delighted to announce our partnership with NKGSB. Given their rich legacy and loyal customer base, we hope to leverage our bancassurance expertise and strong product proposition and work closely together towards achieving India’s vision of ‘Insurance for All’ by 2047.”