Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Live: LIVE: UP Chief Minister Yogi Adityanath Speaks To Rahul Joshi

Need to get a credible bank as replacement for IDBI Bank: Ageas Federal Life CEO

Since IDBI Bank is now owned by LIC, it won’t be selling Ageas Federal insurance policies anymore. Ageas acquired an additional stake of 23% from IDBI Bank in Ageas Federal Life Insurance for around Rs 460 crore. Now, Ageas holds 49% in the insurer, and Federal Bank 26%.

March 31, 2021 / 12:28 PM IST
Vighnesh Shahane, managing director and chief executive officer of Ageas Federal Life Insurance

Vighnesh Shahane, managing director and chief executive officer of Ageas Federal Life Insurance

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Private life insurer Ageas Federal Life Insurance is now looking to get a bancassurance replacement for IDBI Bank.

“Since we have lost IDBI Bank as a bancassurance partner, we will need a quick replacement,” Vighnesh Shahane, MD & CEO of Ageas Federal Life Insurance, told Moneycontrol.

Why did IDBI Bank lose bancassurance partnership?

IDBI Bank had earlier held a 48 percent stake in what was IDBI Federal Life, now renamed Ageas Federal Life. Since IDBI Bank is now owned by Life Insurance Corporation of India (LIC), the bank sells LIC products. This affected Ageas Federal Life policy sales via Ageas Federal Life Insurance.