Ahead of IPO, LIC ties up with Policybazaar for a wider footprint

The alliance "aims at facilitating seamless digital distribution of life insurance products across the nation", the statement said.

Ahead of its much-awaited initial public offering (IPO), state-run insurance giant LIC on February 3 announced a tie-up with insurance aggregator Policybazaar.com to widen the reach of its products.

"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," a joint statement said, adding that this partnership has been formally initiated from today onwards.

The alliance "aims at facilitating seamless digital distribution of life insurance products across the nation", it added.

"Policybazaar’s digital distribution channels will further help in accelerating insurance awareness and penetration across the length and breadth of India," the statement further noted.

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Policybazaar's Chief Executive Officer Sarbvir Singh said the tie-up is based on the 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," Singh said.

This is the first time when the Life Insurance Corporation of India has tied up with a private insurance aggregator to expand its footprint. The insurance sector behemoth has so far relied on its vast resource of over 1.3 million agents to widen its customer base.