Policybazaar Announces Tie-up with LIC to Amplify Insurance Reach

In a one-off deal, state-owned insurance giant LIC tied up with Policybazaar to distribute a range of its insurance offerings through the latter’s robust digital distribution channel. “This affiliation aims at facilitating seamless digital distribution of life insurance products across the nation,” said Sarbvir Singh, CEO of Policybazaar.com.

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LIC has been spearheading the life insurance segment for the longest time, and this marks its first-ever partnership with an insurance aggregator. Both parties hope for the alliance to enable accelerated insurance awareness and penetration.

Key highlights of the newly-formed alliance are:

Policybazaar will distribute LIC’s range of term and investment products.
The policies will be sold offline in the initial stages and later integrated onto its online platform.
Online integration of the two products is already ongoing between the technical teams of both partners.
The alliance is expected to amplify insurance reach in smaller cities, ensuring financial inclusion and social security in these areas.

As quoted in their official statement, the two parties aim to serve a broader base of consumers across different age groups, demographics, and locations through this strategic tie-up. The announcement was made on 3rd February 2022 in the presence of the top management officials of both firms, including Dinesh Bhagat, Zonal Head, LIC, and Sarbvir Singh, CEO, Policybazaar.