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.