RBL Bank has entered into a strategic bancassurance partnership with Life Insurance Corporation of India (LIC), the country’s largest life insurer. The tie-up will allow RBL Bank customers to access LIC’s full range of life insurance products through the bank’s 2,000+ service touchpoints, supported by LIC’s 3,600+ branches and satellite offices.
LIC–RBL Bank Partnership: Driving Financial Inclusion
This alliance seeks to deepen insurance penetration by combining RBL Bank’s distribution network with LIC’s trusted portfolio.
- RBL Bank Reach: 570 branches + 1,474 business correspondent branches
- LIC Portfolio: Term plans, endowment policies, pension schemes, and ULIPs
The partnership aligns with the shared goal of achieving “Insurance for All by 2047”, enhancing insurance access across both urban and rural regions.
Product Portfolio and Distribution Synergy
The collaboration will provide:
- One-stop solutions for banking + insurance services
- Simplified access to protection and long-term security planning
- Enhanced coverage leveraging LIC’s brand trust and RBL’s growing customer base
Regulatory Compliance and Digital Enablement
In line with SEBI (LODR) Regulations, 2015, RBL Bank has uploaded the official press release on its website.
The partnership will also enable digital distribution of LIC products via RBL Bank’s online platforms, ensuring convenience for tech-savvy customers and rural users, further supporting financial inclusion goals.
Summary
RBL Bank and LIC have partnered to offer comprehensive life insurance products through a wide physical and digital network, boosting insurance accessibility and penetration across India. By combining LIC’s brand strength with RBL Bank’s expanding reach, the collaboration aims to support India’s vision of universal insurance coverage by 2047, while delivering convenience and financial security to customers.
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